By The Arizona Coyotes
Following the release of a public land auction notice from the Arizona State Land Department for 110 acres of state-owned land at the NWC of Scottsdale Road and Loop 101 in Phoenix, the Arizona Coyotes announced their commitment to win the auction and develop the land into an unrivaled sports, lifestyle and entertainment district without taxpayer funding.
The Coyotes hope to develop the first ever privately funded sports arena and entertainment district in the history of Arizona that will house the team for years to come. The historic state-of-the-art development would form a new epicenter for Valley lifestyle and entertainment with convenient access to major thoroughfares. In buying this parcel of land, the Coyotes will be funding public education across Arizona through the auction proceeds, and will unlock thousands of acres of land around the property by committing to more than $100M worth of infrastructure improvements, that can be sold by the Arizona State Land Department at a later date.
“My family and I are committed to winning this land auction and building a transformative entertainment district that will not require taxpayer funding for the first time in Arizona history,” said Arizona Coyotes Chairman & Governor Alex Meruelo. “We will buy this land, build this development and finish a project that will incur the cost of more than $100M in infrastructure improvements with no burden placed on taxpayers.”
The proposed arena would have 17,000 fixed seats for NHL games and a capacity for roughly 1,500 additional temporary seats for non-hockey events. The Coyotes new home would also include a 150KSF practice facility and headquarters, a live music theater for 3,000 concertgoers, 400KSF of retail and a multi-purpose watch party plaza equipped with a supersized screen for viewing events. Ensuring comfort for Coyotes fans, the main entertainment district would be fully covered by a 170KSF roof canopy extending from the arena to the theater.
The Coyotes development plans also include approximately 1,900 luxury residential units, 400KSF of class-A office space, branded retail, dining, bars, farmer’s market, dog park, multiple parking structures and other gathering spaces.
The proposed Coyotes development would create 10,800 new permanent jobs and generate $15.5B in new spending over the next 30 years. The project would generate $581M in new tax revenues for the City of Phoenix and $232M in new tax revenues for Maricopa County.
The Coyotes hope to transform one of the preeminent undeveloped parcels of state-owned land in the Valley into a privately funded lively community with no tax implications or financial obligations for the City of Phoenix, the County of Maricopa or the State of Arizona. (Source)
