BALTIMORE (WJZ) — The plan to redevelop Royal Farms Arena in downtown Baltimore will go before the city’s Board of Estimates for approval Wednesday.
The Baltimore Development Corporation announced it began negotiations in June with Oak View Group for a revamp of the arena with a price tag of at least $150 million. The renovation is expected to take a year and includes new lighting and arena seating, corporate suites and a reimagined concourse.READ MORE: One Family Business Expects A Surge In Customers After Christmas Tree Shortage
Under the proposal, Oak View Group & Thirty Five Ventures — co-founded by NBA All-Star and Maryland native Kevin Durant — would fully fund the renovations.READ MORE: Mass Shooting Leaves Seven People Injured In East Baltimore
Both groups said they are committed to achieving 45 percent minority and women-owned business participation in the renovation process. The general contractor, Clark Construction, said in June they plan to prioritize city residents in the hiring process and will provide various types of apprenticeship programs.MORE NEWS: Orlov Scores Late, Caps Beat Hurricanes For 9th Win In 11
The city, through the Baltimore Development Corporation, will provide general development support through the design,
development and construction period, according to the meeting agenda.