The procurement commitment is included in the lease agreement, said Colin Tarbert, president and CEO of the Baltimore Development Corp., the city’s quasi-public economic development arm. He said the commitment is overly broad and may exclude businesses of color and women-led companies from winning bids to do catering or concessions inside the arena, which tend to go to large, often white-owned businesses, he said. Mosby, who asked to be kept engaged as well, also voiced concern over the agreement’s commitment to solicit 45% overall minority- and women-owned business participation. We’re ready to go when we push the button.”īaltimore Mayor Brandon Scott, who sits on the spending board and voted for the deal, said he would ask Ted Carter, deputy mayor for community and economic development, to meet weekly with the development team to ensure the project stays on track. “No one wants this building to open more than we do. “We fully appreciate, respect and signed up for the CIAA tournament, and we want to be doing Drake and Lady Gaga and all that good stuff right after CIAA, and start to get the return on our investment,” he said. Upon completion in February 2023, the arena will have added seating, upgraded concession, LED lighting, exterior changes, and more.Baltimore Sun eNewspaper Home Page Close Menu The project will provide an ample amount of employment for the area over the next 12 months. Leiweke joked with the audience about not stopping the construction process to conduct the ceremony. During the duration of the groundbreaking ceremony construction workers could be overheard working on renovations. According to The Central Intercollegiate Athletic Association (CIAA) website, “Men’s and Women’s basketball tournament will extend its run in Baltimore for 20 following a successful first year in-person in Baltimore in 2022.” The arena is set to be completed by February 2023, just in time for the CIAA’s return to the Baltimorean staple.Ĭlark Construction Group, a construction firm that has completed over 70 different projects for Baltimore, has agreed to administer the construction of the Baltimore Arena. The renovations will also serve as a beneficial boost to the Baltimore sports scene in Baltimore. Scott reflected on memories from his childhood as he discussed the future of the Arena. Oak View Group announces the beginning of construction on the $200 million dollar renovation plan for the Baltimore Arena. “Oak View Group has laid out a bold plan that will not only redevelop the Baltimore Arena but serve as an anchor to completely revitalize our downtown community for generations to come,” the mayor stated, according to a press release. Once refurbishments are completed the arena is expected to accommodate 14,000 guests. Scott recalled moments from his childhood when he visited the Baltimore-based arena to watch monster trucks, the circus, and concerts. Hoping that renovations will advocate for more events like those from his childhood to occupy the arena, Mayor Brandon M. The newly renovated arena will provide a financial boost for Baltimore’s economy. “When entities like OVG bank Black, they demonstrate their support for real economic equity by supporting the institutions that are at the front lines of this country’s racial wealth gap,” National Black Bank co-founder, Brandon Comer said, according to a press release. OVG also partnered with a Black-owned bank, Harbor Bank of Maryland, for the financing of this project. Leiweke continued, “we are ultimately committed to making sure that we build a building that becomes the heart and soul of downtown Baltimore.” In addition, other investors include The Baltimore Development Corporation (BDC), Fundamental Advisors, Thirty Five Ventures (35V), and Maryland native and NBA player, Kevin Durant. Tim Leiweke, CEO of OVG, stressed more than once “we pay for everything…there are zero risks to taxpayers in the city.” Pharrell Williams, the famous musician, well-known for his song “Happy,” has recently been named as a new equity investor in the project. OVG’s projected cost redevelopment is an estimated $200 million dollar privately financed investment. Once renovations are complete, the arena will help promote further investments and traffic for the downtown area. On June 9, 2022, Oak View Group (OVG), the largest sports and entertainment venue developer and financing company, announced in a groundbreaking ceremony that renovations are underway for the transformation of the 60-year-old Royal Farms Arena in Baltimore, Maryland.
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