Baltimore royal farms arena3/15/2024 ![]() Tarbert said he couldn’t predict how the spending panel would vote. Oak View Group’s “aggressive” construction timeline and ability to shoulder all of the risk in the investment also piqued BDC’s interest, according to Wednesday’s agenda. The BDC’s board chose Oak View Group in June, largely due to its commitment to solicit 45% minority and women-owned business participation and reserve at least 25% of the equity investment for minority investors, including Durant’s company. The BDC released a request for proposals last November and received three bids from what Tarbert described as the three top stadium management and development groups in the country: Oak View Group, Spectra, and Metropolitan Development and ASM, the present operator. Inside, the arena will be renovated with modern seating, new food and drink vendors, and amenities for patrons. The partnership of Oak View Group and Durant’s Thirty Five Ventures will expand the arena’s capacity by about 10% to 15% and add significant exterior upgrades to the facility including balconies, an outdoor plaza, lighting and sidewalk improvements, Tarbert said. “Coming out of COVID, but still in COVID, there’s a level of excitement to get the renovation done during this period, with the assumption that concerts and events will be back in full swing.”Ĭity officials and business leaders have been discussing how to replace the cramped arena, which dates to 1962, for at least 20 years with little progress. “The arena will be a game-changer for lifting up that side of town,” Tarbert said. I look forward to being briefed on BDC‘s final negotiations and deal terms.Baltimore Sun eNewspaper Home Page Close Menu “The project will catalyze the reopening of Baltimore’s tourism and hospitality market and reposition Baltimore as a destination for top-tier national events and live entertainment. “Today, I’m pleased to have given BDC the go-ahead to enter into final and exclusive negotiations with OVG, which is an important key step toward realizing the long-awaited transformation of the iconic and historic Baltimore Arena into a world-class entertainment venue,” Baltimore Mayor Brandon M. After the renovation the pair will manage and lease the revamped facility. solicited RFPs, Oak View Group and Thirty Five Ventures will invest at least $150 million toward a new Royal Farms Arena design, featuring overhauled concourses, new suites, new concessions, a new exterior featuring plenty of glass, and new seating. Under the plan chosen after the Baltimore Development Corp. ![]() “OVG has proven its reputation for innovation in the venue space, and we’re looking forward to working with them to bring Baltimore Arena and a myriad sports and entertainment opportunities to life in Baltimore.” “We’re thrilled that the Baltimore Development Corporation has selected our partners at Oak View Group for this groundbreaking renovation,” Durant and Kleiman said via press release. There is a local tie here: Durant is a native of Prince George’s County. ![]() Thirty Five Ventures is an investment firm led by NBA star Kevin Durant and his partner/manager, Rich Kleiman. Oak View Group is developing multiple arenas across the country, including Climate Pledge Arena, set to open as home of the NHL’s Seattle Kraken in 2021, and UBS Arena, to open this fall as the new home of the New York Islanders (NHL). But its utility in this modern era has been limited, and it’s been clear changes were needed to compete.Įnter Oak View Group and Thirty Five Ventures. Since then the 14,000-capacity arena has played host to a variety of minor-league sports as well as hosting a number of high-profile concerts and events. Opening in 1962 as the Baltimore Civic Center, Royal Farms Arena was home to the Baltimore Bullets ( NBA) until that team’s move to Landover, MD. The choice has always been between Royal Farms Arena renovations and building a new arena/convention center elsewhere in the city, as you can see by the list of related stories at the end of this story. With Baltimore grappling with this issue for years, we now have what appears to be a solid plan for Royal Farms Arena renovations backed by Oak View Group and Thirty Five Ventures. By Kevin Reichard on Jin Future Arenas, Future Arenas Articles ![]()
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