Atlanta Hawks, City of Atlanta Plan $192.5M Renovation of Philips Arena
Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility.
ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also 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,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “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.”
The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play next season at Philips Arena during the renovation program.
“This is the first stake in the ground in transforming the critical corridor from the new Mercedes-Benz Stadium to Centennial Olympic Park and across to Five Points and Underground Atlanta,” said Reed.
According to the team, the renovated arena will include new amenities on every level of the building, 360-degree connected concourses at all levels, improved sightlines and state-of-the-art video.
Originally constructed as a multi-purpose facility and opened in 1999, Philips Arena hosts approximately 170 events per year. The arena employs approximately 1,500 staff per event, including 300 full-time employees and 1,200 part-time employees.
— Haisten Willis