Milwaukee Bucks Arena
 | |
| Address |
Milwaukee, Wisconsin United States |
|---|---|
| Coordinates | 43°02′42.2″N 87°55′05.4″W / 43.045056°N 87.918167°WCoordinates: 43°02′42.2″N 87°55′05.4″W / 43.045056°N 87.918167°W |
| Owner | Milwaukee Bucks |
| Type | NBA arena |
| Capacity | 17,000 |
| Construction | |
| Broke ground | 2015 (proposed) |
| Construction cost | $500 million |
| Website | |
|
www | |
The New Milwaukee Bucks Arena is a proposed $500 million multi-use indoor arena in Downtown Milwaukee, Wisconsin.[1] It will mainly be used for the NBA basketball team Milwaukee Bucks as well as concerts. Construction is expected to start in fall 2015, and is expected to open before the 2017-2018 NBA season.[2]
History
Despite being one of the premier NBA facilities when completed in 1988, the BMO Harris Bradley Center is currently one of the oldest active NBA arenas. The BMO Harris Bradley Center is unique in that it was a gift from a family without any provision for the building's long-term capital needs or annual operating expenses. While the facility is self-sufficient, the BMO Harris Bradley Center tenants such as the Bucks are at a disadvantage compared with other NBA teams due to the arrangement.[3]
Building a new, state-of-the-art downtown arena was proposed by former Bucks owner and former U.S. Senator Herb Kohl, but the community reaction to the idea of a publicly funded arena has been mostly negative. In 2009, Wisconsin Governor Jim Doyle included a provision in the state's capital budget seeking $5 million in state bonding support to renovate the Bradley Center. The Bradley Center's board of directors told state officials that the building needs $23 million in renovations, so they reportedly agreed to raise the remaining $18 million on their own.[4]
Planning and funding
The Milwaukee Bucks released the first images[5] and details of their vision for the development of a new multi-purpose arena and sports and entertainment district to revitalize downtown Milwaukee on April 8, 2015. The images depict early conceptual drawings of a new multi-purpose venue and entertainment district that anchor an ambitious new development vision activated by sports, entertainment, residential and office uses. The proposed site, which primarily sits between Fourth Street and Sixth Street from State Street to McKinley Avenue, will seamlessly link with active development on all sides, including Old World Third Street, Schlitz Park, The Brewery, the Milwaukee riverfront, Water Street and the Wisconsin Center. Ground is expected to be broken by November, 2015.
On April 16, 2014 it was announced that Bucks' owner Herb Kohl had agreed to sell the franchise to New York hedge-fund investors Marc Lasry and Wesley Edens. The deal included provisions for $100 million each from Kohl and the new ownership group, for a total of $200 million, towards the construction of a new downtown arena.[6]
Milwaukee Brewers principal owner, Mark Attanasio, has also publically said that he was willing to offer financial support for the new arena as well.[7]
References
- ↑ "“Engine for future growth:” Milwaukee Bucks, design team release vision for new multi-purpose arena". WITI-FOX 6. Retrieved 8 April 2015.
- ↑ "Bucks announce $1 billion arena package". Milwaukee Journal Sentinel. March 8, 2015. Retrieved 8 April 2015.
- ↑ Walker, Don (December 13, 2008). "Bradley Center a Home-Court Disadvantage". Milwaukee Journal Sentinel. Retrieved April 16, 2011.
- ↑ Walker, Don (March 26, 2009). "Doyle Budget Includes Help for Bradley Center". Milwaukee Journal Sentinel. Retrieved April 16, 2011.
- ↑ "Park East and designs for arena". Milwaukee Journal Sentinel. Retrieved 8 April 2015.
- ↑ Walkers, Don (April 17, 2014). "Kohl Sells Bucks for $550 Million; $200 Million Pledged for New Arena". Milwaukee Journal Sentinel. Retrieved June 10, 2014.
- ↑ Kirchen, Rich. "Attanasio says he’s ready to help on new Bucks arena, if needed". Milwaukee Business Journal.