EAST BRUNSWICK, NJ - Global Sports Ventures LLC, a sports development company headed by Chairman Jignesh “Jay” Pandya, has selected East Brunswick as one of eight U.S. cities to host a franchise in the fledgling U.S. Cricket League.
By 2020, East Brunswick will be home to a state-of-the-art mixed-use complex, comprising a cricket stadium, parking, club house, restaurants, hotels, retail, residential and office space, according to Pandya.
"I am enthusiastic about this league and several other sports proposals for the township and would be open to seeing any plans." said Mayor Brad Cohen.
U.S. Cricket League estimates the first eight stadiums and surrounding developments will represent a $2.4 billion investment and create approximately 17,000 jobs nationwide. The organization has taken a major step forward by tapping JLL’s Sports and Entertainment Group as its overall real estate advisor to assist organizers in the development of multiple stadium and mixed-use projects in eight charter cities. JLL has commenced the site selection process.
“We know our plans are ambitious, and GSV is committed to launching a professional cricket league in the U.S. by 2020,” Pandya said. “JLL will be a key partner in this endeavor. We are quite impressed with the job they did with the Atlanta Braves at SunTrust Park and The Battery, and other similar stadium centric assignments across the country.
Specifically, the JLL Sports & Entertainment Group will provide Global Sports Ventures, a sports development company headed by Chairman Jignesh “Jay” Pandya, with site selection, negotiations and advisory services, as well as oversee development of eight stadiums and adjacent mixed-use “lifestyle” centers across the country.
The U.S. Cricket League will comprise eight charter locations in states where cricket already has a highly established following: New York, New Jersey; Washington, DC; Georgia; Florida; Texas; Illinois and California. The U.S. Cricket League will expand into four to six additional markets after its initial launch in 2020, according to Pandya.
JLL has commenced the site selection process for the new stadiums and mixed-use developments and is reviewing multiple sites within the eight targeted markets, said David Demarest, International Director at JLL. The cricket stadiums are expected to cost between $70-125M with the ancillary developments adding an additional $80-100M each of mixed use product. The group expects to initial targeted sites shortly.
“Our Sports & Entertainment Group is in the unique position of offering development advisory services for each step of this important process,” Demarest said of helping GSV create a new sports league. “We will leverage the overall JLL services platform together with our experience with the Braves and other sports development assignments. Each cricket-anchored development will create hundreds of temporary and permanent jobs to the local economies and enhance the overall infrastructure for each community.”
The JLL Sports & Entertainment Group provided the entire spectrum of real estate and advisory services for the Atlanta Braves, which opened SunTrust Park and the adjacent mixed-use development called The Battery in April. Services JLL provided included site selection and acquisition, master planning joint venture negotiations, financing, entitlements, and project management.