Thursday September 28, 2023

Anaheim Approves $4B Project Surrounding Home of NHL’s Ducks

  • The 100-acre development — called "ocV!BE" — is expected to be completed by 2025.
  • It will be a potential site to host events for the 2028 Summer Olympics in Los Angeles.
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A new $4 billion mixed-use entertainment district development project surrounding the Honda Center — home of the Anaheim Ducks — has been approved by the Anaheim City Council. 

The project will be fully funded by the Samueli family, who bought the Ducks in 2005 for $70 million. The team is valued at $620 million as of December 2021 — ranking 24th in the NHL. 

  • The 100-acre development — called “ocV!BE” —  is expected to open in 2024.
  • It will be a potential site to host events for the 2028 Summer Olympics in Los Angeles.
  • Plans include a 5,700-seat concert hall, office buildings, two hotels, shops, and dining.
  • It will also have 195 reserved affordable housing options, with 1,500 apartments planned.

The project’s approval is the final step in a process that was started by the Samueli family in 2020. 

In August, the Anaheim Planning Commission voted 5-0 to approve the project, which was once proposed to be near Angel Stadium — the home field of the Los Angeles Angels  — before a deal over a nearby land purchase collapsed under regulatory scrutiny and an FBI investigation. 

Great Timing 

After low profits due to the pandemic, the NHL salary cap is reportedly set to rise by around $10 million over the next three years.

The league’s cap for the 2023-23 season will reach a record $82.5 million and could rise $1 million in 2023-24, then jump another $4 million each of the following two seasons.

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