The Bay Area is watching something that demonstrates that right now. The land under a theme park near San Jose got bought by a warehouse (think fulfillment center) company. Entertainment venues like this aren't always economically viable if they have to compete on the open market with other property uses, but there's still community value to them.
There was some shenanigans there too. The land was owned by the county and the theme park was allowed to use it. Then at some point in the pandemic (I'm not totally clear on the details) the land was given (sold for very cheap?) to the theme park owner to keep the park there. The park owner then turned around and immediately (like not even a week later) sold the land out from under the park.
