The Miami Heat, San Antonio Spurs and Charlotte Hornets each vacated buildings that they deemed insufficient barely a decade after the arenas opened. The teams sought new venues that would have more suites and generate extra revenue.
Below is a look at the histories of the buildings. All three of the buildings were completely financed with public money, $305.5 million, and all three are publicly owned. By 2002 cities had dedicated $581 million in public money to replace these arenas, including New Orleans Arena, which helped lure the Hornets from Charlotte, and a new arena in Charlotte for the NBA expansion Bobcats.
Miami Arena
Opened: 1988
Cost: $52.5 million
Former tenants: Miami Heat (1988-1999); Florida Panthers (1993-1998); WNBA Miami Sol (2000-2002); University of Miami men’s basketball (1988-2003); AFL Miami Hooters (1993-1995); numerous minor league basketball and hockey teams
Status: Owned and operated by the city’s Miami Sports and Entertainment Authority (MSEA), this is
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| Miami Arena is considered the poster child for failed arenas. |
the poster child for failed arenas. Earlier this year, attendance at WHA2 Miami Manatees minor league hockey home games was so poor — an average of 1,061 per game this season — that the team left in midseason. Late last month, the MSEA voted to sell the venue for at least $25 million, through a probable auction later this year. By selling the 16-year-old arena, city officials could combine the proceeds with reserves to retire the arena’s $35 million debt. A possible deal with New York parking magnate Jacob “Hank” Sopher has been dragging on for at least a year.
Charlotte Coliseum
Opened: 1988
Cost: $58 million
Former/current tenants: Charlotte Hornets (1988-2002); WNBA Charlotte Sting (1997-present); AFL Charlotte Rage (1992-1995); AFL Carolina Cobras (2002-present)
Status: Owned and operated by the city, the building is expected to lose about $1 million this fiscal year, which ends June 30. In January the City Council approved a mixed-use development plan on the 154-acre site. The property is one of several tracts the city hopes to sell to help finance a $265 million arena that’s under construction downtown. The Bobcats and WNBA Sting will play at the coliseum until the new arena opens.
Alamodome
Opened: 1993
Cost: $195 million
Former tenant: San Antonio Spurs (1993-2003). The team wanted a new, smaller arena more suited for basketball.
Status: Owned and operated by the city, debt-free; played host to 2004 NCAA Men’s Final Four basketball championship games.
