Seattle city officials and the Oak View Group are set to spend $600 million renovating KeyArena, the former home of the Seattle SuperSonics.
According to King 5, construction on the new arena is expected to start in October of 2018 and be completed by 2020.
FULL DETAILS: Seattle Mayor, OVG to announce major $660+ million, privately financed arena deal at #Seattle Center:https://t.co/ZOUgfiSTCB pic.twitter.com/frCp4aK9Vv
— Chris Daniels (@ChrisDaniels_TV) September 12, 2017
Per the Seattle Times, the lease would have two 8-year extension clauses triggered if OVG spends at least $168 million in KeyArena capital improvements and acquires NBA and NHL teams.
Los Angeles-based Oak View Group now plans to spend $600 million renovating KeyArena for NBA and NHL use and finish by October 2020, according to a new deal with the city of Seattle to be formally announced Tuesday. […]
The new 39-year lease has a pair of eight-year extension clauses triggered only if OVG spends at least $168 million in ongoing KeyArena capital improvements and acquires NBA and NHL teams.
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