As the Oak View Group moves forward on its $600 million privately-funded proposed redevelopment of KeyArena, its inviting the community to share its thoughts on the process, and learn more about the different stakeholders and the project itself this weekend.
The Cornish Playhouse (201 Mercer St.) will play host to a free open house from 10 a.m. to 2 p.m. on Saturday. Among the topics listed for discussion are how the project will integrate into the surrounding neighborhood and community, fit into the broader Seattle Center campus, and engage with arts and culture, along with what the work would mean for the site and venue itself.
The Oak View Group was selected as the preferred partner for a KeyArena redevelopment in June, and a draft Memorandum of Understanding was presented to the City Council in September. That MOU anticipates construction beginning in October of next year, with a completion date of October 2020. The redevelopment would double the size of the current facility in square footage to meet NBA and NHL standards, preserving the current roofline while meeting LEED Gold standards. There would be no city debt financing, with the project funded by the Oak View Group, "via private equity, debt financing from lenders, and federal historic tax credits," per the MOU.
The City Council could approve the MOU as soon as early December.
For more information on the project, visit www.newarenaatseattlecenter.com or www.seattle.gov/arena.