September 09, 2008
Louisville will get its downtown arena
Getting to this late (I was distracted by news of Astroland's demise), but: The city of Louisville last week approved a long-in-the-works $349.2 million financing plan for a new downtown arena. The arena will replace the 52-year-old Freedom Hall as the home of the University of Louisville's basketball teams.
What's in it for the city of Louisville and state of Kentucky, which will combined put in $281 million of the cost, is unclear - local officials hope that it will bring in more concerts and other special events than the old arena, but it's going to take an awful lots of Ohioans going to see Bon Jovi to make up $281 million. One plus: Without a pro sports tenant, the arena authority will get to retain naming rights and other arena revenues, which can be sold to defray part of the public cost.
What am I missing? Cincinnati's two hours away. Why would Ohioans go to a venue in Louisville, KY?
Of course, Louisvillians travel two hours up 71 to see concerts at Riverbend. But I seriously doubt any Louisville arena will attract anyone from Ohio.
Posted by Chuck Welch on September 9, 2008 03:47 PM