$500 million arena planned for Seattle

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Today in Seattle, Mayor Mike McGinn and King County Executive Dow Constantine announced plans for a new half-billion-dollar arena that could house both an NBA and NHL team.

Courtesy the Seattle Times:

The $500 million arena would be paid for mostly by a private investment group led by Seattle native Christopher Hansen, but includes city and county financing that would be repaid over the next 30 years through rent on the arena and tax revenue it generates, including property, sales and admissions taxes.

Arena construction would take around two years, though according to Times reporter Emily Heffter…

source:

If that’s the case, coordination between the NHL and NBA will be paramount. Hey, good thing the NHL owns the Phoenix Coyotes and the NBA owns the New Orleans Hornets.

According to a city press release, Hansen “and his investor group would bear the costs associated with acquiring an NBA team and seek a partner who would recruit an NHL team to the new facility.”

Next step — get Hansen, his NHL partner, Gary Bettman and David Stern in a room, a signature here, an initial there, let’s start construction.

Related: Report: AHL owner interested in bringing NHL to Seattle