Browns Expected To Unveil Future Stadium Plans In Coming Weeks

Cleveland Browns owners Jimmy and Dee Haslam have their sights set on Brook Park according to new report

Proposed rendering of a potential new stadium for the Cleveland Browns in Brook Park. / NEO Trans Blog

The Cleveland Browns Stadium situation could be reaching a resolution according to a new report.

A new post from Ken Prendergast of the NEO Trans-Blog – who has previously been on top of other aspects of the stadium saga – late Monday night reveals that Browns owners Jimmy and Dee Haslam are expected to unveil their official plan to build a $3.6 billion domed stadium and corresponding mixed-use development in Brook Park in the coming weeks. The report cited sources close to the situation, adding that the Haslams have already identified a source for their capital funding.

Previous reports indicate that the estimated cost of building a new domed stadium on a 176-acre plot of land the Haslams are expected to purchase in Brook Park, would be around $2.4 billion. As Prendergast notes, half of the project would be privately funded with the other half being covered by bonds that will be paid through new stadium-related revenues and additional tax revenues generated by the facility for the city, county and state. The Haslams have apparently already identified a bond financing firm.

Along with the more than $2 billion stadium project, the Haslam's are also expected to facilitate an additional $1.4 billion project to turn the area around the stadium into a mixed-use development. That part of the plan is expected to be privately funded as well. Per the NEO Trans-blog, M.A. Mortenson Co. of Minneapolis and Independence Construction of Independence are expected to oversee construction of the facility.

This news comes on the heels of an offer from Cleveland Mayor Justin Bibb late last week outlining $461 million in contributions that the city would make to help fund a renovation of the team's current stadium along the lakefront. That figure would cover less than half of a proposed $1.2 billion renovation to the space. Much of the city's cut would come from admission and sin tax revenues, with the remaining portion coming from parking revenues turned over to the Browns.

Here's the full details of the proposal from the city to help fund a renovation of Cleveland #Browns Stadium: pic.twitter.com/iUHpQAAm2q

— 𝚂𝚙𝚎𝚗𝚌𝚎𝚛 𝙶𝚎𝚛𝚖𝚊𝚗 (@Spencito_) August 1, 2024

The proposal also asked to extend the stadium lease for an additional 30 years, but there's a prevailing belief from people close to the situation that the current stadium only has a life span of about 15-20 years even after a $1 billion renovation. Bibb asked for the Haslams to respond to the city's offer by Monday, Aug. 12. The deadline could set in motion the ownership pairings decision to reveal their plans publicly in the weeks ahead.

"Our region deserves to be thought of as evolving, forward-thinking, and innovative, so we need to think boldly and creatively in this process," the Haslams said in a statement responding to Bibb's proposal. "It’s important to reiterate that the goal is to come up with the best experience we can for our fans while creating a long-term, sustainable stadium solution that drives an impact that benefits Cleveland, the Northeast Ohio region, and the entire State of Ohio."