ARIZONA NEWS

Real estate group backing off opposition toward proposed Coyotes arena

Dec 3, 2016, 12:20 PM

(Facebook Photo)...

(Facebook Photo)

(Facebook Photo)

PHOENIX — One of the groups that was initially opposed to the idea of the Arizona Coyotes building a new arena next to the Arizona State University Tempe campus might be warming up to the idea.

According to the Phoenix Business Journal, Tim Lawless, president of NAIOP Arizona, has shifted toward a more neutral position toward a Tempe arena for the hockey team. Lawless met with Coyotes President, CEO and co-owner Anthony LeBlanc and he assured Lawless that an arena tax district would not be applied to surrounding projects or developments.

“Our goal is to create a finance structure that has the Coyotes putting in a significant among to jump start a true public-private partnership project – one that has new revenues created by the project reinvested to pay for the balance of the arena construction,” LeBlanc stated. “The legislature obviously is essential to that process, and we know we have work to do there.”

Lawless indicated that the meetings with LeBlanc were positive, and the fact that an accompanying hotel will not be part of the first phase of development was also comforting.

However, Lawless remains cautious moving forward with the new stance, expressing the phrase “the devil is in the details”, noting that he and the NAIOP will be watching closely when the Coyotes officially propose the plans for the new arena.

The Coyotes plan on building a $400 million arena on the former Karsten Golf Course next to ASU, and that proposal will be decided by legislature in 2017.

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Real estate group backing off opposition toward proposed Coyotes arena