Sports property developer Seregh adds ex-Brookfield CEO Ric Clark

Seregh, a recently formed developer of mixed-use real estate near stadiums, has added former Brookfield Property Group CEO Ric Clark to its board of directors and investment committee, the company announced Thursday in an embargoed news release.

The move underscores Seregh’s focus on providing expertise and capital to develop mixed-use properties near sports venues, a growing trend among professional franchises.

“We are creating what I think will be a sports and entertainment real estate giant that will work with teams and do $1 billion to $3 billion to $5 billion in development per venue,” said Jonathan Fascitelli, founder and Chairman of Seregh, in a phone call. “Ric Clark is the former chairman and CEO of Brookfield, whose assets under management grew from $5 billion to $200 billion.”

Seregh was launched by Fascitelli last month and is backed by Harris Blitzer Sports & Entertainment (HBSE), owner of the Philadelphia 76ers and New Jersey Devils, and Creative Artists Agency. Fascitelli was CEO of HBSE Real Estate, where he led the NBA franchise’s $1.5 billion new arena development. The name Seregh is derived from global sports and entertainment real estate holdings.

“Our goal is to achieve $100 billion in housing starts domestically and internationally over the next 15 years,” Fascitelli said. “If you look at the space, there are 30 projects in the pipeline, with another 40 coming online between 2030 and 2040 in the five major leagues, which do not include women [sports]College or International.”

Clark was at Brookfield from 1984 to 2020 before founding WatermanClark, a real estate company that worked with Brookfield on the $100 million renovation of Lever House, an office tower on Park Avenue in Manhattan. Clark joins Seregh’s newly formed investment committee along with Mitchell Schear, a longtime real estate veteran who now runs 10Square, which advises startups and venture capitalists on finding real estate.

Joining Seregh are Amy Latimer, chief executive of Delaware North, the concessions company that owns the Boston Bruins and TD Garden; Kevin Demoff, president of team and media operations for Kroenke Sports & Entertainment; Joseph Cohen, president of Switch Sports Group and former MSG executive; and Mike Levine, co-head of CAA Sports.