Hamilton County (Ohio) officials said that the Univ. of Cincinnati's decision this week to spend $2M to design an overhaul of its on-campus arena "could doom the latest plan to revamp U.S. Bank Arena, which had hoped to lure UC basketball games downtown," according to Dan Horn of the CINCINNATI ENQUIRER. The officials said that without UC basketball, U.S. Bank Arena "would lack the major tenants needed to justify spending" as much as $250M on a renovation. The 40-year-old arena "hosts concerts and other events throughout the year, but its lone major tenant" is the ECHL Cincinnati Cyclones. Hamilton County Commissioner Todd Portune said that any plans to renovate the downtown arena "are dead if UC follows through" on its plans. U.S. Bank Arena’s co-owners, Nederlander Entertainment and AEG Facilities, "unveiled a plan last month to add at least 40 luxury suites, modernize the facility’s interior and exterior, expand seating and rebuild the concourse outside." Nederlander CEO Ray Harris said that the company "does not have firm estimates on the cost of the planned renovation or who would pay for it." Since the arena is privately owned, the city or county "would likely need to become involved to secure tax breaks for any major project" (CINCINNATI ENQUIRER, 8/27). Harris yesterday said that UC's plans "don't change his plans a bit." In Cincinnati, Steve Watkins wrote Harris is selling potential financiers, the city of Cincinnati, Hamilton County and the Port of Greater Cincinnati Development Authority "on the revamped arena’s potential to boost economic development." Harris: "I believe the community needs a renovated facility whether UC plays there or not." Harris estimated the "projected renovation cost" at $200-250M. Harris: "The city really needs this. ... We have to be able to compete with Columbus, Indianapolis and Louisville, and right now we’re not" (BIZJOURNALS.com, 8/26).
