Northern New Jersey loses out on revenue and tax opportunities from hosting indoor youth sports competitions, major corporate conventions and other exhibitions that would draw tourists and put “heads in beds.” Why? Lack of the right event center space.
“There is a shortage of multi-purpose facilities that are designed for flexibility,” Rob Hunden, CEO of Hunden Strategic Partners said at Mdest23 hosted by the Meadowlands Chamber (MC) and Meadowlands Live! Convention Center & Visitors Bureau (MLCVB). “The NY Metropolitan area is undersupplied compared to other major markets.”
A proposed 460,000 square foot multi-use youth sports and convention center is projected to generate $30 billion in new spending for the region, $3.5 billion in additional tax revenues and 6,000 full-time jobs over three decades, according to Phase II of the Convention Center Economic Feasibility Study. The results of the study were discussed at the event, which drew an overflow crowd to the MC’s headquarters, 1099 Wall Street West, Lyndhurst.
READ MORE: Meadowlands Chamber To Reveal Economic Impact Of Proposed Meadowlands Youth Sports/Convention Center
Aside from Hunden, who prepared the study, other speakers included MC CEO Jim Kirkos, MC Chair Dan Baer, Northstar Travel Group Content Director Loren Edelstein, Alliance for Action President Jerry Keenan, and Regional Planning Association NJ Director Zöe Baldwin.
“We’re in the largest metropolitan area in the whole country,” said Keenan, pointing out that when the Super Bowl was hosted by MetLife in 2014, the region lost a lot of entertainment dollars to New York City.
Having a facility like this will also “create new economic opportunities for years and years,” Keenan said, adding that it’s another step in the “long path of making the area bigger and stronger.”
The Meadowlands Sports Complex is comprised of MetLife Stadium, home to the New York Giants and New York Jets; the Meadowlands Racetrack, with thoroughbred and harness racing; the Quest Diagnostics Training Center, where the Giants practice; and the American Dream retail and entertainment complex, the second largest mall in America.
The suggested 460,000 square foot multi-use youth sports and convention center is proposed for development between Rt. 120 and the sports complex, on land belonging to the New Jersey Sports & Exposition Authority (NJSEA) sports authority. It would include:
- 60,000 square feet of banquet space, which could be used for events, performances and plenary sessions
- 100,000 square feet of meeting space, which includes room for smaller breakout huddles or seminars
- 300,000 square feet of flexible convention space for exhibitions, trade shows and sporting events
The space would accommodate 250-300 event days annually, compared to the 50-60 event days per year at MetLife Stadium. With an estimated price tag of $1.6 billion, the cost to build the proposed facility is about the same price as it was to construct the new stadium in 2010.
