Per a report from OnMilwaukee.com’s Jim Owczarski, the Milwaukee Bucks are in negotiations to purchase the Journal-Sentinal buildings located on State Street and Kilbourn in downtown Milwaukee with the intention of building a new arena on that lot.
The deal is not complete, but sources familiar with the negotiations say the Bucks ownership group has architectural renderings of an arena which fits within the Journal Square at 333 W. State St., a site that sits between 3rd and 4th streets to the east and west, and State Street and Kilbourn Avenue from the north to south.
The Journal-Sentinel lot is one of the most talked about possible arena locations, along with West Wisconsin Avenue, North of the current Bradley Center and the space currently occupied by the Milwaukee Theater and UW-Milwaukee Arena.
For a great breakdown of the current landscape of downtown Milwaukee and where it might be heading in the future, I’d suggest checking out this piece over at Milwaukee Magazine from Dan Shafer.
Bucks owner Marc Lasry told reporters earlier this week that he had a location for the new arena, but would not be revealing it for another 30-60 days. The Bucks set an end of the year deadline for finalizing a location.
Once a location is finalized, presumably the Bucks would begin what’s sure to be an arduous and hotly contested march towards obtaining public funding to finance a percentage of the arena.
Construction of the new arena, wherever it may land, must begin by November of 2017, or the NBA has a contractual right to purchase the team back from Lasry and Wes Edens at $575 million.