Oklahoma City contemplates new arena

[Laramie]

A new arena for the OKC Thunder? Mayor David Holt makes the pitch to ditch Paycom Center.​

View: https://youtu.be/fcfQQRsppL4
Talks between the Thunder and Oklahoma City will begin in October 2022 on funding a new arena. OKC will have a number of funding mechanism to pay for
a 'debt free' arena thru the popular MAPS initiatives or 3 year bond; could include MAPS penny sales tax initiative and bonds (combination). Oklahoma City has
funded a number of large projects that are debt free. Previous $963 million bonds expire in 2027 and the current $978 million MAPS 4 initiative expires in April 2028.

 

[Laramie]

Our city leaders secured $115 million of which $110 million was dedicated to improvements (fan friendly amenities) like a balcony terrace and expanded space.​

They soon realized that Paycom Center's limited space wasn't feasible to invest $100 million of already collected funds from the MAPS 4 initiative to invest in
Paycom Center Arena.

Mayor Holt and the Oklahoma City council put $70 million on 'pause.' The money may be used to fund a feasibility study on a new arena and surplus funds
could be used toward the new arena construction.

With $10 million upgrades to the OKC Thunder Practice facility now in process, the City will continue with some upgrades to Paycom Center (new seats),

Above pic via OKCTalk.com message board shows 4 sq. block site that could be demolished to make room for a new arena, Paycom Center is below that site encircled by arrows ^.

Oklahoma City has a 4 square block site where the Cox Convention Center now sits in the heart of downtown that could be demolished to make room for
for the new arena. The site has 950 underground parking slots that could be salvaged with a new arena built on top.

Big question: How much do we invest in a new arena $500 million - $800 million with 800,000 square footage - 1 million square footage.

Again, talks begin in October 2022.

 

[Keefe]

What a ****ing joke. The arena is 20 years old. Sports, virtually every one of them, at any age, have become an absolute ****ing joke.

 

[Gameface]

They soon realized that Paycom Center's limited space wasn't feasible to invest $100 million of already collected funds from the MAPS 4 initiative to invest in
Paycom Center Arena.

Mayor Holt and the Oklahoma City council put $70 million on 'pause.' The money may be used to fund a feasibility study on a new arena and surplus funds
could be used toward the new arena construction.

With $10 million upgrades to the OKC Thunder Practice facility now in process, the City will continue with some upgrades to Paycom Center (new seats),

Above pic via OKCTalk.com message board shows 4 sq. block site that could be demolished to make room for a new arena, Paycom Center is below that site encircled by arrows ^.

Oklahoma City has a 4 square block site where the Cox Convention Center now sits in the heart of downtown that could be demolished to make room for
for the new arena. The site has 950 underground parking slots that could be salvaged with a new arena built on top.

Big question: How much do we invest in a new arena $500 million - $800 million with 800,000 square footage - 1 million square footage.

Again, talks begin in October 2022.

That's the heart of downtown OKC? Damn.

 

[Laramie]

Yes, the heart of downtown OKC. Downtown properties have skyrocketed since our transformation.

Our downtown was on life support near death before 1990. An underground (Metro-concourse) tunnel was built in
1974, it killed the once vibrant street life that was a major fabric of our city. Several historic structures were demolished.
Main street was severed to make room for the $750 million, 844 ft., skyscraper known as Devon Energy Tower.

Downtown has some breathing room. New downtown convention center & Omni hotel and a DT 70 acre park all paid for thru
a debt free penny sales tax Metropolitan Area Projects (MAPS) which has transformed our city since 1993.

The new arena specification to be determined will provide that the NBA remain in OKC long-term. As Mayor Holt said,
'We have non NBA cities checking our pulse every morning."

Salt Lake City has been the model for our vision. You have inspired OKC in many ways.

 

[Rubashov]

dude you're doing that wrong...

 

[Laramie]

As soon as I get more information on a new arena--the group will begin talks in October '22. Hope to have some updates.

You're very fortunate in Salt Lake City. You are the smallest market to ever host the NBA 'All Star Game' week activities.
That require no less than 6,000 luxury hotel rooms. Cities like Portland and Sacramento IIRC has never hosted an NBA
All Star Weekend.

You, Salt Lake City are a city of the future--beautiful mountains, Ski slopes, very clean city with a nice downtown. Growing
MSA population, good NBA Jazz ownership group. The area plays hosts to many Olympic trials etc. You guys are very
fortunate.

 

[The Thriller]

They should consider building their new arena in Seattle…

 

[Laramie]

Wow!

