posted on Feb, 2 2005 @ 03:12 PM
The New Jersey Devils plan to sign redevelopment and lease agreements with the city on Wednesday to build a $310 million, 18,000-seat multipurpose
arena and entertainment facility to open for the 2007-2008 NHL season.
Groundbreaking could occur by spring, Devils president and general manager Lou Lamoriello said Tuesday night. The Devils, who have not played this
season because of a lockout, have called the Continental Airlines Arena in East Rutherford home since moving from Colorado for the 1982-83 season. The
state's largest city and the Devils have been putting the final touches on the redevelopment and lease agreements for months.
A formal signing by the Devils, the city and its housing authority is planned for Wednesday at Newark City Hall at 1 p.m. Newark is paying up to $210
million for the facility. The Devils will pay $100 million and handle any cost overruns. The city's contribution will come from the proceeds of a
lease with the Port Authority of New York and New Jersey on Newark Liberty International Airport property. The Devils' lease with the city would be
for 30 years. The team's current lease with the New Jersey Sports and Exposition Authority to play at the Continental Airlines Arena expires after the
Under the lease agreement announced this summer, the city will get $2 million a year plus a percentage of luxury box and naming rights revenue from
the arena, which will be built at Broad and Market streets just west of the train station. HOK SportsVenueEvent of Kansas City, Mo., will design the
inside of the arena. Morris Adjmi Architects of New York will design the outside of the building.
The Associated Press News Service