Images: University of Oklahoma
The University of Oklahoma (OU) will receive a new arena after the City of Norman voted to approve the $1.2bn (£901.3m/€1.07bn) Rock Creek Entertainment District scheme.
The arena will be the focal point of a development which will include retail, restaurants, office space, new housing and a hotel. It will seat 8,000 fans for OU basketball games, with the potential to scale up to cater to other events.
OU will be the anchor tenant of the arena and is expected to contribute $100m towards the $330m total project cost. The remainder is set to be made up through tax increment financing (TIF) funds.
The new facility will replace Lloyd Noble Center, which has hosted the Oklahoma Sooners since it opened in 1975.
OU athletic director, Joe Castiglione, said: “This was indeed a vote for a transformative opportunity for the City of Norman and Cleveland County.
“OU has made it known that we want to be a great partner in the growth of our community, and now with the synergy of our membership in the SEC (Southeastern Conference) and this innovative district, we can reap the additional benefits of thousands of new fans visiting Norman, many for the very first time, as well as have a venue that can attract more people to our area for other events.
“We’re endlessly thankful for the opportunity to have an environment where we can put Sooner Magic on full display, showing our state and region all Oklahoma has to offer. The district and arena will do wonders for our ability to compete and win.”
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