CLEVELAND, Ohio — The Cleveland Cavaliers are ‘all in’ again on the Quicken Loans Arena transformation project.
The Cavs and Quicken Loans Arena CEO Len Komoroski released the following statement on Wednesday:
“We are excited to confirm our renewed capital commitment of over $70 million to help renovate and transform Quicken Loans Arena – a tremendous publicly-owned asset for our community. At the same time, we’re very pleased to extend the Cavaliers lease with our landlord, Gateway Economic Development Corporation, for seven additional years at The Q until 2034. In other words, the Cavs will be a tenant at The Q in downtown Cleveland for at least the next 17 seasons.
We are very eager and enthusiastic to continue working side-by-side with our core civic partners on our shared vision and the numerous civic and community leaders and groups that have worked extremely hard to make sure this project excels and positively impacts downtown and Cleveland’s neighborhoods in the full spectrum of ways that we have always believed that this well-thought out development would do.
Most importantly, we are proud to be part of a project that is going to create thousands of jobs and generate and grow additional, significant revenue and economic impact for our community and neighborhoods for many years to come.
The strong leadership of Cuyahoga County Executive Armond Budish and Cleveland Mayor Frank Jackson, along with Cuyahoga County Council President Dan Brady and Cleveland City Council President Kevin Kelley and the many respective County and City council members has been critical, as has the major support from United States Congresswoman Marcia Fudge. State Senator Sandra Williams has been a strong advocate of the project as well.
We are also pleased to continue this project with the support and engagement of a wide scope of civic, community and business leaders and organizations both locally and regionally, including the NAACP, the United Pastors in Mission, Cleveland Clergy Coalition, ACEE/Black Contractors Group, the Urban League of Cleveland, the Cleveland Building & Construction Trades Council, Laborer’s International Union Local 310, the President’s Council, Greater Cleveland Partnership, Downtown Cleveland Alliance, Destination Cleveland, Greater Cleveland Sports Commission, and others.”
A Cavs spokesperson said the team is “working hard” to begin construction by the September 15 deadline set by the NBA for Cleveland to host an All-Star Game.
Last week, the Cavaliers withdrew its support of the $140-million project, saying a prospective ballot referendum would have delayed groundbreaking and caused the Q to miss the current construction cycle, pushing the cost higher.
But, then the group that led the drive for a referendum on the ballot withdrew its petitions.