Construction financing has been secured for the Neyland Entertainment District that will be built adjacent to the University of Tennessee’s (UT) Neyland Stadium.
Sport Business Journal said Arctos, RVX Ventures and Magellan Development have secured an undisclosed amount of financing to push the project forward.
The $288 million development will feature roughly 100,000 square feet of entertainment space alongside a 24-story hotel and residences and a private members’ club.
Most of the project will be completed in 2028, with the hotel and condominium tower following in 2029.
The Neyland Entertainment District is transforming the area surrounding Neyland Stadium and Thompson-Boling Arena into a vibrant destination for entertainment, hospitality, and retail.
Designed to create a dynamic experience for the campus and community, the district will welcome students, fans, residents, and visitors throughout the year.
The University of Tennessee is a public land-grant research university in Knoxville, Tennessee, United States.
Founded in 1794, two years before Tennessee became the 16th State, it is the flagship campus of the University of Tennessee system, with 10 undergraduate colleges and 11 graduate colleges. It hosts more than 30,000 students from all 50 States and more than 100 foreign countries.
The University of Tennessee System Board of Trustees approved the construction of the Neyland Entertainment District and new G10 parking garage on May 4 with the project set to start in summer 2026.
Specifically, UT’s Board of Trustees authorized a 99-year lease for the $280 million Neyland Entertainment District project and the funding of up to $83 million for the new G10 garage through the Tennessee State School Bond Authority.
The mixed-use sports entertainment district will be built between Neyland Stadium and Food City Center. It will include a hybrid condo-hotel overlooking the stadium, a rooftop bar, restaurants, shops, event space and fan experiences.
The Neyland Entertainment District is an ambitious project first announced in 2023 and on the verge of breaking ground.
Construction work on the G10 parking garage has already started and is expected to be finished by the end of 2027. A ceremonial groundbreaking is in the works for September.
Arctos, RVX Ventures and Magellan announced a partnership in June to pursue the college sports-adjacent real estate market.
RVX Ventures – born out of a joint venture between the Texas Rangers’ REV Entertainment and Vela Development Partners – is contributing operational expertise. The Neyland District is Arctos’ first investment in college sports real estate.
Layton Construction is the Tennessee project’s general contractor, and Hord Coplan Macht (HCM) is serving as architect for the entertainment district, while Gensler is designing the hotel.
Bank OZK is providing construction financing for the hotel and residential tower, while First Bank of Tennessee is providing construction financing for the entertainment district.
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