The potential developer of LSU’s new $400 million arena is expected to submit its development plans to the LSU Board of Supervisors and the Louisiana Board of Regents for approval within 60 days.
That’s according to attorney Charles Landry, who has been hired to work with the university on the project. Both the LSU Board of Supervisors and the Louisiana Board of Regents must sign off on the deal before the project can move forward.
A pool of potential developers was narrowed down to a single finalist last year, though the identity of that finalist remains under wraps. Landry tells Daily Report that negotiations with the finalist remain active.
Those involved with the project are still pursuing an aggressive timeline that would see the arena up and running in four years’ time.
“It’s a complex transaction, and these things take a little time to finalize,” Landry says. “But we’re hoping that we can get to a point where we can deliver final documents subject to the Board of Supervisors’ and the Board of Regents’ approval within the next 60 days.”
While a location is not yet set in stone, Landry says the arena would likely be constructed on the old LSU Golf Course site south of Gourrier Avenue. Stakeholders are already coordinating with city-parish officials on utility and sewer access to support not only the arena but also potential future developments in the area.
Previously, plans called for LSU to lease the land to the Tiger Athletic Foundation, which would have then subleased it to the developer. Landry says those plans have shifted and a new structure is now on the table that would see LSU President William Tate and LSU Athletics Director Scott Woodward making requests of the LSU Board of Supervisors with respect to the transaction.
“TAF is still very much involved in the transaction, but we’ve come up with a slightly different structure,” Landry says. “But again, none of this has been approved by either side. These transactions are organic.”
Once operational, the arena would host sporting events for LSU as well as entertainment and music events for the Capital Region.
As planned, the arena’s development is reshaping the future of the Raising Cane’s River Center, which is expected to shift its focus away from entertainment and toward conventions. Landry says Baton Rouge is one of the largest cities in the country to lack a full-fledged convention center.
The city-parish is in the process of selecting a third-party owner’s adviser to guide the River Center’s repositioning. Landry says a decision on that hire is expected within the next 90 to 120 days. Once the owner’s adviser is in place, officials will begin moving “very, very fast” to identify potential developers.
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