Success Dimensions for Major Real Estate Projects: The Case of Stadium Development

Abstract

Although many stadiums in the top European football leagues have been constructed recently, a majority of European stadiums were built more than 35 years ago. New requirements and increased expectations by different stakeholder groups lead to complex challenges that stadium development teams face today. With a constructivist understanding of success, this article highlights critical success dimensions for stadium development projects such as (a) vision and expectation, (b) risk and feasibility, (c) project planning and design, (d) construction management, and (e) stadium operation. The influence of key stakeholder groups in these different project stages needs to be managed wisely when carrying out new development projects. The proposed framework discusses stakeholder influence and ways to manage it effectively. Managing stakeholder success perception through carefully designed project development stages helps project teams to be better prepared for this kind of real estate project.