News Summary
Mortenson has acquired 217 acres of land in north Phoenix for $136 million, previously intended for a hockey arena complex for the Arizona Coyotes. The acquisition may revive discussions about bringing professional hockey back to Arizona, as local leaders consider strategies for establishing a new NHL presence. Following the Coyotes’ move to Salt Lake City, stakeholders emphasize the need for strategic planning to foster a hockey culture in the state. Legislative efforts to support sports infrastructure funding are also in progress, aiming to enhance Arizona’s sports landscape.
Phoenix, Arizona — Mortenson, a real estate developer based in Minnesota, has successfully acquired approximately 217 acres of desert land in north Phoenix for $136 million. This land was previously earmarked for a proposed hockey arena complex intended for the now-defunct Arizona Coyotes franchise. The auction occurred during an Arizona State Land Auction held in downtown Phoenix, where over 40 participants engaged in competitive bidding both virtually and in person.
The bidding commenced at $110 million, with Mortenson and Verde Investments Inc., led by Carvana’s largest shareholder Ernie Garcia II, actively vying for the property. The two companies exchanged successive bids in increments of $1 million, highlighting the competitive landscape of the auction. Ultimately, Mortenson secured the acquisition with a final bid of $136 million, just edging out Verde Investments, whose final offer was $135 million.
Following the acquisition, discussions have emerged regarding the potential return of professional hockey to Arizona. Newly elected Board of Supervisors Chairman Tom Galvin aims to assemble an advisory group of leaders to explore avenues for re-establishing an NHL presence in the state. Galvin has expressed criticism regarding previous attempts by the Coyotes to pursue state land, pointing to a lack of strategic planning and leadership.
These developments come less than a year after the Coyotes relocated to Salt Lake City. The previous owner, Alex Meruelo, had attempted to launch grand projects, including a $3 billion hockey-entertainment complex in northeast Phoenix and a $2 billion project in Tempe, but both initiatives fell through. Meruelo subsequently sold the Coyotes for over $1 billion, effectively more than double the purchase price.
Galvin remarks on the pressing need for a committed new owner to foster a lasting hockey tradition in Arizona, emphasizing that a structured approach is essential for attracting a new team to the Valley without reliance on county-funded stadiums. Although state-level funding options are on the table, there is resistance towards utilizing county funds for such facilities.
Legislative efforts are underway to establish theme park districts that would permit tax-exempt funding for sports facilities. This initiative aligns with the overall strategy to encourage investment in sports infrastructure within the region. The Valley’s designation as a major metropolitan area, combined with a burgeoning youth hockey scene, creates a promising landscape for the NHL to expand its fan base and enhance its presence in Arizona.
As the state moves forward from prior setbacks in professional hockey, the successful acquisition of the Coyotes’ former arena site by Mortenson may prove pivotal in reinvigorating interest in the sport in Arizona. The future trajectory of professional hockey within the state hinges on collaborative planning and engagement among community leaders, stakeholders, and potential team owners.
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