One More New Arena Thread...

[BaltimoreTerp]

http://www.baltimoresun.com/business...,5508625.story
http://www.mdstad.com/images/pdf/bcc...ruary-2012.pdf

The Maryland Stadium Authority released its study on a proposed expansion to the Baltimore Convention Center today. The plans include a rebuilt and expanded hotel on the location of the Sheraton, and a new 18,500-seat arena.

The project would cost $900 million ($400m for the convention center, $325m for the arena and $175m for the hotel). The money for the arena and hotel would come from private sources based around the owner of the Sheraton, Willard Hackerman. The rest would come from the city.

So...is this going to be our time to get a real, honest-to-goodness arena in this burg? Or is it yet another tease forcing the continued existence of the Horror Of Howard Street?

[NewMarketSean]

This is Baltimore. Very doubtful it happens.

[thundercleetz]

Man, that's expensive! Might as well build the Ravens a new stadium (or put a dome on M&T Bank) and host a Super Bowl with that type of expense. Getting back on topic, very interesting question on whether or not this happens. On one hand it does seem like a luxary. The mayor described it as a "game changer" for the city giving Baltimore a unique advantage over other cities for business conventions and other type of events. And no doubt it would help the overal development of the city maybe in the same sense that the Inner Harbor has. However, from that point of view it sounds like a luxary.

On the other hand, First Mariner Arena is clearly deteriorating. As bad as the arena is, it still generates a profit. But how much longer is it going to be functional? IMO First Mariner at this point is running on borrowed time. So if Baltimore does not act on finding a replacement of some sorts there is going to be a point where First Mariner is no longer functional and then you lose the profits it brings in.

One other thing to consider, as expensive of a project this is Willard Hackerman is providing the city with an incredible opportunity by offering to pay arena and hotel costs. If the city passes, I doubt another opportunity for anything in the same atmosphere would come along in a long while. Hackerman is also 93-years old. The guy has built Harborplace, the National Aquarium in Baltimore and the Meyerhoff Symphony Hall. Maybe he chips in for the convention center as well to make this a lasting legacy.

It will be interesting to see what happens. The study made it very clear, the project would no doubt be profitable. How awesome would it be for Baltimore to host a Final Four? Maybe a Caps or Terps home game a couple of times a year? It is an incredible opportunity considering the private financing committment in place. It will be interesting to see what happens.

[DuffMan]

With luck, Fry said, the economy would improve by the time the project gets under way, likely not before 2016.

So even if this goes through were looking at what maybe 2019 or 2020 before its even open?

[NewMarketSean]

IMO, only one of the Red Line and the arena are going to happen. I know the city is on the hook for a small portion of the funds for each project but it's still a lot of money to a city that is broke. The arena sounds like the more likely project since most of it's covered by private money and there aren't the detractors there are like there are for the Red Line, but it's still a huge project that is going to screw up downtown for years to come and people just cannot be inconvenienced in Baltimore...see the Grand Prix.

[thundercleetz]

IMO, only one of the Red Line and the arena are going to happen. I know the city is on the hook for a small portion of the funds for each project but it's still a lot of money to a city that is broke. The arena sounds like the more likely project since most of it's covered by private money and there aren't the detractors there are like there are for the Red Line, but it's still a huge project that is going to screw up downtown for years to come and people just cannot be inconvenienced in Baltimore...see the Grand Prix.

IMO, the convention center/arena will DEFINITELY happen. It is too good of an opportunity to pass up, and it is a need for the city. The MSA laid it out perfectly clear, First Mariner is no longer a functional facility and this new project would be extremely profitable. Without a downtown arena Baltimore is at a huge disadvantage, and this new arena would completely turn the tables. I think SRB realizes this, and from her press statement it sounds like she is going to work hard in the coming months to make something work for the funding. I really think this happens.

As for the Red Line, something will come of it. You just don't throw away federal funding for infrastructure. If the project is not the Red Line specifically, there will be a project that makes use of that federal funding they've applied for. Whether it be, like you said Sean, a trolley downtown, or something else.

I still think both projects happen, but the convention center is definitely the priority. The Red Line, or whatever variation of it, we might not see until 15-20 years however.