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HORNETS SEARCH FOR NEW HIVE -- UPTOWN CHARLOTTE UNLIKELY
Published October 10, 1995
The Hornets, claiming that revenues from the Charlotte Coliseium will fail to keep them competitive in the future, are searching for a site for a new arena. The team is "concentrating" its search in Charlotte's suburbs, both in NC and SC, and say "there would not be enough land" in uptown Charlotte to build an arena and lot. Erik Spanberg reports in the current CHARLOTTE BUSINESS JOURNAL that the team has hired Toronto-based Stadium Consultants Int'l to study sites for a proposed $100M- 150M arena. SCI will focus on land availability, parking, access to public transportation and proximity to restaurants and hotels. The club's lease with the city at the Charlotte Coliseum expires after next season. The team claims the eight 10-seat boxes and four 18-seat boxes will not keep them competitive. Spanberg reports the team now ranks in the bottom-third of the NBA in revenue, but they pay one of the league's lowest rents at $8,000 per game. Muhleman Associates' Max Muhleman says the team will need a new facility within five years to remain competitive (Charlotte BUSINESS JOURNAL, 10/9 issue).