Seregh to develop mixed-use real estate around sports and entertainment venues
NEW YORK, September 5, 2024 /PRNewswire/ — Sports and Entertainment Real Estate Global Holdings (Seregh, pronounced “surge”), an innovative platform dedicated to investing in and developing real estate around sports and entertainment venues, launched today. Founded by Jonathan Fascitellithe company aims to create transformative innovations in partnership with sports and entertainment venue owners. Strategic investors include Seregh Harris Blitzer Sports & Entertainment (HBSE) and Creative Artists Agency (CAA), with more to be announced soon.
Fascitelli, former Chief Executive Officer of HBSE Real Estate, 76 Devcorp and DAE Development, brings unparalleled experience in navigating the complexities of large-scale development, public-private partnerships and community engagement. His tenure at HBSE was marked by transformative projects and strategic developments in various team holdings, including Philadelphia 76ers and New Jersey Devils, as well as affiliated entities such as the Washington Commanders and Cleveland Guardians.
Seregh intends to leverage Fascitelli’s extensive background in area redevelopment, large-scale master planning and mixed-use development. The platform will provide investment and development expertise and focus on filling the team-led real estate development space, ensuring that venue owners, investors and communities benefit from these strategic initiatives .
“Seregh represents the next frontier in real estate surrounding sports and entertainment venues. With more than 30 arena and stadium renovations and new projects in the planning stages, including 40 stadium leases expiring between 2030-2039, there is tremendous market opportunity to develop mixed-use real estate around these areas that directly benefits the teams and their communities,” said Fascitelli, Founder and Chairman of Seregh. “Sports and entertainment venue owners are increasingly recognizing the importance of developing real estate adjacent to venues but are often ill-equipped to realize their vision. This development requires the necessary expertise and capital for large-scale real estate investment, offered by Seregh When the real estate surrounding arenas and stadiums is developed strategically, it can support $1 billion in $3 billion in the new nearby development.”
“Jonathan Fascitelli has been an influential leader, driving projects that benefit our teams and communities,” said David AdelmanHBSE Limited Partner and Chairman of 76 Devcorp. “Jonathan’s work with our team has been invaluable to deliver the 76ers’ new arena. He will remain a valuable resource to us, and now to the other teams, leagues and communities he partners with.”
Leading talent agency CAA has made a strategic investment in Seregh, and Managing Director of CAA Michael Levine will join the Seregh Advisory Board.
“Venue owners recognize the value and opportunities that real estate surrounding their stadiums and arenas can bring to local communities. Jonathan Fascitelli is an industry leader in sports-centric real estate development, whose deep expertise and experience positions this platform to serve a strong market demand, and we are excited to be an investor,” said Levine, Managing Director of CAA.
Additional members of the Advisory Board include:
- Joseph M. CohenDirector of Madison Square Garden Sports Corp. (MSG Sports), including the New York Knicks (NBA) and New York Rangers (NHL), and Chairman, Brand Velocity Sports Group (BVGS) and President, The Switch Sports Group.
- Kevin DemoffPresident of Team & Media Operations for Kroenke Sports and Entertainmentincluding the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids (MLS), and Colorado Mammoth (NLL), as well as the operations of all KSE Media properties including Altitude Sports and Entertainment, KSE Radio and Outdoor Sportsman Group.
- Amy LatimerEVP and Chief Operating Officer at global hospitality company Delaware Northformer president of the Delaware North-owned-and-operated TD Garden and SVP of the Boston Bruins, who led a $1 billion-plus modification of TD Garden to include mixed-use development.
- Mitchell Sheara senior real estate executive with more than 40 years of leadership experience in public and private real estate companies, including Camber Creek, JBG Smith, Vornado/Charles E. Smith and The Kaempfer Company.
Additional Advisory Board members and strategic investors will be announced later this year. Fascitelli plans to raise additional capital with the aim of creating an ecosystem for development projects related to sports and entertainment on a global scale.
About Sports and Entertainment Real Estate Global Holdings
Sports and Entertainment Real Estate Global Holdings (Seregh, pronounced “surge”) is an innovative platform dedicated to the investment and development of real estate surrounding sports and entertainment venues. Founded by Jonathan Fascitellithe company aims to create transformation in partnership with sports and entertainment venue owners and associated communities.
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