Milwaukee Bucks clear final approval hurdle for $524M arena

Dive Brief:

The Milwaukee Common Council gave its final approval for the new $524 million Milwaukee Bucks arena, parking garage and $30 million training center, the Journal Sentinel reported.
Team officials said the parking and training facilities will be constructed first, followed by the arena, which should be complete in time for the start of the 2018-2019 season.
The state has committed $250 million in funding for the arena, with the Bucks paying the balance. The city is also kicking in $47 million, as part of the $250 million public financing piece, in exchange for a 40% city-resident hiring requirement for the arena and ancillary facilities.

Dive Insight:

The one issue keeping the plan from receiving unanimous support from the Common Council was that of the 70 apartments planned for five floors at the top of the parking structure. Ald. Nik Kovac voted no on that building's design because he said the Bucks did not provide enough details about the apartments.

Team officials announced last month that construction on the project will begin June 18. The team had given previous cost estimates of $500 million for the arena, and Feigin said a wide range of factors — such as environmental, labor and logistical concerns — added to the bottom line. Feigin said the Bucks organization, which is responsible for any costs over $500 million, is working to reduce costs and won't be certain about the total price tag until June.

The Bucks announced in March that they had selected Mortenson Construction as the construction manager for the arena. Mortenson, according to the Milwaukee Business Journal, is the second-largest sports venue contractor in the country. The company is currently wrapping up construction on the $1.1 billion Minnesota Vikings stadium and has been tapped to build the $120 million Minnesota United soccer stadium, as well as the $1 billion Golden State Warriors arena with Clark Construction. Bucks officials said the company also has a reputation for meeting workforce diversity goals, which are in place for the arena.

The Wisconsin Center District will monitor public investment in the project and then lease the arena back to the Bucks under a 30-year agreement. The team will also receive any revenue from naming rights or sponsorship deals.