Behind Steve Cohen’s $8B push to turn Citi Field into an entertainment district

Steve Cohen’s throwing money around like the Wolf of Wall Street – except instead of Manhattan, he’s doing it in Queens.

Late last month, the Mets’ owner with seemingly limitless pockets (and one of the only people who can make the Steinbrenners feel small) showcased scale models of a proposed $8 billion development project surrounding Citi Field.

The plan: To convert 50 acres of asphalt parking lots surrounding the ballpark into public parks, hotels, live music venues, bars, restaurants, a casino/sportsbook, and gaming facility. The development’s working title is: “Metropolitan Park.”

And, as the Mets’ payroll suggests, money isn’t an issue for Cohen (~$21B net worth); he plans to fund the project himself. Nearly all the land earmarked for use is also vacant, meaning no residents or businesses will be displaced.

The real estate train is full steam ahead

As we’ve written about before, high franchise valuations are about more than just selling out stadiums or winning games on the field. And owners are increasingly turning to real estate development to drive revenue growth and up their teams’ overall worth.

• The New England Patriots have stores, restaurants, and a hotel in Patriot Place outside Gillette Stadium.
• Six million people visit Ballpark Village next door to Busch Stadium in St. Louis each year.
• The Battery in Atlanta, surrounding the Braves’ Truist Park, boasts restaurants, bars, hotels, and shops open 365 days/year. It’s expected to generate $60 million in revenue for the franchise in 2025 – which it gets to pocket entirely, since this money sits outside the MLB’s revenue-sharing agreement.

Also worth mentioning: Mark Cuban decided to sell his majority stake in the Dallas Mavericks after realizing the next wave of NBA revenue generation is around real estate – which he says isn’t his strength.

Looking ahead…Metropolitan Park isn’t yet a done deal, meaning it could still fall apart like the sourdough loaf you tried baking during the pandemic. Cohen spent the last year sponsoring political conferences to curry favor with local politicians, since he still needs government approval for the land designation and the New York Gaming Commission to award him one of just three downstate casino licenses, Huddle Up reports.