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.

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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.

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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.

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The city, through the Baltimore Development Corporation, will provide general development support through the design,
development and construction period, according to the meeting agenda.

CBS Baltimore Staff