As I pulled up the Baltimore Sun online to get my instant analysis of the O's victory over Kansas City I saw a peculiar article dominating the front page: "Proposed downtown arena gets private financing commitment."
There are a few things that stick out on this project. First, the hotel/arena/convention center expansion will cost $900 million. Next, it won't cost taxpayers a dime. Finally, did I mention a 92 year old man is coming forward with the financial backing?
This is great news for a city that was recently ranked 8th on the FBI lists of most dangerous cities.
The complex looks amazing and it should for $900 million. It has an underground parking garage, 25 story hotel, convention center wings and even has grass on the roof to give it that feel good, eco-friendly feel. It will lure events to Baltimore that might not ordinarily come. So far the current convention center seems to only attract weekend dance and cheer competitions. Did I mention the arena is only going to seat 18,500? New Yankee Stadium and Cowboy Stadium are $1 billion stadiums. This arena might be on pace to becoming the most expensive indoor complex that doesn't seat 100,000 plus.
I'm already beginning to see the signs of a poor decision. The citizens have hopes of an NHL or NBA team relocating to the city. You need to bump that seating up to at least 20,000 to make that possibility. You would think $900 million could get you 20,000 seats in the arena. The two poorly attended sports leagues want to announce sellout crowds in the 20s of thousands and nothing less.
A financing plan spearheaded by a 92 year old has to be considered shaky at best. Take a look at Jack Kent Cooke Stadium, aka FedEx Field, in Landover, MD. That thing is an architectural disaster that was hastily thrown together towards the end of the Redskins owners life. It is the worst venue ever to watch anything in. Obstructive view seating is only acceptable at Wrigley Field and Fenwary Park. Not a mid 90's football stadium that was built to house the once proud Washington Redskins franchise.
How many tax breaks is this project getting? Probably a lot. Does this mean the Baltimore Grand Prix is here to stay? Probably, the elected officials love gullible events. How much will my taxes go up to prevent the proliferation of potholes...errr...should I say keep the lights on a sparsely used convention center and arena. What does this mean for the State Center and Lexington Market renovation projects? Or are those safe because the state and city are eating the cost on those? In this financial climate who has the $100's of millions of dollars to invest in a downtown Baltimore arena? These are all fascinating questions that will not get asked over the coming months and years of planning.
Baltimore is a great city. It'll be interesting to see where a $900 million complex will rank them amongst the rest.
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