CINCINNATI — The entertainment business that's operated Heritage Bank Center for over 20 years has responded to a recent study exploring options for a new arena in Cincinnati.
The study, released on Monday, highlighted two locations it found would be ideal for the construction of a new arena to replace the former Riverfront Coliseum.
The study also said the Cincinnati Cyclones and the current operator of Heritage Bank Center, Nederlander Entertainment, were on board to explore a new site and interested in partnering to get it done.
Nederlander issued a multi-page reply Wednesday clarifying its stance on the study itself and the new arena concepts.
"Since the release of the Arena Site Location study, we have been asked what's wrong with the current riverfront Arena/Stadium district for a new arena," the response begins. "Not only do we believe there is nothing wrong with the current location, but that new arena should be built there, rather than far away."
The company's statement goes on to say it supports development of a new arena — it just firmly believes that new arena should be built in the same spot where Heritage Bank Center stands now.
"The city deserves a new facility with updated amenities, but the options laid out Monday require us to clearly state our position on the best location for a new arena," reads the statement. "While we will support the development of any site, we believe the most efficient, cost effective and functional site is the current Heritage Bank Center location."
Nederlander continues, making its case for why the parcel of land — owned by a business called Arena Management Holdings LLC, according to county auditor's records — should continue to be the home of any future arena.
Nederlander says it believes the study released Monday "overstated the cost and complexity of the current site" while it also "understates the costs of the other studied locations."
Recently, Nederlander said it was given a price tag of $605 million by Turner Construction for a possible cost of rebuilding Heritage Bank Center on its current site, based on renderings from MSA Design.
The study was commissioned by the city of Cincinnati in partnership with Hamilton County, The Port, The Cincinnati USA Regional Chamber and several others in the region. It was compiled by the Machete Group, a real estate advisory firm, with input from Turner Construction and architectural firms, MSA Sport and Populous.
It concluded that renovating Heritage Bank Center was not the best course of action because the site is too small to accommodate the necessary upgrades.
Nederlander says the $605 million it was quoted for its redesign plans is less than the construction cost for the other sites that were listed in the study.
"Our current design proposes building over Pete Rose Way and Mehring Way, which is not as complex as the study states," reads Nederlander's statement. "The entire Banks Development was built up to manage the flood risk. By building over these roadways, it essentially doubles the area available for the arena to approximately seven acres, which is more than adequate for an 18,000 to 19,000 seat arena."
Nederlander goes on to point out that parking and other utilities are already established at the Heritage Bank Center site, further curbing the costs of developing a brand new site.
The company also says that, since the business cycle of an arena is typically in the fall, winter and spring seasons, the covered parking access near Heritage Bank Center is "extremely beneficial to patrons." Nederlander estimated that replicating similar parking at a new location would cost "between $30,000 and $40,000 per space."
Nederlander wraps up its response by saying that removing the arena from the Banks could have a detrimental impact on local businesses in the area, since roughly 600,000 patrons attending events at the arena would no longer be in that area.
"We urge the local authorities and business leaders to continue to consider the existing location as a viable option and we hope that this location is integral in making memories for the next 50 years," concludes Nederlander's statement.
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