Bucks co-owner expects to reach lease agreement on new arena with WI Center District by year's end
MILWAUKEE -- The Milwaukee Bucks have yet to start arena lease negotiations with the Wisconsin Center District -- but Bucks co-owner Wes Edens says he expects to reach a lease agreement by year's end.
Completing the lease negotiations is a crucial next step in the arena construction process.
Edens says he anticipates a smooth negotiating process because the $250 million public-funding package has already been finalized.
Bucks President Peter Feigin will lead the Bucks side of the negotiations. The Wisconsin Center District has retained Barrett Sports Group of suburban Los Angeles as representative in the talks, the Milwaukee Business Journal reports.
After Bucks and Wisconsin Center District officials sign the 30-year lease, the Bucks can hire a general contractor for the project and seek sponsors for arena naming rights.
Edens said construction on the arena could begin by April 2016, depending on the weather, and the arena should take about 26 months to complete.
The hope had long been for the arena to be ready by 2017 -- but Bucks officials announced Tuesday that won't happen.
Bucks officials confirmed on Tuesday their goal is now for an arena grand opening for the 2018-2019 season.
"We realized 2017-18 just wasn`t realistic. It wasn`t gonna happen," Jake Suski, Milwaukee Bucks senior VP of communications said.
NBA officials confirm the Bucks have updated the league, saying this in a statement to FOX6 News:
“The team has advised us that, due to factors beyond their control, the completion date will be pushed back to the 2018-19 season. In light of their progress, we are comfortable with the revised timetable."
The NBA had set a deadline for the Milwaukee Bucks to build the new arena by 2017 -- or the Bucks would be moved from Milwaukee. But NBA officials said the Bucks would likely be granted a deadline extension by the if their project was already underway.
Also this week, the Milwaukee Bucks' ownership group submitted its first arena development plan to city of Milwaukee officials for review on Monday, October 26th. The plan lays out the $500 million arena, and surrounding $500 million sports and entertainment complex planned for downtown.