When renovations are complete, CFG Bank Arena will be able to host everything from NBA exhibition games to major concerts.
CFG Bank has signed a multi-year agreement for the naming rights of the new Baltimore Arena, global venue development company Oak View Group announced on Wednesday. The announcement came as the original building marked its 60th anniversary.
Oak View, Fundamental Advisors, and 35V are privately funding the renovation to the arena, located at 201 W. Baltimore Street. The group will then lease the building for the next 30 years through an entity called Baltimore Arena Co.
Oak View chairman Tim Leiweke, Pharrell Williams, Ray Lewis, and Baltimore Mayor Brandon M. Scott all attended a press conference to announce the deal.
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“CFG Bank has had a long-standing presence in the Baltimore area for nearly 100 years, and we are pleased to have them on board as our naming rights partner,” Leiweke, the leader of the arena project, said. “CFG Bank understands our vision for the project and recognizes the economic need for a modern world-class arena.”
Renovations include removal of the permanent stage, adding seats and suites, refurbishing concourses, upgrading concession areas, LED lighting, world-class acoustics, touchless technology for food and beverage, and various upgrades to the arena’s infrastructure. The new CFG Bank Arena will seat 14,000 people and aims to host dozens of concerts, family events, private functions, and sporting events. It’s hoping to target the likes of the UFC, tennis, boxing, NBA exhibition games, NCAA events, and tournaments. It’s slated to open in February in time for the CIAA Men’s and Women’s Basketball Tournaments from Feb. 20-26, and will also host Bruce Springsteen and The E Street Band on April 7, and Blink-182 on May 26.
“I have said this on many occasions; there is a renaissance happening here in Baltimore,” Baltimore’s Mayor Scott said. “People from all over see what we have long known and that is Baltimore is a great place for entertainment and recreation, and this new era for the Baltimore Arena, as well as the investment by Oak View Group and CFG Bank, speaks volumes about the commitment we all have to build a better Baltimore.”
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