On the record: Milwaukee Bucks President Peter Feigin talks about prospects for new arena

MILWAUKEE (WITI) -- Milwaukee Bucks leaders say they're planning to announce plans for a new arena in downtown Milwaukee this month -- and on Tuesday, January 6th, that was one of the topics of conversation as Bucks President Peter Feigin talked with business leaders.

The Bucks have new owners, a new, young team, and a new head coach -- but they're still playing in the old BMO Harris Bradley Center.

The pressure is on for the Bucks to select a location for a new arena. The NBA has given the Bucks a deadline of November 2017 to have a deal in place for a new arena. If they don't, the Bucks would leave Milwaukee.

"Our real goal is to create the greatest entertainment property on the court as well as off the court and create a value proposition to make the Bucks and the arena a magnet for people to go to entertain," Feigin said.

The puzzle of financing an arena and exactly where the arena would be located are the biggest open questions.

The Bucks' new owners, Marc Lasry and Wes Edens have pledged $100 million, and former owner Herb Kohl has pledged $100 million. There's also $250 million in private funds in the mix. The rest would come from either private or public investments.

The arena project is estimated at $400 million to $500 million.

Feigin says within the next week, two to three additional local investors will be announced -- but more will be needed. Also needed -- as much land as they are able to get to develop an epicenter for downtown  Milwaukee.

"Demolition is in every scenario, so if you look at the infrastructure in the city of Milaukee you will find buildings that actually need to be demo-ed in any 20-to-30-acre area -- whether they are parking lots, whether they are structures that have been abandoned, whether they are infrastructure," Feigin said.

Feigin says Bucks officials are focusing on two to three options when it comes to a location for the arena. All of the options are centrally-located, and are within a few hundred yards of each other.

"Every location we're looking at encompasses city, county and state land and opportunity," Feigin said.

The plan and location for a new Bucks arena is expected to be announced within the next few weeks.

The arena would have to seat more than 17,000 and include year-round retail establishments and restaurants, and have architecture that fits into Milwaukee's "Old World" style.

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