Winstead PC represented Arizona State University (“ASU”) in the management and operation of a new state-of-the-art men’s and women’s multi-use arena on the University’s Tempe campus.
The $115 million arena will be the home of ASU’s NCAA Division I men’s ice hockey team, together with a community ice sheet and other events like wrestling and gymnastics, concerts, conferences, and youth competitions. It will include 20 luxury suites, two group suites, a club lounge, and a dedicated student section. It will hold more than 5,000 people.
The arena is considered part of the Novus Innovation Corridor, which is Arizona’s largest urban mixed-use development project developing 355 acres of land for athletic and commercial opportunities. Construction of the arena is scheduled to begin in January 2021 and conclude by December 2022.
The Sports Business & Media Industry Group led this project and the team included Shareholder Denis Braham, Shareholder David Staas and Associate Monte James. The team handled the negotiation and documentation of the new arena on behalf of ASU with the operator through a public procurement process.
“We were pleased to represent ASU on this exciting new P3 project, which will clearly enhance the school’s competitive edge in college hockey and be a value-added amenity to the campus,” Braham said. “We enjoyed working closely with ASU’s administration, real estate, finance and athletic departments, as well as their venue expert consultants, Stafford Sports, to achieve the university’s goals.”
Winstead’s Higher Education Industry Group and Sports Business & Media Industry Group close high-profile, complex transactions for universities’ sports teams, governmental and public entities, and financial institutions in public and commercial finance matters. The group also works with venues of all sizes and vendors.
The following publication reported on the deal:
Law360 (subscription required)
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