At least one Atlanta professional sports franchise won’t be looking to construct a new building anytime soon.
The Atlanta Hawks Basketball Club and the City of Atlanta today announced that they have reached anagreement on key terms for a $192.5 million renovation of Philips Arena. Mayor Kasim Reed committed to provide $142.5 million in funds, with the Hawks funding the remainder, to improve the city-owned facility in order to revitalize the arena as a basketball-first, world-class venue that hosts approximately 170 events annually. The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.
“When our group became owners almost a year and a half ago, we pledged to work diligently with the City of Atlanta to ensure that the Club remained downtown. We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the City of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the Mayor is a significant step toward this goal, and we look forward to this exciting transformation that will ensure that we provide the best fan experience possible now and for the next 30 years,” said Tony Ressler, Atlanta Hawks Principal Owner and Chairman.
The Hawks will begin renovations of Philips Arena during the summer of 2017, and the transformation will be completed by the start of 2018-2019 season, coinciding with the Hawks’ 50th Anniversary in Atlanta. The Hawks will play next season at Philips.
Improvements will include: improves sightlines, 360-degree connected concourses and new video options throughout the building.
More than 1.6 million fans and customers attend events at Philips Arena every year, with those numbers expected to increase
significantly in the next 2-5 years.