According to the BDC, Oak View Group and Thirty Five Ventures have committed to achieving 45% minority and women-owned business participation during construction and maintaining that participation rate through ongoing operations. Tarbert said at the real estate conference that he believes Oak View Group and Thirty Five Ventures may end up investing even more than $150 million: “It probably will be closer to $200 million when we’re done.”Īnd because of the new seating and other amenities the team has proposed, he added, “you won’t realize that you’re in an arena that was built in 1961…That’s a really exciting, catalytic project that we’ve been trying to figure out for over 20 years now.”īaltimore’s Board of Estimates voted 4 to 1 in November to approve an agreement that allows Oak View Group to lease, renovate and manage the arena for 30 years. “It’s super aggressive, but we think we can do it.” Tarbert acknowledged at a real estate conference in December that the schedule is tight but said he believes it’s realistic. The parking lot on the Hopkins Place side of the building will be turned into a pedestrian plaza that can support festivals and other outdoor events.Ĭity officials express optimism that the development team can stay on schedule. The number of seats will increase about 10-15%, from about 14,000 for concerts now to about 16,000 when work is complete. The main entrance will remain at the corner of Baltimore Street and Hopkins Place, with two additional entrances on Baltimore Street. The architects have suggested a maritime theme for the exterior, with sail-like shapes added to the north and east sides as a reminder that Baltimore is a port city. The scope of work entails major changes to the interior of the arena, the exterior and the area around it. 20, 2023, giving contractors less than 12 months to finish their work. Next year’s event is scheduled to begin on Feb. The team has a strict deadline to complete its improvements because the CIAA tournaments are scheduled to return to the arena next February and Oak View Group has promised it will be ready. Oak View Group has agreed to pay for all capital improvements, without funding assistance from the city. Durant is an All Star forward with the Brooklyn Nets who was born in Washington, D. An equity investor on Oak View’s team is Thirty Five Ventures, founded by Rich Kleiman and Kevin Durant. Oak View Group of Los Angeles was selected last year over two other bidders that sought the opportunity to renovate and operate the arena. The camera currently shows demolition work on the stage area. The general contractor, Clark Construction Group, has installed a 24-hour OxBlue construction camera inside the building to let anyone follow its progress. “Work has commenced on the project as planned,” said Colin Tarbert, president and CEO of the Baltimore Development Corporation (BDC), which led the search for a development team. Signs of activity are visible outside the arena, where a construction fence is up and a section of the exterior wall has been removed to help bring materials in and out. The work includes adding seats and suites, refurbishing concourses, upgrading concessions areas and changing the building’s appearance – all part of a plan to book “top tier” events and draw more people downtown to see them.
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