The NHL’s Arizona Coyotes have proposed a massive development in Tempe, Ariz., that would include a new arena for the team.
According to the Associated Press, the Coyotes’ proposed $1.7 billion plan that would include a new arena, as well restaurants, shops and apartments on a 46-acre tract of land near downtown Tempe.
The team will seek funding from private investors but would seek city sales tax revenue to pay for $200 million in additional infrastructure costs.
The city of Tempe will now take a few months to analyze the plan and request community input.
The Coyotes have been leasing Gila River Arena on an annual basis since 2003, as the Glendale City Council declined a long-term deal. Glendale recently announced that it will not renew the lease for the upcoming 2021-22 season.
Coyotes owner Alex Meruelo said he plans to keep the team in Arizona and is currently seeking a temporary home for the 2021-22 season.