A major renovation project on the Baltimore Arena was launched by Oak View Group (OVG), which is upgrading the aging arena located in the city’s downtown. The project involves OVG working in partnership with the Baltimore Development Corporation (BDC), Fundamental Advisors, and Thirty Five Ventures (35V), co-founded by NBA star Kevin Durant and his business partner Rich Kleiman, with multiple-Grammy winner Pharrell Williams also among the investors.
The $200 million project will refit the 60-year-old city-owned structure with additional seating, new suites, upgraded concession areas and a new façade, plus technical improvements to modernize the experience for those in attendance. At the completion of the project, OVG has an agreement in place to lease and operate the building for 30 years.
Mayor Brandon Scott believes the renovation will help them attract more events and business to the city. “This will help expose more people to all the great restaurants, cultural venues that Baltimore has to offer,” he concludes.
“Baltimore is part of what we Virginians call the DMV, a region I am very committed to,” states Pharrell Williams, “This city has so much to offer through its growing music scene, entertainment, and sports, and it’s clear the time is right for Baltimore Arena to breathe new life into the region. I believe in this region, this project, and I’m thrilled to invest in its future.”
“We got Kevin on the basketball side. I got Pharrell on the music side,” Tim Leiweke, CEO of Oak View Group says. “I’m telling you we are in for a hell of a ride with this building. And we couldn’t be more proud to represent this community.”
Leiweke stresses that they took all the operating risk, and put all the capital over the next 30-years. “Not one dollar of taxpayer’s money is involved in this. It’s all private and secondly, the taxpayers aren’t at risk on this project,” he adds.
The venue is located at 201 West Baltimore Street, and will accommodate 14,000 guests. It is expected to be completed by February 2023, before the Central Intercollegiate Athletic Association (CIAA) basketball tournament launches.
