Cavs owner Dan Gilbert has nixed a $140 million renovation deal of Quicken Loans Arena in downtown Cleveland.
Cavs owner Dan Gilbert has killed the deal to renovate Quicken Loans Arena. Was this the right move? https://t.co/JFu3S1IZfh pic.twitter.com/fNHLwk0Gxc
— clevelanddotcom (@clevelanddotcom) August 28, 2017
The organization had announced the planned transformation of their 22-year-old building eight months ago.
The short-lived pact was aiming to to create more space for dining, bars and public gathering.
Per Cleveland.com:
Community groups opposed spending tax money on the upgrades. And 18 days ago, the Ohio Supreme Court ordered Cleveland City Council Clerk Pat Britt to accept referendum petitions submitted by a coalition that opposes Cleveland’s use of tax dollars for the upgrades.
The court ruling left the project in limbo.
The Cavs said in a statement that “time delays due to the ‘referendum’ attempt make the project unfeasible.”
The NBA recently warned Cleveland that if work on the upgrades did not start by Sept. 15, the city’s bid for the All-Star Game in either 2020 or 2021 would not be considered would not be considered.
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