Cincinnati, OH, November 18, 2024
A new report by the Cincinnati Regional Chamber in collaboration with Visit Cincy, 3CDC, the Port, the Cincinnati Business Committee and Cincinnati Regional Business Committee, and in partnership with the City of Cincinnati and Hamilton County, underscores the need for a modern arena to replace the nearly 50-year-old Heritage Bank Center. Along with the Steering Committee, the Chamber engaged a consulting team led by Machete Group, and in partnership with MSA Sport, Turner Construction, and Populous.
A new arena, the study found, would enhance Cincinnati’s ability to attract major concerts, national-level sports, conventions, and other high-profile events, helping the city compete with peer cities and further establishing Cincinnati as a premier cultural hub in the Midwest.
“What became clear through our work is that our region is an epicenter of cultural vibrancy, music, art, and sports in the Midwest,” said Brendon Cull, President & CEO of the Cincinnati Regional Chamber. “In terms of assets, we are missing one key component: a modern arena. Our study makes clear that the opportunity before us is more concerts, more sporting events, more family entertainment, and more comedians that contribute to growth in population, the economy, and cultural vibrancy in our region.”
Programming Growth Machete Group, a full-service real estate advisory and development management firm specializing in sports venue projects, led programming research that shows a modern Cincinnati arena would yield an increase in programming. The study makes clear that a modern arena would open doors to events that Cincinnati currently misses, such as NCAA athletics, major concerts, conventions, and more. Based on analysis, the study finds that a modern arena would be projected to operate approximately 116 events for families, tourists, and residents alike, making Cincinnati’s new arena among the most utilized among the peers the study analyzed. Importantly, the analysis also confirms that a new arena, even without a major league tenant, can operate profitably.
“It is clear through our research and analysis, as well as speaking with a wide range of local stakeholders, that the city is in need of a new, modern arena,” said Jerry Li, Machete Group Director. “The pandemic has only further accelerated demand from consumers craving higher-end, premium live event experiences. We have seen that trend across the country and believe that a modern arena ensures that Cincinnati keeps up with industry trends and remains competitive for in-demand programming.”
Top Sites for a New Arena After analyzing 14 potential locations across the Cincinnati region, the report identifies two top sites in the urban core as highly feasible:
• West Downtown Site: Positioned near the Duke Energy Convention Center, this site will be created by the Brent Spence Bridge Corridor Project and could use existing parking at the Banks and downtown to support the facility.
• Towne Center Garage Site: Located near TQL Stadium in the West End, this site would require additional planning, including relocation for WCET and developing a cohesive parking strategy. This location benefits from its connectivity to Cincinnati’s entertainment district and potential for an expedited construction timeline.
“The results of this study mark a significant advancement in the ongoing conversation about the necessity for a state-of-the-art modern arena for Greater Cincinnati,” said Bill Baker, Vice President & Managing Partner of MSA Sport. “We identified various challenges and opportunities across all of the potential sites. Importantly, these two particular locations emerged as highly viable options that promise to maximize this essential community investment. By being located in Cincinnati’s vibrant urban core, a new arena will attract more visitors and events, spur additional investment in the city, and further enhance our great region.”
MSA Sport is a local design firm that specializes in planning and designing athletic facilities. MSA’s local knowledge and understanding of each site’s complexities was invaluable in assessing the opportunities and barriers each site would face.
Economic Impact & Preliminary Costs
Turner Construction, a leading sports builder in the US, estimates the construction cost of a new, approximately 18,000-seat arena is between $550 million and $650 million (in 2024 dollars). Additional costs, non-construction related costs, such as design and engineering, bring the expected project cost between $675 million and $800 million. Site specific premiums are also detailed in the report.
Based on the conceptual budget, the Chamber’s Center for Research and Data projects a construction-phase economic impact exceeding $1.2 billion. The report also reviews successful financing models from comparable projects, recommending a mix of private investment and public financing to ensure viability.
“It is clear from our analysis that an arena in Cincinnati is viable to construct on the sites we studied,” said Erin Mignano, Vice President and General Manager at Turner Construction. “The proposed project costs and site premiums would allow Cincinnati to build an arena that meets all of the expectations for fan experience and event production while contributing positively to the city’s urban growth in a way that also constrains costs to reflect the complex nature of financing a facility such as this.”
Operational Recommendations for Long-Term Success The report goes beyond site analysis, construction cost, and financing, providing operational recommendations that would position the new arena for sustained success. Key takeaways include establishing a facilities authority to manage the arena alongside other civic assets and empowering Cincinnati’s sports commission to attract a robust lineup of events year-round. By strategically approaching facility management and event programming, Cincinnati can maximize the arena’s use and cultural impact, ensuring it remains a community asset for decades to come.
The full Arena Feasibility Study is available for review here along with a cover letter from the Chamber.
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About the Cincinnati Regional Chamber
The Cincinnati Regional Chamber is the premier business and civic organization dedicated to growing the vibrancy and economic prosperity of the Cincinnati region. To achieve its vision that Cincinnati is a growing, thriving region where everyone belongs, the Chamber seeks to grow our economy, grow our population, and grow our cultural vibrancy — with the foundation of a strong business community — to foster a welcoming environment for all. The Chamber’s membership offerings, signature leadership programs, government and regional advocacy efforts, community events such as BLINK and Oktoberfest as well as key partnerships with organizations like Cincinnati Experience, Cincinnati Compass, Cincinnati Minority Business Accelerator, and the Workforce Innovation Center lead the way in making that vision a reality. For more information, visit cincinnatichamber.com.
MEDIA CONTACT:
Amy Fitzgibbons, Vice President of Marketing & Communications, Cincinnati Regional Chamber afitzgibbons@cincinnatichamber.com | 646.369.5406
