Arena group proposing rapid construction timeline in Seattle
SEATTLE (AP) The investment group attempting to remodel KeyArena so it would be capable of hosting NBA and NHL teams is proposing an ambitious timeline that could have the building ready by October 2020.
The timeline was laid out in a proposed memorandum of understanding between Seattle and Oak View Group. The MOU will be presented to the Seattle City Council on Tuesday but the final version of the agreement won't be voted on until the first week of December at the earliest.
Oak View Group CEO Tim Leiweke says the project is expected to total $600 million and will be privately financed. That total does not include an additional $40 million requirement to help improve transportation in the area around Seattle Center. The lease agreement between the group and the city would be for 39 years with two eight-year rollover extensions possible.