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POLLIN SIGNS DEAL FOR NEW ARENA; BANKS HELP DC FINANCE SITE
Published March 7, 1995
Yesterday, Capitals/Bullets Owner Abe Pollin signed the final agreement to build a new $180M arena in downtown Washington. Pollin will now seek financing to fund the construction and design for the arena. The District is responsible for the site and off-site infrastructure improvements. Despite DC's "insolvency," Crestar Bank and NationsBank have been negotiating with city leaders to loan the city $35M-$65M for their responsibility in the arena deal. The city plans on approving a new business tax to repay the loans. The project is expected to generate $100M in new revenue for the city, and "could spur economic development" in the area. Pollin says "several banks" are interested in financing construction of the arena, and that he plans to unveil design plans soon. Sources told the WASHINGTON TIMES that all 10 of the arena's $1M "Founders" suites have been sold and the 100 luxury boxes priced at $125,000 each "are going fast" (Lorraine Wollert, WASHINGTON TIMES, 3/7). Pollin says construction could begin in August and hopes to open the facility for the '97-'98 NBA and NHL seasons. Pollin has agreed to hire 35% minority contractors for design and construction. The arena would hold 23,000 seats (Michael Fletcher, WASHINGTON POST, 3/7).