- Dozens of pro sports teams face lease expirations in the next 15 years. Many are using this to secure new stadiums with retail, residential, and entertainment development.
- The San Antonio Spurs want a $1.5B downtown arena and a 25-acre sports district to replace their current venue when their lease ends in 2032.
- Cities from Chicago to Vancouver are weighing stadium deals as owners argue these projects bring year-round economic and community benefits.
CoStar says that a wave of sports venue lease expirations is opening the door to new stadium-anchored developments. The San Antonio Spurs plan to leave the Frost Bank Center after 2032. They want a $1.5B downtown arena surrounded by shops, restaurants, offices, and apartments.
A First Time for Everything
The Spurs have played in their current 18,418-seat arena since 2002. But the team says today’s sports business demands a central location and mixed-use surroundings. The proposed San Antonio Sports & Entertainment District would cover 25 acres. It would be backed by more than $1B from the team but still needs city and county approval.
The Details
Plans include a new arena plus retail, hotels, apartments, and upgrades to the Alamodome and convention center. Lease expirations often give teams leverage to secure land for commercial districts.
Across North America, nearly 50 stadiums and arenas have leases expiring between 2030 and 2039, according to RCLCO. NFL teams in Chicago, Cleveland, and Washington are already in talks for new stadiums. MLB’s Diamondbacks, White Sox, and Royals are also exploring new facilities.
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A Growing Trend
Sports-anchored districts have become more common in the past decade. St. Louis’ Ballpark Village opened next to Busch Stadium in 2014. Atlanta’s The Battery followed in 2017 beside Truist Park. These developments generate year-round revenue by blending sports, hospitality, retail, and entertainment.
Some teams use relocation threats to push projects forward. The Oakland A’s failed to get a deal in Oakland and broke ground in Las Vegas. The Cincinnati Bengals hinted at leaving before signing a new lease earlier this month.
Why It Matters
New stadiums tied to commercial districts can become economic hubs. They create steady income streams and often revitalize urban neighborhoods. For cities, these projects require significant investment but promise more tourism, tax revenue, and public activity.
What’s Next
The Spurs’ proposal heads to Bexar County voters in a ballot referendum and to the San Antonio City Council. If approved, construction could start before the current lease ends. San Antonio may become a key example of how lease expirations are reshaping sports real estate.
