The Baltimore Development Corporation announced that they are beginning negotiations with Oak View Group regarding a potential $150 million renovation of the Royal Farms Arena.
“Today, I’m pleased to have given BDC the go-ahead to enter into final and exclusive negotiations with OVG, which is an important key step toward realizing the long-awaited transformation of the iconic and historic Baltimore Arena into a world-class entertainment venue,” Mayor Brandon M. Scott said. “The project will catalyze the reopening of Baltimore’s tourism and hospitality market and reposition Baltimore as a destination for top-tier national events and live entertainment. I look forward to being briefed on BDC‘s final negotiations and deal terms.
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Under the proposal, Oak View Group & Thirty Five Ventures, founded by Kevin Durant and Rich Kleiman, would fully fund the estimated $150 million renovations.
Durant and Kleiman said in a statement: “We’re thrilled that the Baltimore Development Corporation has selected our partners at Oak View Group for this groundbreaking renovation. OVG has proven its reputation for innovation in the venue space, and we’re looking forward to working with them to bring Baltimore Arena and a myriad sports and entertainment opportunities to life in Baltimore.”
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