Arizona Coyotes Plan to Build State-of-the-Art Arena in Phoenix
The Arizona Coyotes, Phoenix's own NHL team, aim to hit a new milestone by purchasing land in Phoenix to build a state-of-the-art arena and entertainment district. This ambitious plan is set to take a significant step forward with a public auction scheduled for June 27, where the Coyotes organization will vie for a 110.06-acre site earmarked for the development.
**The Vision and the Bid**
At the helm of this visionary project is Coyotes Chairman, Alex Meruelo, who has a distinct goal of developing the district without leaning on taxpayer funding. The proposed development sketches out a 17,000-seat arena alongside a concert venue and a plethora of additional amenities designed to boost the entertainment value of the region.
The auction itself sets a competitive starting line with a minimum bid of $68.5 million needed to secure the land, which has been appraised at the same amount. Bidders will then escalate their offers in increments of $100,000 in their pursuit of the coveted site.
**Economic Impact and Development Details**
The potential economic impact of this project is far from trivial. With projections suggesting that the development could generate a staggering $15.5 billion over 30 years, the benefits it promises to the local economy and community are immense. This significant undertaking is expected to create upwards of 10,800 new jobs upon its completion.
Such a project inevitably comes with a hefty price tag for development, estimated at around $1 billion. This figure includes costs related to over 1,900 apartments and 400,000 square feet of commercial space designed to be part of the vibrant entertainment district. On top of the base auction price for the land, additional infrastructure costs are estimated at about $80 million, which the city of Phoenix expects to recoup through stipulated public infrastructure obligations outlined for the development.
The Coyotes organization, undeterred by these figures, plans to actively seek private investments and sponsors to bring their dream to fruition, aiming to create the first privately funded sports arena and entertainment district in Arizona's history.
**Past and Future: A New Home for the Coyotes**
This initiative comes at a crucial time for the Coyotes, whose lease at the Glendale Arena expired following the 2021-2022 season. The desire to construct a new home base in Phoenix is not just about a physical structure; it's about rooting the Coyotes deeper into the community fabric, providing fans and residents alike with an iconic landmark designed for making lifelong memories.
The development is not only expected to provide a new arena for the Coyotes but also aims to spur significant employment opportunities. Specifically, the project is anticipated to create 10,800 construction jobs along with 3,500 permanent positions once the new facilities are operational.
**Leadership's Commitment**
Both Coyotes Chairman Alex Meruelo and President Xavier A. have expressed their excitement and dedication towards this project. Meruelo’s statement captured the essence of their ambition, "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...Our loyal fans deserve this vibrant gathering place that would serve as a landmark to create lifelong memories."
Echoing this sentiment, Coyotes President and CEO Xavier A. highlighted the historical significance of the development, indicating a bright future for Coyotes fans and the broader community.
As the auction date approaches, all eyes are on the Coyotes and their bold step towards reimagining the future of sports and entertainment in Phoenix. This project, aiming for much more than just a new arena, promises to be a transformative development for the region, setting a new precedent in how sports facilities can be conceived and realized without burdening the taxpayer. It's a lofty goal, but with a committed leadership and a clear vision, the Arizona Coyotes are poised to create an enduring legacy for their fans and Arizona's residents.
