Sports and live entertainment investment firm Oak View Group has launched a $150 million renovation project at the Royal Farms Arena in Baltimore.
OVG works with Baltimore Development Corp. and Thirty-five companies, an investment company launched by Brooklyn Nets star Kevin Durant and investor Rich Kleiman, on the project. It will be fully funded by OVG and Thirty Five Ventures.
Renovations to the 60-year-old property include new suites and exteriors, terraces, revamped lobbies and concession areas, and upgraded electrical and lighting systems. The number of seats will also increase from 14,000 to 16,000.
The project is expected to be completed by February 1, 2023.
- The arena was once the home of the Baltimore Bullets (basketball), Blast (soccer), and Skipjacks (hockey).
- The facility will host NBA, UFC, tennis, NCAA exhibitions and mixed martial arts events.
- It is expected to host the CIAA men’s and women’s basketball tournaments in 2023.
The Baltimore complex has held the naming rights with the privately owned Royal Farms convenience store chain since 2014. OVG is currently accepting bids for a new naming rights sponsor.
Last month, OVG announced plans to build a 20,000-seat arena in Las Vegas that is expected to cost around $1 billion. The multipurpose ice rink, which is part of a $3 billion sports and entertainment district, could potentially be the future home of an NBA team.