The Arizona Coyotes are determined to secure a prime piece of land in Phoenix for the development of a new arena and entertainment district, but they'll need to win an upcoming public auction.
The 110.06-acre land, located at the northwest corner of Scottsdale Road and Loop 101, will be put up for auction on June 27, according to notices recently posted by the Arizona State Land Department.
Coyotes Chairman and Governor Alex Meruelo expressed his commitment to winning the land auction and developing a transformative entertainment district without taxpayer funding.
The proposed development would span over 110 acres and include plans for a 17,000-seat arena, a 3,000-seat concert venue, retail spaces, office buildings, residential units, and gathering areas.
My family and I are committed to winning this land auction and building a transformative entertainment district that will not require taxpayer funding for the first time in Arizona history...Our loyal fans deserve this vibrant gathering place that would serve as a landmark to create lifelong memories.
Alex Meruelo
The least amount one can offer for the land is $68.5 million as indicated by the auction announcement.
A Game-changing Auction for the Coyotes
In March, details emerged about the Coyotes' development project, estimated to bring about 10,800 new work opportunities and approximately $15.5 billion in fresh spending over 30 years.
Steve Peters, a hockey analyst and former Coyotes coach, emphasized the importance of this auction for the team, and it's a very good option for a permanent home.
The land is currently appraised at $68.5 million, but bidders must pay in minimum increments of $100,000.
After securing a unanimous nod from the Arizona State Land Department Board of Appeals on March 14, the land will enter a compulsory 10-week period of public listing before the upcoming auction.
If successful in their bid, the Coyotes plan to construct a state-of-the-art arena and entertainment district that would cater to hockey fans and visitors alike.
Included in the land sale are public infrastructure obligations from the city of Phoenix, which potential developers must address, such as zoning information, fire, water, and traffic recommendations.
The cost for these added features is projected to be roughly $80 million as per the auction advertisement.
It is believed by Jeff Sibbach that the real estate property's proximity to a major highway and Scottsdale makes it an attractive option for many potential buyers, resulting in multiple offers.
Winning the auction would provide the Coyotes with a permanent solution for their stadium issues and allow them to remain in Arizona without relying on taxpayer funding.
The Coyotes' current lease at Glendale Arena expired after the 2021-2022 season, leaving the team with limited options if they cannot secure a new arena through this land auction.
If successful in their bid, construction on the new arena and entertainment district would begin as soon as everything is in order.
Approximately 1,900 high-end apartments are planned for the new entertainment district, along with approximately 400,000 square feet dedicated to offices, shopping, dining, a dog park, and community spaces.
Xavier A., Coyotes President and CEO, expressed excitement about the prospects of building this historic development for fans in Arizona and beyond.
We are thrilled by the prospects of building this historic development for Arizona Coyotes fans and fans in waiting
Coyotes President and CEO Xavier A.
Meruelo's commitment to win the land auction is crucial, as it would mark the first privately funded sports arena and entertainment district in Arizona history.
The estimated cost for the entire project is approximately $1 billion, according to Meruelo, who also mentioned that he plans to seek funding from private investors and potential sponsors.
The development of the Coyotes' new arena in Phoenix will generate revenue for the city and county.
The proposed development is expected to create 10,800 new jobs during construction and an additional 3,500 permanent positions once the arena and entertainment district are operational.
As the auction date approaches, the Coyotes remain optimistic about their chances of winning the land and bringing their vision to life in Arizona.