The chairman and CEO of the company putting hundreds of millions into a Hamilton arena development says they’re “trying to see the future” and relying on the geography and growth of the Greater Toronto Area for a vision of success.
Oakview Group’s (OVG) Tim Leiweke says it’s “only logical” with the Toronto metropolitan marketplace expanding towards Hamilton, the development of more large-scale entertainment venues will be critical to satisfy demand.
“If you compare Toronto to New York … you have Madison Square Garden, you have UBS Arena, you have Barclays Center, and you have Prudential, ” Leiweke said.
“In Toronto, there is one arena and it’s really busy. Scotiabank, in addition to the hockey team and the basketball team, they have quite a few other events and they’re going to go through a period of renovation.”
The partnership with the Hamilton Urban Precinct Entertainment Group (HUPEG) will endeavor to upgrade a 38-year-old arena to create a centerpiece in Hamilton’s downtown core while taking some $155 million off the backs of city taxpayers over the next 30 years.
Get daily National news
Leiweke admits the project is “not for the weak of heart,” and puts a bet down on Hamilton’s future growth in the urban core with the prospect of some 8,000 to 10,000 condos popping up in the next five to ten years.
It also assumes the GTA’s population will increase three per cent a year and grow to some eight million people, making FirstOntario a large-scale option to potentially split shows for a large touring event.
“Then you’re going to have five million-plus that are centred in and around Toronto and Scotiabank Arena … (and) two and a half million plus that are centred around and closer to Hamilton,” Leiweke explained.
“So if you live in Oakville, you’re going to drive down to the Hamilton Arena because it’s 15 to 20 minutes.”
On Thursday, the city revealed a master agreement is in place with $280 million of private capital funding the project and management of the venue coming under the purview of the HUPEG-OVG partnership.
Mayor Andrea Horwath called the deal “the right thing to do,” despite not being on council when the deal was agreed to in the summer of 2021.
She said the multi-million dollar investment was “not something that the city would be looking at” considering current budget challenges.
Adding the re-development of the City Centre Mall on James Street and the forthcoming Metrolinx Light-Rail Transit (LRT) corridor coming soon, Horwath conceded there could be some disruptions in downtown for some time.
“It’s going to be hard work, it’s going to cause disruption, as will the LRT construction, and … the City Center piece, but at the end of all of that, our city will be set for the future,” Horwath said.
Leiweke says work will start immediately on the arena’s exterior and underutilized areas, with a full gutting of the inside to begin after the Toronto Rock season ends in the spring.
It’s expected OVG’s dedicated arena-building staffers will add support in April after finishing a co-op project overseas in the U.K.
Completion of the renovation is expected in the summer of 2025.
Comments