CONSTRUCTION FOR THE NEW COACHELLA VALLEY ARENA IS MOVING ALONG AT BREAK-NECK SPEED
The new Coachella Valley Arena, so named until a Title Sponsor is named, is a $300 million, 11,000+ seat arena on 43-acres adjacent to the Classic Club at Cook St and the I-10 freeway and is expected to be complete by Fall of 2022.
PRIVATE INVESTMENT
The Oak View Group, (OVG) a Los Angeles based sports and entertainment company has partnered with Live Nation to construct the arena on land adjacent to the Classic Club and owned by the Frances C. Berger Foundation. The Berger Foundation has had several offers over the years for development of this 43 acre site, but were waiting for the right venture. This project with OVG and Live Nation was meant to be – After the partnership between Oak View Group and the Agua Caliente Tribe to build the arena in down town Palm Springs dissolved, and then the pandemic hit, it looked for a while like the dream of a world class arena in the Coachella Valley wouldn’t happen. That’s when Tim Leiweke, CEO of Oak View Group connected with the Berger Foundation.
After two years of discussions, they officially broke ground on the highly anticipated Coachella Valley Arena in June and construction is well underway to meet their Grand Opening Target date of October 2022. It’s a new state-of-the-art, privately financed sports and entertainment Arena. Their hope is that this arena will become the crown jewel in the Coachella Valley, bringing the whole valley together for lots of different celebrations.
Although the Berger Foundation and OVG are not partners in the project, OVG will lease the land from the Berger Foundation creating passive income to the foundation. Eventually, the Berger Foundation plans to lease out additional land near the arena and Classic Club to hotels and businesses.
ECONOMIC IMPACT
The arena will add 1,600 full and part time jobs to the community. Estimates from the Greater Palm Springs Convention and Visitors Bureau say once complete, the venue is expected to add $11 million in state and local tax revenues, from an estimated $140 million in sales and an additional $108 million in visitor spending each year.
NEW HOME OF THE COACHELLA VALLEY FIREBIRDS HOCKEY TEAM
The American Hockey League (AHL) awarded its 32nd Franchise to the Coachella Valley Firebirds, who will take the ice in late 2022 at the Coachella Valley Arena.
While the Coachella Valley doesn’t have the huge population like New York, Seattle or Los Angeles. The new arena is located in Riverside County – the 13th-largest metro area, in terms of population, in the United States — and has been void of a major indoor arena, until now.
Tim explained the arena will host AHL Hockey Games, Concerts, Conventions, UFC, boxing, and WWF events, there are endless possibilities and a lot of excitement around the new arena. Leiweke also announced they will be building a training center for youth hockey and ice skating.
Joe Walsh, of the Eagles said at the ground breaking ceremony, the Coachella Valley needs a “world class venue,” “I’m all in and I think it’s time for the Coachella Valley to take a step up and host world class events. I think it’s great for the community.”
But what about the Eagles performing on opening night? Walsh added that he guarantees the Eagles will play on opening night of the arena. “It’s like the baseball movie — ‘If you build it, they will come.’ And we will come.”
What’s New Around the Classic Club and Arena Site?
Check out these great homes around the arena area. If you would like more information about one of the homes, give us a call. (760) 218 – 5752
