Features
Milwaukee Arena Breaks Ground
The Milwaukee Bucks have reached a milestone in the history of the NBA franchise with a June 18 groundbreaking for a new, $524 million arena in downtown Milwaukee.
Construction will begin on the 714,000-square-foot arena just north of the team’s current home at the
The Bucks have signed a 30-year lease with Wisconsin Center District, the public entity that will own the new arena. The team will pay at least $1 million annually to rent the arena from the district with lease payments totaling $45 million over the term of the lease. The team will be responsible for operating, maintenance and capital repair expenses. The agreement called for the Bucks to deposit $60 million into a capital improvements fund for the venue during the term of the lease.
A public financing package covers $250 million in construction costs, while current and former Bucks owners have already committed $250 million. The Bucks have agreed to pay for any cost overruns during construction. The arena will also host Marquette University basketball games, concerts and other events.