25 Jan 2018
A Whole New Game
Sports complexes drive downtown developmentRe: Larry Baer (MBA 1985)Topics:
Vivek Ranadivé (MBA 1983)
Photo by Ryan Young for The New York Times
According to research compiled by the Federal Reserve, cities, not suburbs, are now the leading generators of US economic growth. From 2010 to 2016, urban populations grew faster than those in the suburbs, reversing a nearly 70-year-old trend. And sports teams are a growing force in that migration. After leading a group of investors to purchase the Sacramento Kings in 2013, Vivek Ranadivé (MBA 1983) partnered with local government in California’s capital to open a new arena and 1-million-square-foot mixed-use development in the heart of the city’s downtown.
“Four years ago, this place was dead,” Ranadive told The New York Times. “You could have thrown a bowling ball, and it wouldn’t have hit a soul.” In the last year, the Times reports, 27 new stores have opened in the area, with nearly two dozen more set to open in 2018.
Ranadivé’s efforts mirror an ongoing trend; San Francisco Giants President and CEO Larry Baer (MBA 1985) is spearheading plans to build a $1.6 billion mixed-use development on a waterfront parcel just south of the team’s AT&T Park, also located in downtown.
A former vice-chair and co-owner of the Golden State Warriers, Ranadivé emigrated from Mumbai to the United States at the age of 16 with $50 in his pocket, eventually founding TIBCO software. “Four years ago, I said no other city is going to steal our team,” he said. “The Kings are the heart and soul of the city.”
Class of MBA 1983, Section B