The cost of Seattle’s National Hockey League (NHL) arena has soared to US$850 million – US$250 million more than initially expected.
The news comes just days after the US city was awarded an NHL expansion franchise, when it was projected that the Seattle Center Arena would cost around US$800 million to build.
Costs first jumped in August, when it was revealed that the US$600 million project, which involves renovating the KeyArena, would require a US$700 million investment owing to the need to install permanent locker rooms, along with other contributing factors.
Construction of the venue, which is being privately financed by the Oak View Group (OVG), is expected to get started almost immediately, with an aim of completion for 2021 so that the Seattle Storm of the Women’s National Basketball Association (WNBA) can play the 2021 season there.
''We never value engineered. That to me was an amazing commitment on behalf of ownership,'' OVG chief executive Tim Leiweke said. ''We did not do any value ownership on this project. Everything we dreamed about and more we have kept in this building and will write the check.''
The ownership group of Seattle’s new ice hockey franchise will also be forced to shell out a record US$650 million expansion fee to join the NHL for its 2021/22 season, meaning total costs will likely be closing in on US$2 billion by the time the team play their first game.
The cost of Seattle’s National Hockey League (NHL) arena has soared to US$850 million – US$250 million more than initially expected.
The news comes just days after the US city was awarded an NHL expansion franchise, when it was projected that the Seattle Center Arena would cost around US$800 million to build.
Costs first jumped in August, when it was revealed that the US$600 million project, which involves renovating the KeyArena, would require a US$700 million investment owing to the need to install permanent locker rooms, along with other contributing factors.
Construction of the venue, which is being privately financed by the Oak View Group (OVG), is expected to get started almost immediately, with an aim of completion for 2021 so that the Seattle Storm of the Women’s National Basketball Association (WNBA) can play the 2021 season there.
''We never value engineered. That to me was an amazing commitment on behalf of ownership,'' OVG chief executive Tim Leiweke said. ''We did not do any value ownership on this project. Everything we dreamed about and more we have kept in this building and will write the check.''
The ownership group of Seattle’s new ice hockey franchise will also be forced to shell out a record US$650 million expansion fee to join the NHL for its 2021/22 season, meaning total costs will likely be closing in on US$2 billion by the time the team play their first game.
@NHLSeattle_
