2 KeyArena Renovation Proposals Would Bring NHL, NBA To Seattle

SEATTLE, WA - Two development groups submitted proposals to the city of Seattle on Wednesday to redevelop KeyArena to accommodate an NHL and NBA team. Both groups would spend about $500 million 0r more to renovate the former home of the Seattle Supersonics to increase capacity to make way for new pro teams. A city advisory panel will review the proposals and deliver a recommendation to Mayor Ed Murray by June.

In the proposals released Wednesday, both development groups - Seattle Partners and Oak View Group - tout local ties and roots to the area. However, both developers would receive financing and support from outside Seattle in a variety of ways.

Seattle Partners, anchored by Los Angeles-based Anschutz Entertainment Group, would spend $500 million to renovate KeyArena, and dub the venue the "Seattle Coliseum." AEG already operates events at KeyArena, as well as the Seattle Center festival Bumbershoot, and the Marymoor Park concert series.

The Oak View Group, backed by the Madison Square Garden Company, owner of the iconic venue in Manhattan, would spend $564 million to renovate the arena. The group says it could obtain financing for the project form Goldman Sachs.

You can view overviews of both proposals here.

Next up, Seattle will host an open house for the public on May 11 to view the proposals. The event will happen at the KEXP studios north of KeyArena beginning at 5 p.m. that day.

Image via Seattle Partners