Ohio lawmakers have approved allocating $600 million toward the multi-billion-dollar project. The budget legislation must be approved by Gov. Mike DeWine by June 30.
BROOK PARK, Ohio — On the doorstep of receiving $600 million from the state of Ohio to go toward the building of a new domed stadium for the Cleveland Browns, the Haslam Sports Group has completed the purchase of 176 acres of land in Brook Park.
According to Cuyahoga County Fiscal Office documents, Primary Development LLC, a company tied to the Browns with an address of 76 Lou Groza Boulevard in Berea, paid $76 million for the land that will be the site of the stadium and a mixed-use development.
The Haslams first announced that they had optioned the land near Cleveland Hopkins International Airport in March of 2024 as they were deciding whether to build a new domed stadium outside of the downtown area or renovate the existing Huntington Bank Field on the lakefront.
After confirming their plans to move to a new facility in Brook Park in October 2024, HSG revealed in January of this year that they had executed a clause to "solidify the purchase" of the land.
THE NUMBERS GAME
Ohio lawmakers approved the state's reconciled budget on Wednesday, which includes allocating $600 million in unclaimed funds for the Browns stadium project. The budget legislation has been sent to Gov. Mike DeWine's desk for approval. DeWine must decide whether to sign it or make line-item vetoes by June 30.
The Haslam Sports Group's plan for Brook Park calls for a $2.4 billion domed stadium to go with a mixed-use development that is slated to cost roughly another billion. HSG, along with their development partners, have committed to invest more than $2 billion in private capital and are seeking public funding for the remainder of the bill.
Following the General Assembly's reconciliation process, lawmakers opted for the Ohio Senate plan, which calls for the utilization of the state's $3.7 billion in unclaimed funds to create a "Sports and Culture Facilities Fund." The Browns' $600 million "performance grant" would be paid back to the state through tax revenues generated by the stadium and mixed-use development over 16 years.
To protect the state's investment, GOP Senate lawmakers say the Haslam Sports Group would put $50 million into escrow that could be tapped into if revenues fall short of projections. If that $50 million is used early, the Browns have also committed to providing another $50 million through a line of credit.
The Browns' domed stadium plan also called for the city of Brook Park and Cuyahoga County to provide an additional $600 million in bonds to be covered by an increased admissions tax, parking tax, bed tax and rental car surcharge. However, Cuyahoga County Executive Chris Ronayne has fiercely pushed back on the proposal, calling it everything from "a risky bet" to a "boondoggle."
So how can the project move forward if the county is not part of the equation?
"What we asked the county to do initially was to issue bonds — use their credit rating to issue $600 million of bonds that are largely repaid by Brook Park specific tax revenues. It was never a true $600 million ask of the county," explained HSG Chief Operating Officer Dave Jenkins. "They have since made it very clear they're not going to play if we go to Brook Park, which lessens the amount that Brook Park can issue in bonds themselves or through some other authority. So we are working to solve and have zeroed in on a solve for the remaining balance that otherwise could have been available if the county had issued the bonds."
Browns owner Jimmy Haslam has said that should the state approve the $600 million request, the plan is for groundbreaking of the new domed stadium to take place sometime early next year.
The lease on the current Huntington Bank Field in downtown Cleveland will expire after the 2028 NFL season.
Plans call for the first phase of the development, including the domed stadium, to be ready to open in 2029. The first phase "will include 450 hotel rooms, 575 apartments, 96,000 square feet of traditional retail, suited for unique food & beverage and shopping destinations; and 137,000 square feet of experiential retail, which will include a team store, and other experience-based retail concepts that will drive year-round activation and community involvement."
The development, done in partnership with Lincoln Property Company, will ultimately include 300,000 square feet of retail, two upscale hotels, 1,100 apartments, and 500,000 square feet of office.