CLEVELAND — An analysis from Philadelphia-based Econsult Solutions, Inc. (ESI) on the economic impact of the Cleveland Browns stadium relocating to Brook Park found it would result in the city losing at least $30 million in economic output annually.
The analysis states that the city would also lose around $11 million in tax revenue each year.
“The projected programming of more than 50 non-NFL events at Brook Park Stadium and environs would draw activities from existing sports, entertainment, and convention venues in the City that could more than double these economic losses from the City,” the analysis reads.
Cleveland Mayor Justin Bibb mentioned this $30 million annual loss during a press conference in October in which he announced the team would be moving to Brook Park in 2027 despite the city’s efforts to convince them to stay downtown.
“Like many urban cities, we are still recovering from the COVID-19 pandemic and the rise of remote work,” Bibb said at the time. “It would move jobs, development and access from the urban core.”
The analysis also conducted a market evaluation for the proposed site for the new stadium in Brook Park, which the analysis called weak compared to other areas in Cuyahoga County.
In particular, they note the industrial use of much of the region, which they say “limits its marketability for mixed-use development.”
“The amount of proposed development for the site would be unprecedented in this part of the County and there is limited demand for the proposed uses," the analysis reads.
The analysis included some data on attendance and spending at the current stadium, recently renamed Huntington Bank Field, and surrounding downtown area.
It notes that the average annual attendance is 642,200, and they estimate these attendees spend $59 million annually on hotels, food, transportation, etc.
The analysis also considers the benefits of an investment like that proposed for the Brook Park stadium in downtown Cleveland, noting that it “could have a substantial catalytic impact on the City’s economy.”
“This type of investment would further bolster Downtown’s growing residential community and leverage recent investments in its hospitality ecosystem, including the $49 million expansion of the Huntington Convention Center,” the analysis reads. “This type of investment would also create synergies with Downtown’s sports and entertainment anchors, including Rocket Mortgage FieldHouse and Progressive Field.”