The Australian Football League and the Victorian Government opened an Expression of Interest (EOI) process last week seeking qualified development partners to help reimagine the Harbour Esplanade precinct directly adjacent to Marvel Stadium. The project aims to further redevelop the Docklands area surrounding the 25-year-old stadium, which sits on the Yarra River near the downtown of Melbourne, Australia\u2019s second largest city.<\/p>\n
The AFL, in its joint venture with the Victorian government, is looking to attract development and investment consortia interest, particularly from groups active in mixed-use, hospitality and sports-anchored precincts, whether sports venue food and beverage providers, global hotel operators, or real estate development and investment firms. Local reports pegged the project\u2019s potential value at roughly $1.95B (or more than AU$3B). Cushman & Wakefield is running the EOI process<\/a>, which has a Dec. 5 deadline. <\/p>\n AFL Infrastructure Manager John Peterson said each of the six Australian developers best positioned to compete for the project had already submitted EOIs but that the joint venture was keen to put the opportunity in front of American audiences, too. Delaware North is the food and beverage provider at Marvel Stadium, and Peterson said there had been some initial engagement with the Buffalo-based company about the Harbour Esplanade opportunity.<\/p>\n The AFL and Victorian government are looking to redevelop two parcels of land on the western, water-facing side of the 50,000-plus-capacity stadium. Part of the new development would be incorporated into the stadium, too, for everyday use, regardless the occasion. In the past, selling the land had been considered but involving the government in the project instead should reduce bureaucratic roadblocks.<\/p>\n \u201cIt\u2019s ready to go,\u201d Peterson said of the two parcels. \u201cIf someone wants to invest, there is no real roadblock. We\u2019ve de-risked it for them.\u201d <\/p>\n