PawSox announce creation of “Prospect Development Group”
The newly launched real estate development arm of Minor League Baseball (MiLB) team, the Pawtucket Red Sox (PawSox), is to work with local leaders to explore potential sites around Pawtucket for a catalytic sports and entertainment district.
The Pawtucket Red Sox have announced the creation of “Prospect Development Group: A Real Estate Development Arm of the PawSox.” This entity, which will exist separate and apart from the PawSox organisation, will be created by the team in response to and in support of Mayor Grebien’s exciting “Pawtucket’s 20/20” vision that was announced just over two weeks ago, as well as suggestions made by local business leaders and elected officials who are eager to see private investment in the city, and a new ballpark that will spur development for Pawtucket and Rhode Island as a whole.
PawSox Executive VP/General Manager Dan Rea, who will serve as Executive Director of Prospect Development Group, said:
Across Minor League Baseball, the most successful ballparks have proven to be catalytic game-changers for cities, states, and regions. The recently-completed McCoy Study placed a key emphasis on surrounding development, making it clear that any new public-private partnership among the PawSox, the City of Pawtucket, and the State of Rhode Island works best if it benefits the area and its developmental potential.
PawSox Vice Chairman, Mike Tamburro, who will also help lead Prospect Development Group, said:
It’s as simple as us wanting to invest in the town that’s been our home for 40 years. Recently we’ve seen teams like the Durham Bulls and the Toledo Mud Hens take particularly active roles in development efforts surrounding their successful ballparks, and as we search for a sustainable long-term home for the PawSox in Pawtucket, we want to explore those teams’ models, doing our part to try and ensure that both the ballpark and its surrounding area are year-round, vibrant assets for this region. We’ve heard the Mayor’s vision loud and clear, and we’re eager to help advance his goals.
Prospect Development Group’s leadership team will be comprised of several PawSox senior executives. The group will also explore opportunities with Peregrine Group, an East Providence-based real estate advisory firm with extensive dealings across Rhode Island and New England, as well as nationally-recognised commercial real estate firm Jones Lang LaSalle, which has deep experience working with some of the country’s most successful sports and entertainment districts.
Image: The current home ground of the PawSox, McCoy Stadium, celebrates its 75th anniversary this year.