While there’s no confirmation of a done deal yet, speculation that a Seattle investment group is close to bringing the Sacramento Kings to Seattle, may mean Seattle fans are one step closer to watching NBA basketball in a new arena.
Investor Chris Hansen reached an agreement with local governments in Seattle last October on plans to build a $490 million arena near the city’s other stadiums CenturyLink Field and Safeco Field.
Hansen’s group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums.
The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.
In addition to the NBA, the new facility would be built to house a National Hockey League franchise.
A look at the specifics:
Location: SoDo neighborhood, adjacent to First Avenue South between South Massachusetts Street and South Holgate Street
Cost: $500M (estimated)
Lease Period: 30 years
Rent: $2M annually (estimated)
Size: 700,000 Sq. Ft. (usable space)
Capacity: 18,500 attendees (NBA), 17,500 attendees (NHL), 19,000 attendees (concert)
Ticket Prices: Supersonic ownership will offer 1,000 tickets per game for less than $20 each and 500 tickets per game for less than $10 each
First Season: 2015-2016 (anticipated)
The first detailed plans and images of the proposed arena were released in late November. See photos of the design.
Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.
Press reports Wednesday said if the Sacramento Kings were sold to the Seattle investment group, the plan would be to play in Key Arena for two years while the new arena is built.
As part of the agreement, no construction will begin until all environmental reviews are completed and a team has been secured.
The Associated Press contributed to this report.
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