For the "first time since he and his partners bought the Bucks for $550M in April," Bucks co-Owner Wes Edens on Saturday "articulated the vision he and his partners have for downtown Milwaukee," according to Don Walker of the MILWAUKEE JOURNAL SENTINEL. Edens, fellow co-Owner Marc Lasry, investor Jamie Dinan and the rest of the ownership group "hope to attract" $500M-1B in additional development near the arena over the next five to 10 years, "all privately financed, in the form of a mixed-use development that includes new, multifamily housing, retail and, down the road, office space." But the arena is "the main focus" for now. Edens said that he "envisions an arena with a capacity of 16,500 for basketball, somewhat smaller than the typical NBA arena, and with a design that can be reconfigured for more intimate events like concerts." He also "envisions a plaza that would serve as a gathering place for crowds gathered for public events or celebrations." Edens said that an architect "has not yet been selected ... nor has a site been found." He "declined to detail what site the Bucks have in mind." But Walker cited sources as saying that the franchise's "preferred site remains the land owned by Journal Communications, publisher of the Milwaukee Journal Sentinel, the UW-Milwaukee Panther Arena and the Milwaukee Theatre, or some iteration involving those properties." Edens said that once a site is selected, work "would begin immediately on a feasibility study to determine the economics of the project." The team's goal "is to have the Bucks playing in the new arena" for the '17-18 season. Edens said that once a financing plan "is developed with more exact numbers, the right thing to do is 'look at what is the appropriate way to get this done'" (MILWAUKEE JOURNAL SENTINEL, 11/23).
LET'S GO DOWNTOWN: Bucks President Peter Feigin said of the arena project, "We want to be downtown -- ownership has been definitive there. This is about revitalizing a city. ... We have $200 million in commitments and we are looking for another $200 million to $250 million." He added, "We want it to be the most technologically advanced arena, but without losing the roots of our customers and what they like" (SPORTSBUSINESS JOURNAL, 11/24 issue). Meanwhile, Edens said that the idea of a jock tax to help finance construction of the arena "is a good starting point for coming up with a workable plan." He said, "How we actually pay for it and what the form of the financing is and kind of all the technical nuances at some point will be very important. To me it's less important today than just the notion that, let's just agree what's on the table with the benefit of the team being in town. Once we have done that, we've got a really useful place to start the dialogue." The JOURNAL SENTINEL's Walker notes a Legislative Fiscal Bureau report released by Minnesota Assembly Speaker Robin Vos "determined that capturing the income tax paid" by NBA players and team employees "could support" approximately $150M in state general-obligation bonding (MILWAUKEE JOURNAL SENTINEL, 11/24).
DON'T BRING ME DOWN: In Milwaukee, Jim Cleary wrote under the header, “Let’s Keep The UW-Milwaukee Panther Arena.” Cleary: “This is not an indictment of building a new site for the Bucks, as I am fully in favor of maintaining a major-league atmosphere for the Bucks to participate in. What I'm not in favor of is tearing down the Panther Arena to accomplish that. As a former athlete and graduate of the University of Wisconsin-Milwaukee, I strongly feel that our current venue is critical in maintaining our Division I basketball status.” UWM does “not have the luxury of many sites to build a new basketball facility as the Bucks do.” Therefore, it is “important that the Panther Arena not be considered as a potential site for the Bucks.” The Milwaukee area can “support more than one basketball venue” (MILWAUKEE JOURNAL SENTINEL, 11/22).
SILENT OWNER NO MORE: In Milwaukee, Rich Kirchen reports former Vornado Realty Trust CEO Mike Fascitelli “has emerged from anonymity” as a fourth significant Bucks owner. Fascitelli is “expected to play a major role in planning for the Bucks-led arena project in downtown Milwaukee.” However, he is “not a billionaire,” as he has a net worth estimated at $700M. Fascitelli has “been involved in the Bucks ownership group” since mid-October and “doesn’t hold as large a stake” as the other three owners. Fascitelli is “out front on the team owners' site-selection process for a new arena as well as possible surrounding new development” (MILWAUKEE BUSINESS JOURNAL, 11/24 issue).
