DOWNTOWN CLEVELAND, OH (WOIO) –
Eight days after pulling out of the $140 million renovation project at Quicken Loans Arena, the Cleveland Cavaliers have recommitted.
Work on the arena could begin as early as next Friday, according to Cavs Senior Vice President of Communications Tad Carper.
In a statement released Wednesday, the Cavs and Quicken Loans Arena CEO Len Komoroski said they 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.”
The project is expected to create thousands of jobs and generate and grow additional, significant revenue and economic impact for the community and neighborhoods.
READ MORE: Cleveland19.com
Article Courtesy of WOIO Cleveland 19 News
Picture Courtesy of The Washington Post and Getty Images