EAST RUTHERFORD, NJ—The economic impact of Super Bowl 2014 here could potentially generate more than $550 million in tax revenue for New Jersey's economy, according to local officials. But the success of the event is contingent upon several factors ranging from entertainment to infrastructure— even weather.
In preparation, the commercial real estate industry is already ramping up efforts to bring new projects to Northern New Jersey. The Port Authority of New York and New Jersey and its private partners recently announced a total of $70 million in private-sector investments to Newark Liberty International Airport with the goal of improving readiness for the influx of visitors. United Airlines will spend at least $25 million on a new wide-body aircraft hangar, while private flight provider Signature Flight Support is putting $11 million into a LEED-certified passenger terminal and ramp renovations. And in exchange for a 40-year lease extension, Host Hotels & Resorts, which owns the airport Marriott, will invest $34 million in capacity and infrastructure improvements. These investments are expected to create over 540 jobs and $30 million in wages.
But the main objective goes beyond just football. Alfred F. Kelly Jr., president and CEO of the New York/New Jersey Super Bowl Host Co., the entity created by the owners of the New York Jets and the New York Giants, said hospitality comes first.
"This is about the person they see at the airport when they get off the plane, to waiters in restaurants, to volunteers in hotel lobbies," Kelly said at an Urban Land Institute forum in February. "These are people who really leave an impression in the minds of visitors. One of my objectives and desires is that the world looks at this region and this venue and says, 'this is a region we must come back to.'"
Another major factor in the success of the Super Bowl involves the completion of Triple Five's $1.5-billion, three-millionsquare-foot American Dream retail/ entertainment complex. Adjacent to the stadium, the project was once known as Xanadu. Upon completion, the mall will feature a live performing arts theater, a water park, an indoor ski slope, an amusement park and a skydiving simulator.
Without it, the vacant mall could negatively impact the economic value of the event. "That is a key economic engine for this region, and we cannot have it sitting empty," said Bergen County Executive Kathleen Donovan. "It needs to be filled."
Coupled with the American Dream project, business leaders are also partnering with local colleges and educational institutions on job training programs that can help employ thousands of workers in time for the event.
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