Oak View Group plans to renovate KeyArena by October 2020, spend $40 million on transportation

Los Angeles-based Oak View Group now plans to spend $600 million renovating KeyArena for NBA and NHL use and finish by October 2020, according to a new deal with the city of Seattle to be formally announcedTuesday. In the plan, OVG would commit $40 million to improve traffic, transportation and parking beyond any requirements stemming from a mandatory environmental impact review. The deal guarantees Seattle the revenue it currently gets from KeyArena, and includes a plan for sharing new money generated by the 55-year-old facility after renovation.

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