2024 Summer Issue of Urban Land - 65

increase of 41 percent from the first year of
the race.
Build-out of the venue was led by Detroitbased
design firm Rossetti, which had previously
worked on the Miami Open tennis
complex, also located on the Dolphins
campus.
" I started with the analysis of what it means
to be in Miami, " says CEO Matt Rossetti.
" That had a big impact on how we would
set the tone for the race. All the ideation had
to reflect Miami. We also integrated what F1
means with the daringness and the spectacle
and built out a series of experiences that
would allow people to spend all day there, not
just for the race. "
These experiences include an artificial
marina complete with yachts, the Hard Rock
Beach Club, and a luxuriously appointed Paddock
Club with hospitality for VIPs. " You have
got something for everybody., " Rossetti says.
" There is an experience at [every] financial
and personal level. "
The F1 event also leverages the existing
infrastructure of the Miami Dolphins NFL
franchise, including the Hard Rock Stadium
campus, as well as its organizational, promotional,
and marketing divisions. " I have never
seen such a well-oiled machine, " Rossetti says.
The Miami Grand Prix is on a 10-year contract
through 2031. " The significance of the
event is enormous, " Rossetti says. " Right now,
it is by far the most highly sought-after ticket. "
Where to from here?
Although plans for a New York City-area F1
race have been floated for years, nothing
substantive has, as yet, come to fruition, but
other forms of motorsport are exploring similar
urban inroads. American-based stock car
racing series NASCAR is experimenting with
urban street circuits. One of the most anticipated
events on the 2023 schedule was the
inaugural Chicago street race on July 7, which
attracted 80,000 attendees and generated an
estimated $109 million in economic impact,
according to a report prepared by Temple
University for the Chicago Sports Commission.
The next Chicago street race is set for July 7,
2024.
All three U.S. F1 events look set to grow
as the sport's popularity increases. The success
of Austin's race is spawning even more
development throughout the sprawling venue,
including expansion into a full-scale amusement
park called " COTALand, " with the first
two roller coasters currently under construction.
" The goal is to be a world-class entertainment
destination unlike any other, with
something to offer for everyone, both during
race weekend and throughout the year, "
Epstein says. UL
BEN JOHNSON is an Atlanta-based freelance writer with more
than 35 years of commercial real estate experience.
SUMMER 20 2 4
URBAN LAND
65
To keep businesses along
the famous Las Vegas
Strip open during their
normal hours, intensive
scheduling was required
for street closures
throughout the 2023 race
weekend.
FEATURES
L AS VE GAS GR AND PRIX, INC.

2024 Summer Issue of Urban Land

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