Seattle isn't short on an arena. They have built a venue that is truly second-to-none. Kevin Durant would be willing to sit
out a year or two until the NBA returns to Seattle or Austin gets an NBA franchise.

We have had our pulse checked so many times that our Mayor is going into cardiac arrest. Mayor David Holt wrote a book
about OKC:

 

[Laramie]

New $261 million 602 room luxury Omni Hotel (left) and new $288 million Oklahoma City Convention Center (right) opened in 2021.
City paid ($85 million) in funds toward Omni Hotel construction.

Oklahoma City, a state-of-the-art $288 million convention center built in 2021 is debt-free; includes massive 500,000-sq-ft interior includes a 200,730-square-foot exhibit hall on the first floor, which is divisible into four halls. About 45,000 square feet of meeting spaces are on all levels of the building. The rooms can be configured to provide up to 27 meeting spaces.

Now we need a new state of the art arena to match the convention center. Anticipate the cost of the new arena with 37% inflation on building materials to cost $450 million to $500 million on city owned land. City owns several downtown parcels like the 4-square block former Cox Convention Center site (occupied by Prairie Surf Media Studios).

How are we able to pay off the debt; Bonds and/or sales taxes.

$70 million MAPS 4 Funds (PAUSE) already collected; some of these funds may be used for arena architectural designs.
Extension vote: Oklahoma City 2017 General Obligation Bonds June 2017 ends June 2027 (10 years)
Extension vote: MAPS 4 initiative sales tax collection began April 2020 ends April 2028 (8 years)


View: https://www.youtube.com/watch?v=PConR_sbigk


Oklahoma City Council will meet next month (Tuesday, October 4, 2022) with Oklahoma City Thunder ownership group representatives to begin preliminary
talks on a new arena.






.

.

 

[Laramie]

Oklahoma City consulting firm, CMA Strategies is asking Oklahoma City residents whether they might support a one-cent sales tax over six year period to pay for a $750 million new arena to replace Paycom Center.

The poll also suggests the Oklahoma City Thunder ownership will contribute $75 million for a new arena in which the owners would be responsible for 10% of the $750 million price tag.

Oklahoma City Mayor David Holt indicated he was aware of the poll and doesn’t believe it represents potential terms with the Thunder, though he confirmed “a team contribution has always been a part of the conversation.”

Mayor Holt said, “Whenever I say this should be in line with recent models in similar sized markets, a team contribution has become a part of every recent arena deal, even in the smaller markets,”

The site currently home to Prairie Surf Studios immediately north of the 20-year-old Paycom Center is widely viewed as the most likely location for a new arena because it has streetcar access on all four sides.

City officials and those running the studio agreed that when a five year lease was signed in 2020 the arrangement was not going to be long term.

“This is really the issue of 2023, at least from a mayor’s perspective,” Holt said during a live chat hosted by The Oklahoman in which he revealed the new arena will be a topic of community discussion this year.

“Our $190 million arena is the smallest in the NBA, now above the average age, and it is the second-cheapest. And as one of the three smallest markets in the league, we have to do more, not less, to hold our place. This will require my personal negotiation and advocacy as we work towards a proposal for the community to consider that will preserve a long-term relationship with major league professional sports."

Mayor Holt cautioned not to presume the poll represents potential terms of any new arena proposal.

The Oklahoma City mayor declined to confirm or deny the numbers cited in the poll. He noted the poll by McFerron is prefaced with a request to answer questions based on whether “statements” would make the respondent more likely to vote yes or no.

The OKC mayor went on to say “People ask lots of questions in polls, I can’t comment on conversations we are having … dollar amounts are not decided. Someone throwing a number out is speculation and not reflective of actual conversations.”

.

 

[The Midnight]

Wow so I’m addition to stealing the Sonics from Seattle, the new owner is now willing to contribute a whopping 10% to the new arena?

smh…

 

[Laramie]

Could we see an Olympic event in Oklahoma City in 2028? Board having 'legitimate conversations'​

The Los Angeles 2028 Organizing Committee is considering moving the Games' canoe slalom events to the Riversport Rapids Whitewater Center in Oklahoma City.

OKCTalk.com reports:

Huge news: OKC may host Summer Olympic events​

https://www.okctalk.com/content.php?r=958-Huge-news-OKC-may-host-Summer-Olympic-events:​

 

[Gameface]

Could we see an Olympic event in Oklahoma City in 2028? Board having 'legitimate conversations'​

The Los Angeles 2028 Organizing Committee is considering moving the Games' canoe slalom events to the Riversport Rapids Whitewater Center in Oklahoma City.

