It concluded that renovating Heritage Bank Center was not the best course of action because the site is too small to accommodate a modern arena.
Instead, it recommended a new arena that would cost up to $800 million and generate a one-time economic impact of $1.29 billion from construction spending and an annual economic boost of $22.6 million from operating expenses.
“With a new arena, we will be well positioned to attract more national sporting events, major college athletic tournaments, more concerts and more family entertainment,” said Chamber CEO Brendon Cull.
The study recommended exploring a new arena in one of these two areas:
- West downtown (southwest of the Duke Energy Convention Center)
- Towne Center Garage (south of TQL Stadium)
The study cited multiple other regional arenas in Louisville, Lexington, Kansas City, Columbus and more that had more events than Heritage Bank Center, and as a result a larger profit margin. It also showed that renovating the existing arena site has its limitations due to current zoning and geographical challenges. The study did say 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.
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