SunTrust Banks, Inc. signs a 25-year naming rights deal for the new Braves stadium in Cobb County.
On Tuesday, the National League’s winningest franchise since 1991, the Atlanta Braves, had the ceremonial breaking of ground on their new baseball stadium in Cobb County. Braves officials, dignitaries and representatives from SunTrust along with Hall of Famer, Hank Aaron grabbed shovels today at the site to signal the launch of the construction.
The new park is scheduled to open in the spring of 2017.
It was also announced that Atlanta-based SunTrust Banks will hold the naming rights for the stadium for 25 years.
SunTrust Park is being developed by the Braves in partnership with the Cobb-Marietta Coliseum and Exhibit Hall Authority. Construction is scheduled to start later this year and will be completed by Opening Day 2017.
The development will be the first of its kind, in that it will be a destination that combines a state-of-the-art Major League Baseball ballpark with a multi-use community including unique shops, restaurants, offices and residences.
“The new ballpark constitutes a new chapter in Atlanta Braves baseball, and we are excited that SunTrust has decided to build upon our decades-long relationship and embark on this journey with us,” explained Atlanta Braves Chairman and CEO Terry McGuirk. “Both of our organizations have deep roots in Atlanta and loyal fans throughout the Southeast and across the nation. We couldn’t imagine a more perfect partner and look forward to seeing the first pitch at SunTrust Park in 2017.”
SunTrust will have marquee signage for new ballpark, as well as additional signage and promotional opportunities throughout the property and adjacent mixed-use complex.
Financial terms of the agreement were not disclosed.
SunTrust also announced a $100,000 contribution from the SunTrust Foundation to the Hank Aaron Chasing the Dream Foundation. The Chasing the Dream Foundation is dedicated to providing financial assistance to young people with limited opportunities so that they may develop their special talents and pursue their dreams.
The Braves are scheduled to play in Turner Field through the 2016 season.