OKCTalk.com reports:

Huge news: OKC may host Summer Olympic events​

https://www.okctalk.com/content.php?r=958-Huge-news-OKC-may-host-Summer-Olympic-events:​

Los Angeles Olympic events in OKC?

So NOT the LA Olympics?

I don't get it.

 

[Rubashov]

That's the heart of downtown OKC? Damn.

The bombing's of 1995 actually improved the joint....

 

[Rubashov]

Los Angeles Olympic events in OKC?

So NOT the LA Olympics?

I don't get it.

The equestrian events for the Melbourne Olympics in 1956 were held in Stockholm.

Also saves LA a tonne of money, unless you live in a great sporting city like Melbourne a lot of these facilities become white elephants. Victoria is hosting the Commonwealth games at some point soon, the government has cleverly moved most of the events to the regions, I believe stadium, sports infrastructure and athletes villages will be built in numerous regional hubs for the games. the games will act as a regional sports and civic development programme. Good way to give the games a lasting legacy, in reality if the games had been held in town all that would have been needed was an athletes village (the previous one being sold off as housing) but this is a good way of delivering projects that regional communities otherwise wouldn't have got.

 

[Laramie]

OKCTalk.com reports:

My understanding is there will be an announcement at the State of the City address on 7/20/2023:

***********
Holt: New OKC arena plan coming this summer
By: Kathryn McNutt - The Journal Record - June 21, 2023

OKLAHOMA CITY – Look for news about a new downtown arena sometime this summer, Mayor David Holt said Tuesday.

“This summer we hope and expect to present a proposal to the people of Oklahoma City,” Holt said. “It is definitely the issue of 2023.”

Officials with the city and the Oklahoma City Thunder have been in conversations for a year about what the future looks like, he said. The
city’s long-term lease with the NBA franchise ended this month and the parties approved a short-term extension that runs through the
2025-26 season.

“We aren’t in a long-term lease anymore and there is a sense of urgency,” Holt said.

In his 2022 State of the City address last July, Holt said a new arena is critical to keeping the franchise here along with the economic impact it
makes.

The Thunder staying in Oklahoma City is not something to be taken for granted, he said, noting there are 18 cities in the U.S. larger than
Oklahoma City that do not have an NBA team and several of them have opened or have announced the development of NBA-level arenas.

That’s how Oklahoma City snagged its team. The SuperSonics – the franchise that moved here before the 2008-09 season – left Seattle after
failing to get public funding to construct a new arena there.

The downtown arena – now known as the Paycom Center – is 21 years old. It was included in the MAPS program passed in 1993 and opened
in 2002 at an original cost of $89 million. At 586,000 square feet, it is the smallest NBA arena.

Ten of the 30 NBA arenas cost more than $475 million to build and 22 exceed 750,000 total square feet. Square footage allows the amenities
users expect, Holt said.

“How long would it take to build a new facility if we decide to do so? Last time it took nine years,” he said Tuesday. “It still needs to operate at a
high level for a least a few more years.”

The City Council on Tuesday approved final plans and authorized bidding for one phase of improvements expected to cost $5.6 million.

The voter-approved $1 billion MAPS 4 plan includes $111 million for upgrades to the arena, but city officials are holding back $70 million that
could be used toward a new facility. It wouldn’t pay for an arena but would be a start, Holt said.

Three teams play in arenas that cost at least $1 billion when they were built – Golden State Warriors, $1.4 billion; Milwaukee Bucks, $1.2 billion;
and Brooklyn Nets, $1 billion.

Two others plan to open new arenas funded by their ownership. The LA Clippers are on track to open their $2 billion arena in 2024, and the
Philadelphia 76ers’ ownership say it will build a $1.3 billion arena.

Holt wouldn’t discuss how a new Oklahoma City arena might be funded because negotiations are ongoing.

“People should be prepared for news,” he said. “Be ready. It’s coming.”

 

[Laramie]

It’ll be a years-long process, but discussions for a new arena for the Oklahoma City Thunder began last summer when OKC Mayor David Holt brought up the importance of it.

The creation of a new building would guarantee the Thunder’s long-term future in Oklahoma City. The Thunder are playing in Paycom Center, which is the smallest arena in the league. It has been their home since their inaugural 2008-09 season.

When asked for updates in his end-of-season press conference, Thunder general manager Sam Presti essentially said the ball is in OKC’s court.

