Dallas Mavericks owner Mark Cuban is going to buy land for a new practice facility and headquarters for the team, reports Candace Carlisle of the Dallas Business Journal:
Dallas Mavericks owner Mark Cuban is getting ready to buy a 10-acre tract in the Dallas Design District along N. Stemmons Freeway, across from the American Airlines Center, for the team’s new practice facility and headquarters, according to real estate sources.
For some time, Cuban has been evaluating urban options for a new practice facility and headquarters for the Mavericks, which will help the club from a player recruitment standpoint and help generate more buzz for fans.
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Now, real estate sources say Cuban has decided to acquire a three-part property along N. Stemmons Freeway adjacent to the Dallas Design Center that he can convert into a practice facility, or develop a new center.
Cuban declined to comment specifically about the potential real estate deal, but told the Dallas Business Journal he’d know more on the situation tomorrow. Real estate sources say they expect the property is already under contract, or could go under contract in the near future.
With the site’s proximity to the American Airlines Center, sources say they wouldn’t be surprised if Cuban acquired the land, which could be in walking distance to the stadium underneath N. Stemmons Freeway.
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Real estate sources estimate Cuban could pay between $80 to $100 per square foot of land in the neighborhood, which would bring a total cost for the tract to $34.6 million to $43.3 million.
Cuban has been talking about building a new practice facility for years now. The development is expected to include the practice facility, team offices, team store, a museum, and a garden, per Mavs Moneyball.