![]() ![]() Tarbert said he couldn’t predict how the spending panel would vote. Oak View Group’s “aggressive” construction timeline and ability to shoulder all of the risk in the investment also piqued BDC’s interest, according to Wednesday’s agenda. The BDC’s board chose Oak View Group in June, largely due to its commitment to solicit 45% minority and women-owned business participation and reserve at least 25% of the equity investment for minority investors, including Durant’s company. The BDC released a request for proposals last November and received three bids from what Tarbert described as the three top stadium management and development groups in the country: Oak View Group, Spectra, and Metropolitan Development and ASM, the present operator. Inside, the arena will be renovated with modern seating, new food and drink vendors, and amenities for patrons. The partnership of Oak View Group and Durant’s Thirty Five Ventures will expand the arena’s capacity by about 10% to 15% and add significant exterior upgrades to the facility including balconies, an outdoor plaza, lighting and sidewalk improvements, Tarbert said. “Coming out of COVID, but still in COVID, there’s a level of excitement to get the renovation done during this period, with the assumption that concerts and events will be back in full swing.”Ĭity officials and business leaders have been discussing how to replace the cramped arena, which dates to 1962, for at least 20 years with little progress. “The arena will be a game-changer for lifting up that side of town,” Tarbert said. The firm is committing to spend at least $150 million on the facility’s overhaul, primarily from private equity investors and debt financing, according to the agenda. would have a 30-year lease for the Royal Farms Arena, with first right of negotiation for two 10-year extensions. If the project gets underway as planned, it could be completed in 2023, according to a copy of this week’s agenda for the Board of Estimates.Īnd if the deal is approved by the spending panel, Baltimore Arena Co. The deal pending before the city spending board would give the firm the rights to run and redevelop the city-owned arena. The city’s Board of Estimates is being asked to approve at its regular meeting Wednesday a long-term lease, development and operating agreement for the aging downtown venue with Baltimore Arena Company LLC.īaltimore Arena Co., a joint venture of Los Angeles-based Oak View Group and Maryland-born Durant’s venture capital company, won the bid to redevelop the aging facility earlier this year. The redevelopment of Royal Farms Arena could begin as soon as February if Baltimore’s spending board approves the deal with a partnership between a national sports and entertainment facility operator and basketball star Kevin Durant’s company. Baltimore Sun eNewspaper Home Page Close Menu ![]()
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