Hartford Business Journal

HARTFORDBUSINESS.COM | NOVEMBER 27, 2023 11 Building Ideas That Work... Contact us at 860.482.7613 or visit us at BorghesiBuilding.com 2155 East Main Street Torrington, Connecticut 06790 © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing ™ is a division of BlueScope Buildings North America, Inc. When looking to construct a new place of worship, Borghesi Building & Engineering Co., Inc. will guide you in defining your project using a balance of goals, budget and timeline. Providing quality and reliability with design and energy efficient construction. With over 80 years of experience our processes will help your dream to be realized. JEWISH COMMUNITY CENTER, WEST HARTFORD GRACE CHURCH, NEWTOWN SIKH TEMPLE, SOUTHINGTON Center more appealing, OVG will be in a stronger position to leverage its network of East Coast arenas to convince promotion companies that Hartford "has to be a must-play as well," Abate said. The XL Center has undergone tens of millions of dollars in publicly financed renovations over the past decade-plus, but nothing as extensive as the planned $100 million overhaul. Most recently, a new $5 million, 5,000-square-foot sports bar and betting lounge debuted in a section of the property that faces Ann Uccello Street. Mammoth presence Founded in 2015 by music industry giants Irving Azoff and Tim Leiweke, OVG either owns or is in the process of building 11 new arenas in the U.S., Brazil, Canada, Wales and Austria. The company's management arm — OVG360 — services more than 400 arenas worldwide, including the XL Center. It has also worked out arrangements to participate in the refurbishment of existing arenas. "We have over $5 billion invested in projects of all sizes," OVG360 co-chair Peter Luukko told the Hart- ford Business Journal. "Really, we're looking to invest in marketplaces, thinking long term." OVG acquired venue management and hospitality company Spectra in November 2021. At the time, Spectra held a contract to manage the XL Center, with CRDA providing oversight. Luukko, who has strong ties to the NHL as past president of the Philadelphia Flyers and executive chairman of the Florida Panthers, said he voiced a willingness to "put equity" into a long-sought XL Center renovation during his first meeting with CRDA Executive Director Michael Freimuth. It was a demonstration of good faith, as well as a belief in the marketplace's long-term potential, Luukko said. OVG is participating in a string of high-profile, arena-building and restoration projects around the world, from a pending $280 million renovation of the 18,000-seat FirstOntario Centre in Canada, to plans for a "state-of-the-art" sports and entertainment arena in Vienna, Austria. A convincing offer Freimuth, who has spent years pushing for a large-scale XL Center renovation, said he has not yet had a chance to visit the revived Baltimore arena. But he said he's confident in the OVG deal, which will end taxpayer subsidies of the Hartford arena and leverage state funds to make long- needed repairs, while providing modern amenities. "If you're going to put $20 million down and sign a piece of paper saying, 'We'll take the operating loss,' that's two indicators to me they have comfort and they can perform it," Freimuth said. Freimuth said he expects bids for the XL renovation by the close of December. If these fall within, or at least very near, the projected $100 million budget, CRDA can finalize an agreement with OVG. The next big milestone would be a release by the state Bond Commis- sion of the $80 million allocated in the state budget. Renovation work would be planned around XL Center's events schedule over the next two years, with the building closed and entirely dedicated to construction during summer months. Freimuth said Hartford needs an arena to help generate vitality. Some have advocated for closure, but more voices are in favor of preserving the venue, he said. One thing many can agree on is the state has little appetite to spend the hundreds of millions of dollars it would cost to build an entirely new arena, he said. "The building isn't going away," Freimuth said. "There is no market to simply replace it. So, we have to invest in it to buy a little more life out of it." The planned XL Center renovation will add an event-level club section like the one shown above. RENDERING | CONTRIBUTED

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