Is their hope for the NHL in Hartford on the horizon? One of the biggest obstacles preventing a team playing in Connecticut’s capital is the lack of a state of the art arena, however that soon may no longer be a problem.
The Hartford Courant has reported that Oak Street Real Estate Capital, a Chicago firm, will submit a proposal to purchase and renovate the city’s arena later this month. The XL Center, formerly the Hartford Civic Center, is one of the oldest facilities in the country and needs a major overhaul. Currently, the arena hosts concerts is home to UConn Basketball, UConn Ice Hockey, and the AHL’s Hartford WolfPack.
The offer to the city of Hartford did outline the plan to renovate the building and planned to put in over $250 Million with the intention of making it a state of the art facility. The state has proposed two options in recent years, one of which was a $250 Million dollar proposal to bring the current property up to a state of the art facility through renovation.The other, and more expensive option, was to completely tear down the existing structure and build a new arena which would have cost $500 Million.
The outline of the deal would be $50 Million upfront from the group to the state, but the state would pay 7.5% of the renovation costs and would be subject to annual increases of two percent. This would mean at the minimum the state would invest roughly $19 Million for the reconstruction. Just to tear down the existing structure would cost $40 Million
The following is a statement from the Oak Street Group on their interest in acquiring the XL Center.
“Our interest in the XL Center stems from our larger goal of revitalizing the Hartford area. We believe that the transformation of the aging arena into a state-of-the art sports and entertainment venue can be the focal point of the city’s redevelopment and spur economic growth.”
Included in this statement, Oak Street it is ready to close on the acquisition of the building in the coming month and would send its proposal to the state for the upcoming request for proposals.
If the XL Center is upgraded to a state of the art facility it could put the city of Hartford in the discussion for a potential NHL team. The good news for hockey fans in Hartford is there are two encouraging trends in the National Hockey League that could eventually help the city land a franchise.
The first is the league’s expansion plan. The league is already looking to add a 32nd franchise in Seattle and after a successful ticket drive, Seattle is inching closer to professional hockey. After the success of hockey in Las Vegas due to a new expansion draft that has given the Golden Knights the quality talent to earn a sweep in the first round the NHL playoffs. With the new expansion plan working it is possible that Hartford could land an expansion franchise rather than relocating an existing team.
The second factor is that Seattle is setting a new arena precedent for attracting an NHL franchise. It was believed that the only way to attract an NHL franchise with a brand new arena. However, if Seattle is awarded an official franchise, it proves that a city can update a pre-existing arena to a modern standard rather than building a new arena. In Seattle, the plan is to extensively remodel Key Arena into a state of the art facility. If the NHL does put a team in Seattle for the 2020 season, it shows that they are willing to put a team in a state of the art facility even if it is not a brand new facility.
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