Build It & They Will Come!
At 2pm sharp today in Seattle Washington the number one question most sports fans in Seattle wanted to know was, “When is the NEW NBA & NHL arena being built in Seattle”.
They’re asking it because we know for certain that Chris Hansen’s Valiant Partners of San Francisco purchased a three acre piece of property south of Safeco Field, for $21 Million.
Why? To build an NBA and possibly NHL arena of course.
It was expected today that Seattle city officials would announce the framework of a new sports entertainment complex in Seattle’s SoDo neighborhood.
Prior to the news conference getting underway it only took a quick surf over to King 5 to learn Seattle Mayor Mike McGinn, King County Executive Dow Constantine, and hedge fund manager Chris Hansen were working to finish off a contract or term sheet.
Here’s what we learned at the News conference today.
And from Q sharing quotes via his @NWSportsBeat Twitter account:
and here are some more tweets…
“Project means 100’s of millions of dollars of private investment. Arena will meet the needs of NHL”
“Means the Sonics can once again play in Seattle”
“Chris Hansen grew up here in Seattle. He’s presented to us a promising path to return NBA and NHL, Hansen wanted to know if the City of Seattle was prepared to do the hard work to bring a team back.
The Proposal is to construct an arena in the SODO area that would accomadate NHL, NBA & Concert events, Existing taxes to be used toward the facility will only use revenue streams created by the building itself.
This is full partnership between the city and the county. A full partnership is required to make this work. We have a chance to do something special. Excited to bring the NBA back to King County, and City of Seattle.
“Project does NOT rely on NEW taxes, it would be self-funding, IN any given year shortfalls would be covered by the teams. NO Public subsidies.
The Proposal is built with understanding of having both NBA and NHL teams in the facility.”
King County Executive Dow Constantine adds, “There will be no arena unless there’s an agreement to get a team here that will occupy it for a very long term.”
Brandon’s take so far:
This deal sounds so promising, I don’t think even the Seattle City Council could turn this down.
The ownership group promises NO public taxes and that the arena would be self-funded. The 30-year no relocation clause is just brilliant. It will avoid what happened when the Sonics left for Oklahoma City in a big way.
And the fact that City Council asked for some emergency funds to be stored away for any shortcomings and Chris Hansen stepped up and agreed is huge.
This will avoid the roadblock many Seattle ventures have faced.
We, as Seattle sports fans are giddy at the proposal that has been laid out.
So to recap! Plans are underway for a new self-funded NBA / NHL arena in Seattle’s SoDo neighborhood, funded privately.
Comments are welcome below on the Arena topic. OR please check out our Seattle Arena open thread on our NWSB forums.
As a Canadian living 2 hours from Seattle I have to say that those of us NORTH of the Border want Seattle to have an NHL and NBA team as well. Let’s hope today is the start of some REAL progress in Seattle.
Listen to the press conference in its entirety right here at Sports Radio KJR.
Brandon Choate contributed to this report.