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Wednesday, June 5, 2019

Transformed Q Will Officially Open as Rocket Mortgage Fieldhouse for Black Keys Sept. 30

Posted By on Wed, Jun 5, 2019 at 11:13 AM

click to enlarge GENSLER SPORTS
  • Gensler Sports

Among the array of physical transformations that went unmentioned during the 2017 Q Deal deliberations — the legislative hearings to discuss public contributions for the lavish Cavaliers arena renovation — was something called a "power portal."

According to Crain's, whose Jay Miller reported on a recent tour of the arena construction site, this new Power Portal will be an entryway on the northwest side of the arena and will be composed of "1,000 square feet of LED video panels that can cover the walls and ceiling with images ranging from videos of Cavaliers players against a wine-and-gold background to scenes from the latest Disney ice show playing in the building."

The Power Portal will be unveiled as part of the newly christened Rocket Mortgage Fieldhouse, ("The Lien-to," among friends), when it officially opens on Sep. 30 for a Black Keys concert. The construction on the facility has been underway for nearly two years.

Clevelanders have no doubt noticed the arena's new glass facade on Huron Avenue. That facade encloses 42,000 square feet of atrium space that was previously outside the arena's entrance. The transformations also include new areas to gather on the concourse, including the "South Neighborhood," and taller ceilings. Visitors will notice significant changes to the exterior and interior of the venue, said Cavs CEO Len Komorosky.

The arena's transformation is now being ballparked at $185 million, with the controversial public contribution equaling $70 million. Due to exorbitant interest rates and investments in reserves for future arena payments and revenue shortfalls, the total public expenditure is likely to be $160 million or more.

Last week, the County said it was considering borrowing $40 million in additional money to hand over to the Cavs to pay for arena projects unrelated to the current transformation. With interest payments, that money will cost the public about $61 million to borrow.

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