![]() The renovations will also serve as a beneficial boost to the Baltimore sports scene in Baltimore. Scott reflected on memories from his childhood as he discussed the future of the Arena. ![]() Oak View Group announces the beginning of construction on the $200 million dollar renovation plan for the Baltimore Arena. “Oak View Group has laid out a bold plan that will not only redevelop the Baltimore Arena but serve as an anchor to completely revitalize our downtown community for generations to come,” the mayor stated, according to a press release. Once refurbishments are completed the arena is expected to accommodate 14,000 guests. Scott recalled moments from his childhood when he visited the Baltimore-based arena to watch monster trucks, the circus, and concerts. Hoping that renovations will advocate for more events like those from his childhood to occupy the arena, Mayor Brandon M. The newly renovated arena will provide a financial boost for Baltimore’s economy. “When entities like OVG bank Black, they demonstrate their support for real economic equity by supporting the institutions that are at the front lines of this country’s racial wealth gap,” National Black Bank co-founder, Brandon Comer said, according to a press release. OVG also partnered with a Black-owned bank, Harbor Bank of Maryland, for the financing of this project. Leiweke continued, “we are ultimately committed to making sure that we build a building that becomes the heart and soul of downtown Baltimore.” In addition, other investors include The Baltimore Development Corporation (BDC), Fundamental Advisors, Thirty Five Ventures (35V), and Maryland native and NBA player, Kevin Durant. Tim Leiweke, CEO of OVG, stressed more than once “we pay for everything…there are zero risks to taxpayers in the city.” Pharrell Williams, the famous musician, well-known for his song “Happy,” has recently been named as a new equity investor in the project. OVG’s projected cost redevelopment is an estimated $200 million dollar privately financed investment. Once renovations are complete, the arena will help promote further investments and traffic for the downtown area. ![]() The work is expected to be completed by February of next year.On June 9, 2022, Oak View Group (OVG), the largest sports and entertainment venue developer and financing company, announced in a groundbreaking ceremony that renovations are underway for the transformation of the 60-year-old Royal Farms Arena in Baltimore, Maryland. ![]() The renovations are designed to expand seating, upgrade lighting and redesign the exterior of the building with new glass materials and exterior sails. Over the years, there have been many proposals to raze the arena, which many consider outdated, and rebuild it. The developer has ties to basketball star and Maryland-native Kevin Durant. The area will be known as the Baltimore Arena for the time being.Ī private developer, Oak View Group, is paying at least $150 million to rebuild the arena, which originally opened in 1962. The name change was first reported by The Daily Record. The company had paid the $250,000 a year for the naming rights.ĪLSO READ | Inner Harbor Fourth of July fireworks to return after pandemic hiatus The arena has been known as the Royal Farms Arena since 2014. ![]() BALTIMORE (WBFF) - Baltimore's downtown arena - which is currently undergoing major renovations - will no longer be known as the Royal Farms Arena after the city terminated its deal with the Baltimore-based chain of convenience stores, Baltimore Development Corporation said Friday.īaltimore Development Corporation, the city's economic development agency, is currently looking for a new corporate suitor to sell the naming rights to. ![]()
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