“That’s really a Mayor Holt thing, so I’d really defer to him,” Presti said. “I know he’s talked about it a little bit publicly, but I don’t want to like step out of my lane on that. It’s really his thing.

“I commend him because he’s thinking forward about the future of the city, and I think that’s what’s driving his focus on that. But I don’t want to talk about that without — he’s the one that needs to speak about it, I think.”

As said, this will likely take several years to plan as building a new arena is a complex and expensive project. While it’ll be a while before we get an actual update, it’s a clear positive sign that both the city and franchise seem to be on the same page when it comes to the importance of a new arena.

Note: Reports are talking about a $1 billion arena development on the 4-square block site of the former Myriad Convention Center. Arena funding may include extension of the MAPS penny sales tax and bonds.

 

[Laramie]

Updated: July 21, 2023 - $400 million OKANA Resort under construction shown on the Chickasaw Tribe's 100 acre development on the banks of the Oklahoma River's red clay feeding into Oklahoma City's North Canadian River. (Pic via OKCTalk.com)

Construction continues on the Chickasaw Tribes' 11 story 404 room OKANA Resort & Water Park south of the Oklahoma River. Resort will be equipped with rooms for NBA players and fans. The $400 million development is expected to be completed in early 2025. Via OKCTalk.com.

The $225 million Smithsonian Institutes' First Americans Museum (FAM) sits just north of the site.

 

[Laramie]

Updates on Oklahoma City new arena:

Oklahoma City Mayor David Holt delivers '2023 State of the City Address, July 20, 2023.'
Excerpts: Mayor David Holt said Thursday voters may be asked later this year to extend the MAPS 4 Initiative temporary sales tax to help pay for a new arena for the Oklahoma City Thunder.

The MAPS 4 penny sales tax is set to expire in 2028.

Holt used his annual State of the City address to discuss the possible election and new arena. MAPS 4 Initiative has collected more than $390 million in a little over three years, including during the pandemic. Holt said if the city wanted to build the arena before the money comes in, it could consider taking out a line of credit. The city has an excellent debt rating, having received triple-A bond ratings from Moody’s and S& P in 2023 for the 15th year in a row.

About $70 million in MAPS 4 funds that were initially earmarked for Paycom Center will serve to supplement that funding. And, Holt said, Thunder ownership will for the first time in city history make a “significant financial contribution” to the new arena, but he wouldn’t say what that contribution will be.

Details still being worked out include arena cost and terms of the lease agreement, Holt said. He expects to bring an agreement forward by the end of the summer, which he defined as September 22, which would need a simple majority approval from the city council. A public sales tax election would require a majority of all votes cast.

Quote of the day:

“We will secure this team for such a span of time that I can tell you today that a superstar who will play for our city in this arena, in the next lease term, isn’t even born yet,” Holt said. “And yet, Sam Presti is probably already holding the draft pick to get him.”

It was one year ago that the mayor first publicly addressed the idea that Oklahoma City may need to replace the 21-year-old Paycom arena to stay competitive and keep the Thunder in OKC.

Holt: New arena would exceed expectations:

Holt pressed the issue even harder Thursday, reminding listeners of Paycom’s place as the smallest and second-cheapest arena in the NBA. It also sits right at the average arena age, and a new arena will take years to open if planning began today, he said.

A new arena would “exceed anything our residents have ever experienced,” Holt said. It also will be designed for basketball, unlike Paycom.

Now that put a dagger in the hearts of those fans expecting a multipurpose arena built to accommodate 'Ice hockey' as well as NBA basketball.

It would be much larger, with more seats on the lower bowl and better sight lines all around, Holt said.

Councilman Todd Stone, who represents Ward 4, said it’s “amazing” the city could build a new arena without raising the current tax rate.

The cost of modern NBA arenas:

San Francisco’s Chase Center at a cost of $1.4 billion
Milwaukee’s Fiserv Forum cost $524 million (Buck's share $174 million)
Detroit's Little Caesars Arena $863 million
Sacramento Golden 1 Center (2016) $558 million.
The new Los Angeles Clippers arena will open next year and cost $2 billion.
Philadelphia 76ers announced plans for an arena expected to cost $1.3 billion.

“Our city just has to do what great cities do. We have to invest in ourselves.”--Mayor David Holt
Also the new $102 million State Fair Coliseum under construction:

Oklahoma City leaders broke ground on a new coliseum at the OKC Fairgrounds making it the first recipient of MAPS 4 dollars to begin construction on a brand-new building.