Sports and live entertainment investment company Oak View Group has broken ground on a $150 million renovation project at Baltimore’s Royal Farms Arena.
OVG is working with Baltimore Development Corp. and Thirty Five Ventures, an investment firm launched by Brooklyn Nets star Kevin Durant and investor Rich Kleiman, on the project. It will be fully funded by OVG and Thirty Five Ventures.
The renovations for the 60-year-old facility include new suites and exterior, terraces, refurbished concourses and concession areas, and upgraded electrical and lighting systems. The number of seats will also increase from 14,000 to 16,000.
The project is expected to be completed by Feb.1, 2023.
- The arena was once the home of the Baltimore Bullets (basketball), Blast (soccer), and Skipjacks (hockey).
- The facility will host NBA exhibitions, UFC, tennis, NCAA, and mixed martial arts events.
- It is set to host the 2023 men’s and women’s CIAA basketball tournaments.
The Baltimore complex has carried naming rights with privately owned convenience store chain Royal Farms since 2014. OVG is currently accepting bids for a new naming rights sponsor.
Last month, OVG announced plans to build a 20,000-seat arena in Las Vegas that is expected to cost roughly $1 billion. The multipurpose arena, which is part of a $3 billion sports and entertainment district, could potentially be the future home of an NBA team.