Arizona Coyotes Unveil Plans for New Arena and Entertainment District in Phoenix
In an ambitious move, the Arizona Coyotes have unveiled plans to purchase land in Phoenix with the intention of building a new arena and a sprawling entertainment district. This announcement comes ahead of a critical public auction slated for June 27, where the Coyotes will bid for a 110.06-acre site. Spearheading this initiative is Coyotes Chairman Alex Meruelo, who has made a commitment to develop the district without relying on taxpayer funding, a proposition that if successful, would be a historic first for Arizona.
The proposed project is not just about a new home for the Coyotes; it promises to be a comprehensive entertainment hub. The plans include a 17,000-seat arena and a concert venue, among various other amenities designed to draw visitors and create a vibrant community space. The opening bid for the auction has been set at $68.5 million, signaling the significant financial investment involved in bringing this vision to life.
## Economic Impact
The Coyotes' proposal is more than an ambitious infrastructure project; it is a potential economic boon for the Phoenix area. The development is projected to create 10,800 new jobs and is expected to generate a staggering $15.5 billion over a 30-year period. Beyond the immediate benefits of job creation, the project is slated to include 1,900 apartments and 400,000 square feet of commercial space, further enhancing the area's economic landscape.
In terms of financing, the land on which the project is to be developed has been appraised at $68.5 million. The Coyotes are expected to engage in a competitive bid, with the minimum bid increments set at $100,000. Additional costs, including an estimated $80 million for infrastructure, underscore the scale of the investment and the commitment required to realize the project.
## Public Infrastructure and Development Costs
The city of Phoenix has laid out specific public infrastructure obligations that must be met as part of the development. These obligations, combined with the estimated $80 million in infrastructure costs, highlight the complexity and financial magnitude of the undertaking. Despite these challenges, the Coyotes' leadership is confident in the project's viability and its potential to significantly benefit the community and the fans.
## The Coyotes' Vision
For Coyotes Chairman Alex Meruelo and President Xavier A., the project represents an opportunity to create a landmark entertainment district that redefines the fan experience. "My family and I are committed to winning this land auction and building a transformative entertainment district that will not require taxpayer funding for the first time in Arizona history," Meruelo stated. "Our loyal fans deserve this vibrant gathering place that would serve as a landmark to create lifelong memories."
The enthusiasm from the Coyotes’ leadership is palpable. President Xavier A. echoed Meruelo's sentiment, expressing excitement over the prospects of building this historic development for the fans.
## A Path Forward
Following the expiration of their lease at Glendale Arena after the 2021-2022 season, the Coyotes have been in search of a new home. This proposed development not only offers a solution but also aims to redefine what a sports and entertainment district can be. With an estimated total project cost of $1 billion, the plan is to seek private investments and sponsors to bring this vision to fruition.
Crucially, the proposed development is not just a boon for the Coyotes and their fans; it is anticipated to create 10,800 construction jobs and 3,500 permanent jobs, highlighting the significant positive impact on the local economy.
The project represents a bold vision for the future, one that seeks to create the first privately funded sports arena and entertainment district in Arizona. As the June 27 auction approaches, the Coyotes are poised to take a significant step towards realizing this vision. The development promises to be not just a new home for the Coyotes but a vibrant, transformative space for fans and the community alike, setting a precedent for future sports and entertainment districts.
