$600 million renovation of KeyArena approved by Seattle City Council

December 5, 2017 | 0 Comments | Deals, Growth

The Seattle Times, Geoff Baker

The floor would be dug down to accommodate several tiers of seating levels, while the historic roof would be retained. (Oak View Group). Source: The Seattle Times

 

Los Angeles-based Oak View Group (OVG) was granted the $600 million renovation to KeyArena with a 7-1 vote to approve a Memorandum of Understanding (MOU) by the Seattle City Council.

Earlier this January, Seattle issued a Request for Proposals to renovate the KeyArena with the intention of luring NBA and NHL teams to the area. The NHL is expected to make an announcement by July 2018 on their intentions of expanded or relocating a team to the Seattle area. With the announcement looming overhead, you can imagine the hopes that ride on OVG’s vision for the KeyArena renovation. The original request for the renovation required all-private construction financing and a lease arrangement with any interested developers. Now that OVG has been approved, the time frame could see the building finished by early October 2020 (just a few months after Rainier Square is expected to open) as long as everything goes according to plan. New Seattle Mayor Jenny Durkan has the final say and must sign off on the plan for it to have the green light. She is expected to sign without issue, stating that she looked forward to doing so.

With Durkan’s impending signature and an environmental-impact study underway, the hope is for construction to start as early as late next year.

In the $600 million deal, $40 million has been pledged to assist with transportation concerns to mitigate traffic and parking issues near the arena and $20 million has been promised to local charities.

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