When the Atlanta Braves organization issued a massive RFP for their new Cobb stadium and accompanying mixed-used development, several of the nation’s most well-established and respected firms teamed up to form five powerful joint ventures to compete for the opportunity to develop the project. Over the past several weeks, three of those five withdrew from consideration, leaving just two teams; one team was comprised of AEG Development Group, Hines Interests, and North American Properties, the other team of Fuqua Development, Batson Cook Development, Pope & Land Enterprises, and Pollack Shores Real Estate Group. Although the Braves were scheduled to announce their decision by the beginning of May, it seems as though the choice was made for them this week when the AEG/Hines/North American Properties JV pulled out of the race.
While it is unclear why AEG and partners withdrew from consideration, the obstacles that the chosen developer will face are very clear. For firms who don’t necessarily specialize in stadiums and accompanying developments, this would be a huge amount of time, effort, and manpower for a project that doesn’t even lie within their normal scope of work. Another thing these firms have to consider is the amount of time some of their top executives will have to focus solely on this project – some three to five years; with the development cycle ramping up and reaching new peaks across the Southeast, it could be difficult to sway executives in those positions to keep such a tight focus for so long.
The Braves are expected to make an announcement regarding their official decision sometime in the beginning of May.Share