Oak View Group and Thirty Five Ventures said they would solicit 45% minority and women-owned business participation in construction and maintain that rate through “ongoing operations.” Oak View Group also said it would reserve at least 25% of the equity investment for minority investors.As we entered the Spokane arena for the Monster Jam event, my family and I couldn't help but feel excited. “The current arena has consistently been one of the top-drawing facilities in the world and this new partnership will be able to take it to the next level,” Stokes said. Shelonda Stokes, president of the Downtown Partnership of Baltimore, said the new arena will be a boon for the city even on days without performances. A newly renovated Lexington Market and “Superblock” shopping district, currently underway, will complement the area soon, too. It’s also located close to Oriole Park at Camden Yards, the Inner Harbor and the Baltimore Convention Center. Tarbert said the arena benefits from its proximity to the Light Rail and Metro subway as well as Interstate 95. “This is the perfect project to reopen local tourism and solidify our city as a top destination for events and entertainment,” Baltimore Mayor Brandon Scott said in a statement. Now, as the city prepares to lift its mask mandate and other-virus related restrictions, Tarbert said crowds will be eager to fill the stadiums, arenas and concert halls. The venue also hosts some athletics events such as indoor soccer, boxing and college basketball. Thirty Five Ventures, Durant’s venture capital firm, has invested in companies such as Lime, the scooter proprietor Postmates, the food delivery service and Robinhood, the stocks and financial services app.īefore the coronavirus brought live entertainment and performing arts to a halt, Royal Farms Arena - formerly known as the Baltimore Civic Center, Baltimore Arena and 1st Mariner Arena - had brought acts such as Rihanna and the Jonas Brothers to Baltimore and had booked Celine Dion and Pearl Jam for the first half of 2020. The development company previously has been involved in arena development in Seattle Belmont Park, New York Palm Desert, California Manchester, United Kingdom and at the University of Texas at Austin. “Baltimore has such a rich music and sports history, and we look forward to working with BDC and the community to elevate live entertainment in the city and make the Baltimore Arena a premier destination for the biggest artists and events in the world,” Oak View Group CEO and founder Tim Leiweke said. Oak View Group and Thirty Five Ventures also are looking at ways to invest in the surrounding community, Tarbert said. He said there could be bars and lounges inside the stadium as well as opportunities to redevelop the neighboring Hopkins Plaza. Tarbert said the arena, which currently fits 15,000 people, could be expanded to fit a slightly larger crowd, though details have not been finalized for the design yet. All three proposals complied, Tarbert said, and proposed redeveloping the arena rather than building anew. The BDC’s request for proposals only considered plans that would redevelop the arena in its current location downtown. City and state economic development leaders most recently rejected a proposal to build a new arena at the site of the city’s convention center, concluding that the undertaking would be too unrealistic and taxing. Redevelopment plans have surfaced - and faded - several times. Royal Farms Arena, which dates to 1962, is considered cramped and antiquated, and city officials have been considering options to upgrade or replace it for the past two decades. Baltimore Sun eNewspaper Home Page Close Menu
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