Arizona Coyotes' Ambitious Plan for New Arena and Entertainment District in Phoenix
The Arizona Coyotes have set their sights on acquiring a substantial parcel of land in Phoenix with the aim of constructing a new arena and an accompanying entertainment district. This ambitious endeavor hinges on their success in securing the site at a public auction scheduled for June 27, where they will vie for the 110.06-acre tract.
Coyotes Chairman Alex Meruelo has expressed a strong commitment toward making this vision a reality, with a notable emphasis on funding the development without resorting to taxpayer dollars—an approach that, if successful, would mark a historic moment for Arizona. This project not only encompasses the creation of a 17,000-seat arena but also envisions a concert venue among various other amenities intended to enhance the area's appeal.
A Multi-Faceted Development Plan
With a starting bid set at $68.5 million, the auction represents a pivotal moment for the Coyotes and the broader Phoenix community. Beyond the tangible addition of sports and entertainment facilities, the project promises substantial economic benefits. Over a 30-year period, it is projected to generate $15.5 billion, in addition to creating 10,800 new jobs, a testament to the potential scope and impact of the development.
The proposed plan outlines the construction of 1,900 apartments and 400,000 square feet designated for commercial space, indicating a transformative effect not just on the local economy but also on Phoenix's urban landscape. The land itself is appraised at $68.5 million, with bidding increments set at a minimum of $100,000, underscoring the competitive nature of the auction.
Phoenix city officials have delineated certain obligations pertaining to public infrastructure as part of the development process. These are estimated to incur an additional cost of around $80 million, further detailing the financial landscape surrounding this massive undertaking.
From Glendale to Phoenix: A New Chapter
This move comes in the wake of the Coyotes' lease at the Glendale Arena coming to an end after the 2021-2022 season, prompting the search for a new home and the conceptualization of this project. The planned entertainment district not merely aims to be a new dwelling for the Coyotes but also intends to firmly establish itself as a cornerstone for community and fan engagement.
Chairman Meruelo's aspiration to finance the sports arena and district privately represents an ambitious stride toward realizing what would be Arizona's first project of its nature. With a total project cost estimated at $1 billion, the initiative seeks to draw on private investments and sponsorships to fulfill its financial blueprint. This strategy aligns with Meruelo's philosophy of mitigating taxpayer burden while endeavoring to bring this monumental project to fruition.
The development is poised to breathe new life into Phoenix's economy through the creation of approximately 10,800 construction jobs and 3,500 permanent positions upon completion, signaling significant growth and opportunities for the local workforce.
Building a Legacy
Chairman Alex Meruelo shared his enthusiasm for the project, emphasizing its potential to be a transformative landmark for the state. "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 will serve as a landmark to create lifelong memories," he stated.
Echoing this sentiment, Coyotes President and CEO Xavier A. articulated his excitement about 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.
With the auction date on the horizon, the Arizona Coyotes stand on the cusp of initiating a groundbreaking chapter not only for the team but also for the city of Phoenix and its residents. The envisioned arena and entertainment district promise to create a dynamic and enduring legacy, fostering economic growth, job creation, and unparalleled experiences for sports enthusiasts and the community at large. As the Coyotes prepare to stake their claim on June 27, all eyes will be on this ambitious project that seeks to redefine Arizona's sporting and entertainment landscape.
