The Atlanta Hawks Basketball Club and the City of Atlanta Tuesday announced that they have reached an agreement on key terms for a $192.5 million renovation of Philips Arena.
Mayor Kasim Reed committed to provide $142.5 million in funds, with the Hawks funding the remainder, to improve the city-owned facility in order to revitalize the arena as a basketball-first, world-class venue that hosts approximately 170 events annually.
The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.
The Hawks will begin renovations of Philips Arena during the summer of 2017, and the transformation will be completed by the start of 2018-2019 season, coinciding with the Hawks’ 50th Anniversary in Atlanta. The Hawks will play next season at Philips.
Originally constructed as a multi-purpose facility and opened in 1999, Philips Arena annually ranks among the most-programmed venues in the country, after Madison Square Garden and Barclays Center in New York City and Staples Center in Los Angeles, according to Pollstar’s rankings.
Philips Arena hosts approximately 170 events per year, including most of the biggest musical acts, family shows including the circus and ice shows, and Hawks home games. More than 1.6 million fans and customers attend events at Philips Arena every year.