California's Business Elite Is Betting Big on Sports
Summary
The Samueli family is investing $5 billion to redevelop 110 acres around Anaheim’s Honda Center into OCVIBE, a mixed-use district planned to include housing, restaurants, hotels, offices, open space and entertainment venues. The project is part of a broader trend: Visit Anaheim estimates that $262 billion is being invested in 107 sports-anchored mixed-use developments that are open, under construction or planned.Key Facts
- The Honda Center opened in 1993 and has long been surrounded by surface parking lots and industrial facilities.
- The Samueli family bought the Anaheim Ducks in 2005 and began planning for the area’s redevelopment; the land-purchase process with the City of Anaheim began in November 2018.
- OCVIBE will cover 110 acres around the Honda Center, with plans to replace 62 acres of surface parking with parking structures for 11,000 vehicles.
- Plans call for 2,000 residential units, 36 restaurants, six bars, 168,000 square feet of office space, two hotels and 20 acres of open space.
- The project will add a 5,000-seat concert hall alongside the 17,000-seat Honda Center.
- Visit Anaheim says Disneyland draws 26.5 million visitors annually, who spend $6.8 billion per year in the city.
- Visit Anaheim president Mike Waterman estimates that getting domestic visitors to stay one extra night could generate close to $1 billion in additional hotel occupancy revenue for Anaheim.
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