MILWAUKEE -- Milwaukee Bucks President Peter Feigin on Wednesday, November 4th spoke candidly about the progress on a new stadium in downtown Milwaukee. He spoke during Marquette University's "On the Issues" series.
"This is going to be miraculous," Feigin said.
Feigin told the audience at Marquette University there's little room for error when it comes to the new arena.
"Here, it's the challenge of, boy, you've really got to be good because the market doesn't exist. You've got to take the interested, the very interested and the passionate and aggregate them together and keep them involved in this team," Feigin said.
Updated specs for a new stadium aren't ready, but Feigin says seating will top out at 17,500 -- fewer seats than at the BMO Harris Bradley Center.
"In a perfect world, you're going to get 10,000 seats down low and and about 6,000 seats up high and 1,000 to 1,500 seats in that suite area," Feigin said.
Feigin says he'll try to stay within the $500 million price tag, but it's certainly possible they'll go over that.
"I think that it will be very hard and I think one of the things that's important to know because everything over we pay for," Feigin said.
Feigin says he still doesn't have an exact date for when construction could begin -- only saying it should get underway in early 2016.
"I think for us, if we can get it in the first quarter that would be fantastic," Feigin said.
The opening date for the new arena has been pushed back to 2018.
Feigin says the team has already spent $10 million on planning and development.