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Devils, Newark to sign agreements for new arena


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http://sports.yahoo.com/nhl/news?slug=ap-d...ov=ap&type=lgns

Devils, Newark to sign agreements for new arena

By TOM CANAVAN, AP Sports Writer

February 2, 2005

NEWARK, N.J. (AP) -- The New Jersey Devils plan to sign redevelopment and lease agreements with the city on Wednesday to built a $310 million, 18,000-seat multipurpose arena and entertainment facility to open for the 2007-2008 NHL season.

Groundbreaking could occur by spring, Devils president and general manager Lou Lamoriello said Tuesday night.

The Devils, who have not played this season because of a lockout, have called the Continental Airlines Arena in East Rutherford home since moving from Colorado for the 1982-83 season.

The state's largest city and the Devils have been putting the final touches on the redevelopment and lease agreements for months.

A formal signing by the Devils, the city and its housing authority is planned for Wednesday at Newark City Hall at 1 p.m.

Newark is paying up to $210 million for the facility. The Devils will pay $100 million and handle any cost overruns.

The city's contribution will come from the proceeds of a lease with the Port Authority of New York and New Jersey on Newark Liberty International Airport property.

The Devils' lease with the city would be for 30 years. The team's current lease with the New Jersey Sports and Exposition Authority to play at the Continental Airlines Arena expires after the 2006-07 season.

Under the lease agreement announced this summer, the city will get $2 million a year plus a percentage of luxury box and naming rights revenue from the arena, which will be built at Broad and Market streets just west of the train station.

HOK SportsVenueEvent of Kansas City, Mo., will design the inside of the arena. Morris Adjmi Architects of New York will design the outside of the building.

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Didn't they get a "guaranteed max price" deal?

<{POST_SNAPBACK}>

I believe so, that may have been the only developer willing to give it to them

<{POST_SNAPBACK}>

Yah, I read somewhere that was the case as only one company could afford to do so as well.

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(This from The Hockey News)

http://146.145.120.3/default.asp?c=hockeyn.../adn3733534.htm

Devils sign agreement to move to Newark

Newark, NJ (Sports Network) - The New Jersey Devils, once they resume play in the locked-out NHL again, will be moving a few miles south to downtown Newark.

The club and the city have announced an agreement to build a $310 million, 18,000-seat arena that will be scheduled to open for the 2007-08 season.

The Devils have played a few miles up the New Jersey Turnpike in East Rutherford at the Continental Airlines Arena in the Meadowlands Sports Complex since moving to New Jersey from Colorado prior to the 1982-83 season.

The current lease with the New Jersey Sports and Exposition Authority, which runs the Meadowlands, expires after the 2006-07 campaign. The lease with Newark will be for 30 years.

The city of Newark will pay about $210 million toward the project, while the Devils are slated to contribute about $100 million plus cost overruns.

The site for the building will be at Broad and Market streets, near the train station.

"I think it's a tremendous opportunity because the building will be a state- of-the-art facility and will have the functional parts that maybe we haven't had in the past," said Devils general manager Lou Lamoriello.

The development plan also entails up to four million square feet of office space, 500,000 square feet of new retail and family entertainment attractions, a full-service hotel, a new board of education and city municipal building and new parking garages, all in walking distance to Newark Penn Station.

The plan for a new arena has been in the works for many years. In both 2001 and 2002, the NBA's New Jersey Nets and Devils -- who both currently occupy the Continental Airlines Arena -- agreed to deals with the city of Newark. However, the proposals never made it through state Legislature.

The Nets were sold last year and plan to move to Brooklyn.

Edited by Rock
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