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.
FREE
Daily Pulse
Subscribe
Daily Pulse
Subscribe