Studies offered on basketball arena plan
“In some cases, it has allowed almost up to a 40 percent return on the project”
Lexington Center Corp. has received seven proposals from national firms interested in conducting a financial feasibility study for a basketball arena and other development in Lexington's proposed tax increment financing district.
These firms conduct market feasibility studies that include real estate development, said Bill Owen, president and CEO of Lexington Center Corp., which manages Rupp Arena.
Owen spoke yesterday to a breakfast meeting of Lexington Forum members.
In October, the city announced that it would explore replacing Rupp Arena as the home of the University of Kentucky Wildcats with a state-of-the-art basketball arena. It would be financed through a downtown TIF district that would generate millions of dollars that also could be used for other projects, including a performing-arts auditorium, and to spur redevelopment along Manchester Street. Read more
Join the discussion below, or Read more at Kentucky.com.
#1 Mar 27, 2008
Will the new arena have individual seats in the upper deck? Will it also be called Rupp? What will happen to the existing Rupp Arena. When will these type of questions anwsered?
#2 Mar 29, 2008
It will be build before the Arena for Louisville is built. The capacity will be 45,000 seats, and "I might add" will be sold out evey game.
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