BALTIMORE (WJZ) — A proposed overhaul of downtown Baltimore’s Royal Farms Arena received approval from the city’s Board of Estimates Wednesday.

NBA All-Star and Maryland native Kevin Durant is an investor in the project, which is expected to cost at least $150 million. Under the proposal, Oak View Group & Thirty Five Ventures — co-founded by Durant — would fully fund the renovations.

READ MORE: One Family Business Expects A Surge In Customers After Christmas Tree Shortage

The Baltimore Development Corporation (BDC) announced it began negotiations with Oak View Group, a Los Angeles-based entertainment company, in June. The city, through the BDC, will provide general development support through the design, development and construction period.

The city aims to maximize both direct and indirect benefits to Baltimore in the redevelopment.

“I am extremely excited to see the transformation of the Baltimore Arena move forward with such an experienced team that is also committed to substantial minority and women business participation,” said Mayor Brandon Scott.  “A new state-of-the-art entertainment facility will not only continue to attract top-tier national events and live entertainment, but further catalyze development on the Westside of downtown.”

READ MORE: Mass Shooting Leaves Seven People Injured In East Baltimore

The BDC said the proposed design includes dramatic facades, a reimagined concourse and contemporary seating and suites.

Construction, which is expected to take a year, begins after the 2022 Central Intercollegiate Athletic Association Basketball Tournaments, which take place February 21-26.

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

 

CBS Baltimore Staff