That's what English football club Arsenal did when they moved to a new stadium. Historic Highbury Stadium became Highbury Square apartments. The stands were hollowed out to became units, and the pitch (the playing surface) became a garden.
Unfortunately, the deal has not been as successful financially:
Though sales have been steady, occupancy rates remain only around the 70% mark, according to the club. In September, Arsenal sold a tranche of nearly 150 apartments to real-estate group London and Stamford Property at a discount to market value of 20%, with cashflow problems blamed. A spokesman for Arsenal declined to comment on the specifics of the deal. Financially, at least, the stadium move may not have been entirely successful for the club.