Some of the details from the Taylor/ICON arena report that will be presented at tomorrow's Sacramento City Council meeting have leaked. Our friends at Sactown Royalty broke down some of the information they received.
A new arena for the Sacramento Kings will cost $387 million to build. That includes construction costs ($241 million) and soft costs ($146 million). Seating capacity will increase to approximately 19,000 for NBA basketball - 2,000 more seats than the 17,317 that Power Balance Pavilion currently boasts. The number of luxury boxes is expected to go up as well, with 74 in the new arena compared to the 30 inside PBP.
So if all goes according to plan, the new building should be ready for action by May of 2015. But how will it be paid?
The Taylor/ICON group along with regional leaders hope to answer that question during a 100-day review period following tomorrow's presentation. According to STR, the report used arenas built in small market cities such as Kansas City, Orlando, Memphis and Edmonton, Alberta as models. Revenues generated from hotel, car rental fees and arena-use surcharges helped fund the construction of arenas in those towns.
For more, visit Sactown Royalty.