Portland Unveiling Spectacular Arena
The Church Lady herself will be there when the lavish new home of the Portland Trail Blazers opens this weekend.
And if she looks around at The Rose Garden arena and exclaims, “Isn’t that special?” well, at $262 million, it ought to be.
Blazers’ owner Paul Allen, described by Forbes Magazine as the fourth richest man in America with assets exceeding $6 billion, has built what Blazers officials are proclaiming to be the finest building of its kind anywhere.
From the Virginia maple walls of the luxury suites to the Virginia maple stalls of the Blazers’ locker room, from the “acoustic cloud” at the ceiling to the terrace where fans can sip single malt scotch and smoke big cigars, this is a monument to private enterprise.
While cities around the country scrape together funds to try to build new arenas and stadiums to keep their teams from moving, the Blazers built this one almost entirely with private funds. The result is by far the most expensive arena ever built.
The city of Portland paid a mere $34.5 million, mostly for sewer and road improvements, and hopes to recoup its investment over six years with proceeds from a ticket tax and a share of parking and rent revenue.
The rest of the money came through private financing and Allen’s own deep pockets. Prudential leads a group of nine corporate investors providing $155 million in bonds.
Comedian Dana Carvey, the man who brought us the Church Lady, will headline the entertainment at the Rose Garden’s grand opening Friday night. Admission is $125 per person, or $5,000 for a patron table of 10.
On Saturday and Sunday, the gen eral public will get its first look at the building, for a suggested $1 donation. For another $1, they can shoot hoops and skate.
All proceeds from the opening weekend go to charity.
If the Federal Aviation Adminis tration gives its approval, Allen and his entourage will arrive for each game from his Seattle-area home at a heliport atop a nearby parking structure.
While Allen’s parking will be easy, fans may have a problem. There are only about 2,600 parking spaces. The Blazers are counting on a shuttle system, city buses and the nearby light-rail line to bring people to the site.
xxxx THE ROSE GARDEN Facts about The Rose Garden, new home of the Portland Trail Blazers: Cost: $262 million. Financing: $155 million from mortgage notes from nine investors, led by The Prudential; $46 million from Blazers owner Paul Allen; $34.5 million from the City of Portland; $16 million loan from Bank of America and Seafirst Bank; $10.2 million interest income. Capacity: 21,300 for basketball. Special features: 31 rest rooms (women’s outnumbering men’s nearly 3-to-1), 710 television sets, 70 luxury suites, acoustical cloud ceiling to enhance sound, giant Jacuzzi in home locker room, fire and water display at entrance.