Masterplans collaborated with Major League Baseball’s Houston Astros on their Ballpark Village initiative, aiming to develop a business plan for an entertainment district adjacent to Minute Maid Park.
The project's objective was to tap into Houston's revitalized post-pandemic tourism sector and to enrich the city's diverse venue culture. The multifaceted plan combined meticulous revenue projections, comparative analyses of similar entertainment districts, and innovative value-added strategies.
Utilizing industry average RevPAR (Revenue Per Available Room) and occupancy rates, the plan projected revenues not only for accommodations but also for restaurants, bars, and special events. These calculations gave the Astros and city planners a nuanced understanding of financial feasibility and profitability.Utilizing industry average RevPAR (Revenue Per Available Room) and occupancy rates, the plan projected revenues not only for accommodations but also for restaurants, bars, and special events. These calculations gave the Astros and city planners a nuanced understanding of financial feasibility and profitability.
The project is modeled after successful entertainment complexes in cities like St. Louis and Chicago and is designed to elevate the fan experience while generating revenue for both the team and the city. Groundbreaking is set for the conclusion of the 2023 baseball season.
Key Components of the Business Plan
Competitve Benchmarks: A comparative analysis was conducted on similar districts like the Power & Light District in Kansas City, The Battery in Atlanta, Texas Live in Arlington, and Ballpark Village in St. Louis. This allowed for the appraisal of average nightly revenue rates for nearby hotels, providing invaluable context
Special Events: The business plan analyzed revenue potential stemming from game day fan traffic—local and traveling—and other high-footfall events like concerts and WWE matches. This information was pivotal in understanding the impact of such events on revenue streams
Economic Impact: The market analysis extended to understanding the economic boon a World Series-caliber team could provide to the city. The assessment included potential increases in tourism, merchandise sales, and overall local spending
This in-depth and multi-pronged approach aims to provide both the Houston Astros and the city with a well-reasoned, empirically grounded business strategy for the Ballpark Village initiative. It offers a roadmap for a future-focused, sustainable entertainment district designed to meet the multifaceted needs of tourists, fans, and city planners alike.
