It’s official, the Golden State Warriors are on the move. Ed Lee, the Mayor of San Francisco, Owners Joe Lacob and Peter Guber, David Stern and others were on hand in San Francisco at Pier 30/32 for the announcement.
The new sports and entertainment arena will be located on the waterfront, south of the Bay Bridge. A key item to note, the new arena will be built with private funds. The Warriors will pay to repair the deteriorating piers at an estimated cost of $75 to $100 million. A reversal from the public bonds that have helped to build other sports/entertainment complexs around the country.
“We are working with the Warriors to get a state-of-the-art, multi-purpose arena built on the waterfront in San Francisco and completed in 2017,” said Lee. “The Warriors have been the Bay Area’s basketball team for 50 years, and today sets the stage for the Warriors to be the Bay Area’s team for another 50. This project will provide millions of dollars in new tax revenue for San Francisco over the long term for services local residents need, including public safety, parks, public transit, pothole repair, youth programs and senior services.”
“Building a world-class, state-of-the-art sports and entertainment facility will create thousands of new jobs for local residents,” said Warriors Co-Executive Chairman and CEO Joe Lacob. “We are pleased to be privately financing the arena – with no money from the City’s general fund and no new taxes – and look forward to providing an incredible entertainment experience for Bay Area fans.”
The Warriors’ lease at Oracle Arena is up in 2017.
So how are we feeling about this Bay Area? I think it’s a good move.