Cordish's $450M Baltimore Arena Proposal

The Cordish Companies, a Baltimore-based global conglomerate of businesses with real estate management and development expertise, has unveiled its plans to build a new $450 million waterfront arena and outdoor performance venue along the Inner Harbor. The proposed 15,000-seat arena would replace the Royal Farms Arena, located about 1 ½ miles away. The proposed location, according to a Baltimore Business Journal article, is tucked between Power Plant and Harbor East, and is currently home to the Pier Six concert pavilion, Pier 5 Hotel, a surface parking lot, McCormick & Schmick's and a Ruth's Chris Steak House. Cordish made a presentation about the plan to the Greater Baltimore Committee recently, which revived perennial debate about how to replace the aging arena on the city's west side.

City Councilman James Kraft, who represents Southeast Baltimore, said his "gut reaction" is to oppose the plan, comparing it to the Hilton hotel, a project he also opposed. That subsidized hotel near the Baltimore Convention Center has struggled financially. "I'd love us to have a new arena, but I'd like to see somebody build it themselves," said Kraft, also citing concerns about traffic and parking. "If they're going to operate it and make a profit, they can pay for it. I don't want the city to put any money into it. We can't meet the needs we have right now."

"We love our hometown and see a once-in-a-generation opportunity to create an iconic waterfront arena that would be a game changing project for the city," Cordish said in a statement. "Obviously, the building of a bridge or arena would require a public/private partnership, but we are optimistic that the public subsidy for this particular location can be limited to incremental revenue that is created by the project. As to subsidy, this particular site is so prominent that the naming rights opportunity will be maximized."

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