Arizona Coyotes' Ambitious Plan to Develop New Arena and Entertainment District in Phoenix
The Arizona Coyotes are setting their sights high with an ambitious plan to purchase land in Phoenix with the goal of developing a new arena and an accompanying entertainment district. This potential move marks a significant step forward for the organization, aiming to create a state-of-the-art facility that would not only house the team but also serve as a vibrant community hub. The plans for this development are contingent on the Coyotes winning a public auction scheduled for June 27, where they will vie for a 110.06-acre site that has caught their interest.
Commitment to Private Funding
In a statement that underlines the organization's vision, Coyotes Chairman Alex Meruelo has made it clear that the development of this district will not rely on taxpayer funding. This commitment to privately fund the project is noteworthy, as it sets a precedent for sports facility financing in the state of Arizona. The proposed development is ambitious, featuring a 17,000-seat arena, a dedicated concert venue, and a range of other amenities designed to enhance the fan experience. With the auction's minimum bid set at $68.5 million, the organization is gearing up for what could be a transformative moment in its history.
The Economic Impact
The implications of such a development extend far beyond the realms of sports and entertainment. The project is expected to generate a staggering $15.5 billion in economic impact over a span of 30 years, creating approximately 10,800 new jobs in the process. This massive influx of jobs includes both construction-related positions and full-time roles that will emerge once the development is operational. Moreover, the land, which is appraised at $68.5 million, will host an auction with minimum bid increments of $100,000, reflecting the high stakes involved in this endeavor.
Public Infrastructure and Obligations
The city of Phoenix has laid out specific public infrastructure obligations tied to the development, with additional infrastructure costs estimated to be around $80 million. This underscores the project's significant scale and the logistical considerations that must be addressed to bring it to fruition. The Coyotes organization, having parted ways with the Glendale Arena after the 2021-2022 season, is eager to lay new roots and create a permanent home that reflects their ambitions and vision for the future.
The proposed development plans are comprehensive, including not just sports and entertainment facilities, but also 1,900 apartments and 400,000 square feet of commercial space. This integrated approach aims to create a dynamic district that caters to a wide array of needs and preferences, essentially becoming a destination in itself.
Leadership's Vision
Coyotes President and CEO, Xavier A., expressed his excitement about the prospects of this landmark development. Through their statements, the leadership underscores their commitment to creating a community-centric space that elevates the fan experience to new heights.
Alex Meruelo's goal of constructing the first privately funded sports arena and district in Arizona speaks to a broader ambition of transforming the way sports facilities are envisioned and developed. The project's total cost is estimated at $1 billion, with the organization actively seeking private investments and sponsorships to bring their vision to life.
Constructing a Legacy
Reflecting on the broader implications of this ambitious project, Alex Meruelo shared, "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."
This sentiment was echoed by Coyotes President and CEO, Xavier A., who added, "We are thrilled by the prospects of building this historic development for Arizona Coyotes fans and fans in waiting."
As the public auction date approaches, the Arizona Coyotes stand on the brink of initiating a groundbreaking project that promises to redefine the sports landscape in Arizona. With a vision that extends beyond the confines of a traditional arena, the organization is poised to create a comprehensive, multifaceted district that could become a beacon of community engagement, economic growth, and sports excellence for generations to come.
