The construction of new stadiums and arenas affect real estate’s value. With the new arena at Rodgers Place moving closer to completion each passing day, it’s a modern study for all living near the ‘Ice District” and also those considering selling or buying real estates this area.
The new arena will ultimately have a positive impact on property and real estate values close to the arena, particularly those within a 1-kilometer radius in proximity according to REIN. The positive effects are estimated to be felt as far as 5 kilometers. For every decrease in 10% in distance from the stadium, housing values are expected to increase by an average of 1.75%.
It is highlighted in the research findings that homes in proposed stadium builds and those in neighborhoods close to new stadium builds, on average, have premiums that rank between 3% and 15%. This depends on the different types of parking options, housing available, and the proximity to the very stadium. Those are the words of the senior analyst at REIN, Don Campbell.
Negative side effects are never absent to living near such an arena or stadium such as increased property taxes, traffic, noise as well as parking issues. New location arenas and stadiums are was directly knotted to how much real estate value increased. When an arena is located outside the downtown core of a city that is not connected to any other development economic activity, or any other city expansion program, the residential real estate values around the arena will realize a positive value increase. This increase will not be as dramatic as those that are near accessibility or built into the CBD.
When considering outside downtown core that did not realize property value increment, Rexall Place is the perfect example. The impact is greatest when parking landscapes, nice architecture, community plazas, international spaces, retail, commercial and the arena construction itself incorporates into the design. When it comes to appealing business, entertainment, and retail spaces, The Rogers place is the Ice district because it meets the requirements noted in the study.
What is your opinion about the prospected rising of real estate values around the arena?