Arizona Coyotes' Ambitious Arena and Entertainment District Development Plans in Phoenix
The Arizona Coyotes are setting their sights on a major development project in Phoenix, focusing on acquiring land for a new state-of-the-art arena and comprehensive entertainment district. The ambitious plan is centered around a public auction scheduled for June 27, where they aim to secure a 110.06-acre site for the project. Spearheading the initiative is Coyotes Chairman Alex Meruelo, who has voiced a strong commitment to pushing the district's development forward without resorting to taxpayer funding.
Arena and Entertainment District Plans
The proposed development boasts a plethora of attractions, including a 17,000-seat arena that is expected to become the Coyotes' new home. Alongside the sports facility, plans include a concert venue among other amenities, creating a vibrant hub for entertainment and sports in Phoenix. With a minimum bid of $68.5 million set for the auction, the project signifies a substantial investment in the city's future.
The envisioned district is not only about sports and entertainment; it also incorporates 1,900 apartments and 400,000 square feet of commercial space, promising a blend of lifestyle and leisure for Phoenix residents and visitors. This large-scale project is set to generate an estimated 10,800 new jobs and is projected to contribute $15.5 billion to the local economy over a span of 30 years.
Funding and Development Costs
A notable aspect of this project is the commitment from Meruelo and his team to undertake the entire development without financial assistance from taxpayers. This approach aims to establish this as the first privately funded sports arena and surrounding district in Arizona's history. The total cost of the project is estimated at $1 billion, with plans to draw on private investments and sponsorships to meet the financial requirements.
The land, which is appraised at $68.5 million, will see bidding increments of $100,000 at the auction. The city of Phoenix has delineated specific public infrastructure obligations tied to the development, with additional infrastructure costs estimated at approximately $80 million. These figures reflect the substantial investment and commitment required to bring the project to fruition.
Coyotes' Plans Post-Glendale Arena
The move to establish a new arena comes after the Coyotes' lease at the Glendale Arena expired following the 2021-2022 season. Transitioning to a new venue emphasizes the organization's dedication to securing a long-term home for the team and enhancing the fan experience through a modern, purpose-built facility.
Project Impact and Community Benefits
The benefits of the development extend beyond entertainment and sports, with significant economic and employment implications for Phoenix and its surrounding areas. The project is estimated to create 10,800 construction jobs during the building phase and 3,500 permanent positions thereafter, contributing substantially to local employment opportunities.
Leadership Perspectives
Reflecting on the project's significance, Coyotes Chairman Alex Meruelo expressed his enthusiasm and dedication to the development. "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," Meruelo stated. He emphasized the district's potential as a landmark destination for Coyotes fans and the broader community, aiming to create a vibrant gathering place filled with lifelong memories.
Echoing Meruelo's sentiments, Coyotes President and CEO Xavier A. highlighted the excitement around the development's prospects. "We are thrilled by the prospects of building this historic development for Arizona Coyotes fans and fans in waiting," he remarked, underscoring the leadership team's optimism and commitment to the project.
Conclusion
The Arizona Coyotes' plans to build a new arena and entertainment district in Phoenix represent a bold vision for the future of sports and entertainment in the city. Through private funding, strategic development, and a focus on community benefits, the project aims to serve as a landmark achievement for the organization and its fans. As the public auction date approaches, the Coyotes and the city of Phoenix stand on the brink of an exciting new chapter in Arizona's sports and cultural landscape.
