Today, our investment group is making an offer to privately develop KeyArena into a mid-size concert venue, following the completion of construction of the new SoDo Arena. We believe our creative, privately financed proposal offers an ideal solution that ensures the continued vibrancy of the Seattle Center, while minimizing the negative impacts on the surrounding residents, businesses, and stakeholders.
In summary, we are offering to privately finance and build three new and unique venues: The SoDo Sports Arena, The Seattle Center Concert Venue, and The Seattle Center Amphitheater.
The key highlights of our proposal are as follows:
Three New Venues at KeyArena Site: As shown in the attached drawings and animations, following the completion of the construction of the SoDo Arena, we would develop KeyArena into two mid-size concert venues and a 500-seat theater. KeyArena would effectively be split in half, with a 6,200-seat indoor concert venue on one side and a 3,000-seat outdoor, covered amphitheater that flows outward toward the Seattle Center fountain on the other side.
Complement to SoDo Arena: We believe these new venues would be a perfect complement to the larger SoDo Arena’s 16,000-21,000-seat flexible capacity. It would also address the City’s need for a mid-size concert venue and amphitheater. We believe the combination of a completely new and modern SoDo sports arena and the new Seattle Center Venues is vastly superior to a single, site-challenged sports venue at KeyArena.
Additional Parking: By raising the floor, we would add over 500 permanent parking stalls, which could be used for both day and event parking.
Minimizes Negative Impacts: We believe the reduced capacities and added parking for these two venues would greatly reduce the traffic and transportation impacts on the surrounding residents and businesses that plague alternative proposals to redevelop KeyArena.
Privately Financed: Our group would cover all construction costs, ongoing capital improvement costs, and cost overruns. We would not seek any public financing or public subsidies except for negotiating a mutually agreed upon long-term ground lease for the arena site. There should also be a short-term waiver of admissions taxes on the arena if an NHL or NBA team plays there as a temporary home during the construction of the SoDo Arena.
Ensures Continued Vibrancy of the Seattle Center: Most importantly, we believe our creative, dual venue solution would be an ideal fit with the current Seattle Center tenants and stakeholders. This solution would greatly enhance Seattle Center community events such as Bumbershoot, and would ensure the continued vibrancy of the Seattle Center for many decades to come.
Preserves KeyArena Optionality: Our proposal would also ensure the city has a venue that can host an NBA or NHL team as an interim solution if an opportunity to acquire a team materializes in the next three years. If KeyArena was demolished, we do not believe there is an alternative venue in the area that would meet either league’s standards. We also wanted to reiterate that we would welcome the opportunity to work with an NHL partner, to host professional hockey at the SoDo Arena.