Key Arena. Image Credit: Cliff (CC by 2.0)
At Monday’s meeting, the Seattle City Council voted 8-0 to approve city agreements that will allow redevelopment of Key Arena to move forward. Demolition can begin on the arena after an NHL franchise is secured, which might occur later this year.
The $700 million plan involves digging below the surface to expand the arena without significantly altering its topside exterior appearance. When the project is completed, the arena will hold 17,400 seats for hockey and 18,600 seats for basketball as well as 750,000 sq ft of interior space. The arena is currently home to the WNBA franchise the Seattle Storm, and is trying to court an NBA franchise as part of the redevelopment plan. The revamped arena will also include a lounge with views of the Space Needle.
Arena Co., the group in charge of the project, has agreed to pay the City of Seattle a minimum of $5 million annually, which closely approximates the city’s current revenue from the site. Additional revenue will be split between the group and the city. The arena group’s 39-year lease also stipulates that the city has 14 rent-free days to use the arena, which will include a four-day free medical clinic and the Bumbershoot music festival. Renovations to the arena are expected to be completed in 2020.
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