• Loading stock data...
Thursday, November 7, 2024
The Best Employers in Sports survey is open through Nov. 13 Learn More

Hawks Owner Sees Bright Future for Development Near Arena

  • Atlanta Hawks owner Tony Ressler wants fast progress on a 50-acre development near the team’s State Farm Arena.
  • Investors in the project include Shaquille O’Neal and Grant Hill.
Oct 27, 2015; Atlanta, GA, USA; Atlanta Hawks owner Tony Ressler is shown during the Hawks game against the Detroit Pistons at Philips Arena. The Pistons won 106-94.
Jason Getz-USA TODAY Sports

The Atlanta Hawks’ owner is looking forward to bringing some new neighbors to his team.

Ares Management co-founder Tony Ressler is going forward with a development near his team’s State Farm Arena and Mercedes Benz Stadium, home to the Atlanta Falcons and MLS club Atlanta United.

The project at the 50-acre Centennial Yards site will include housing (20% of which will be affordable housing), office space, retail, and parks. Ressler brushed off concerns related to inflation and interest rates regarding the project.

Ressler’s group — which includes NBA Hall of Famers Shaquille O’Neal and Grant Hill as well as civil rights leader Andrew Young — owns around 35% of the project, while the real estate company CIM Group owns the rest.

“Supporting small businesses, and of minorities in particular, is good for the economy and good business,” Ressler told Bloomberg. The project has committed to 38% minority contractor participation.

A rendering of The Gathering at South Forsyth in the Atlanta area, with a proposed $1 billion arena in the background.

Atlanta Area Planning $1B Sports Arena

The Gathering at South Forsyth could rival The Battery in Cobb County.
April 18, 2023

The $5 billion project is receiving around $2 billion in tax incentives, and city and state taxes collected at the site will go to its developers for a 30-year period. The group will also pay reduced property taxes for 20 years.

Atlanta’s status as one of 16 host cities for the 2026 World Cup adds urgency to complete the project, Ressler added. That tournament’s games will be played at Mercedes Benz Stadium.

Ressler, who bought the Hawks in 2015 for $730 million, is worth an estimated $7.2 billion. His Ares Management has raised $3.7 billion for sports-related investments and has offered to buy a minority stake in Manchester United.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NFL TV Ratings: Can Amazon Keep Up Record ‘TNF’ Pace?

Thursday night games are averaging 13 million viewers.

2024 NFL Trade Deadline More Active Than 2023

Several big-name players found new homes.

400 People Showed Up to WTA Saudi Final With $15 Million Purse

The WTA is in the first year of a three-year agreement with Saudi Arabia.

Twins At Crossroads: Team Sale, Media Shifts, and Rising Competition

Team officials look to maintain “business as usual” amid growing uncertainty.
podcast thumbnail mobile
Front Office Sports Today

The NFL Player Set to Inherit a US Potato Empire

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.

Cubs Agree to Alter Wrigley As Part of DOJ Settlement

The second-oldest MLB ballpark will have to make upgrades again.
November 1, 2024

Inside Cosm’s Plans for a Fourth Location—and Beyond

The downtown Detroit site will add to the city’s sports and entertainment district.
November 1, 2024

Rays’ Future Uncertain As Tropicana Field Repairs Begin

The Rays still don’t know where they will play in 2025.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
October 31, 2024

Florida-Georgia Game Hits the Road Amid $1.4B Stadium Renovation

EverBank Stadium will have reduced capacity in 2026 and be closed in 2027.
Oct 20, 2024; Cleveland, Ohio, USA; Cleveland Browns defensive end Myles Garrett (95) walks off the field after the game against the Cincinnati Bengals at Huntington Bank Field.
October 25, 2024

Browns Sue Cleveland Over ‘Modell Law’ Threatening Suburban Dreams

The Browns want a new stadium, but a law forbids leaving downtown.
October 24, 2024

Packers Agree to Green Bay’s Rent Terms Amid Lambeau Lease Dispute

The team and city have been embroiled in a lease dispute.
Intuit Dome
October 24, 2024

From Restrooms to Tech, Fans Rave About Intuit Dome Despite ‘Hassle’

The Intuit Dome cost $2 billion to build.