Bennett: Seattle arena costs projected around $500 million

SEATTLE — In a letter to Washington Gov. Christine Gregoire on Thursday, Seattle SuperSonics owner Clay Bennett revealed his proposed arena project could cost upward of $500 million.

Bennett said the building itself would be between $340 and $360 million. That does not include the cost of the land, parking and infrastructure, which could cost an additional $150 million to $170 million.

By comparison, land used for the $90 million Ford Center in downtown Oklahoma City had an assessed value of $804,150.

In addition to seating at least 18,000 for basketball, the proposed multi-purpose structure near Seattle would be designed to accommodate the NHL, arena football, concerts and large meetings or conventions.

Bennett said two sites are being considered: In Renton, near the city's new retail and housing development; and near the Bellevue central business district.

Funding for the project would require at least $300 million in tax revenue funded by the state, Bennett said in the letter that was shared with The Oklahoman.

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