Have you ever wondered about the cost to build UBS Arena?
As one of the most technologically advanced stages in the world this state-of-the-art stadium arouses curiosity about its construction cost.
From its glimmering exterior to the bespoke interior every inch of the arena seems to tell a story of extravagant spending.
But just how much did it cost to create such an architectural marvel?
You might be startled when you find out!
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UBS Arena Overview
The UBS Arena is a magnificent $1.1 billion stadium situated at the western rim of Long Island Elmont New York. This state-of-the-art 000-seat arena began operations shortly before Thanksgiving 2021 effectively seeking to revolutionize the New York concert market and provide the New York Islanders a professional ice hockey team with a fresh new home.
The standout features of this arena include its breathtaking 35-foot-high northeast entrance capped off by murals that encapsulate the beauty of Long Island and Belmont Park. Interestingly this northeast entrance will be the main access point for about 80% of the arena patrons.
The site of the UBS Arena boasts vast suburban superiority over its competitors providing enough room for a future 250-key hotel and a robust 350000-square-foot retail shopping village. A testament to its cutting-edge design is also visible in its back-of-house layout an extension of the Oak View Group’s (OVG’s) live music concept which brings a huge economic advantage for performers gracing the UBS Arena.
Building the UBS Arena was no small feat financially or otherwise. This expansive project set back investors by $1.5 billion making it the 8th most expensive sports stadium ever constructed.
The cost of construction overshadows that of Levi Stadium and was substantially more than that of New York’s MetLife Stadium.
This enormous cost came about as a result of an agreement between UBS and the New York Islanders for the naming rights to the new arena at Belmont Park for the upcoming 20 years. The deal entailed an annual payment of $17.5 million by UBS culminating in a total sum of $350 million.
These contributions had a significant impact on escalating the overall construction costs of the UBS Arena. Despite the massive investment both parties remain optimistic about the potential return on investment considering the brand awareness logo placement and exterior signage that came along with the deal.
Making a grand entry to the market on the western edge of Long Island New York UBS Arena stands extravagant with a price tag of $1.5 billion to build. Opened in 2021 this state-of-the-art venue now the new home of the New York Islanders stands as the 8th most expensive sports stadium ever built.
One of the striking architectural features of UBS Arena is its 35-foot-high northeast entrance majestically adorned with murals that depict the rich cultural imagery of Long Island and Belmont Park. An estimated 80% of fans are expected to make their way into the arena through this entrance.
Spacious Arena Layout
The arena features a sprawling suburban space of roughly 350000-square-feet that houses a retail shopping village. There’s also room for a proposed 250-key future hotel setting the arena apart from its competitors.
The stadium has a smartly-designed back-of-house layout that renders it economically viable for performers and live music events.
Conveniences for Performing Artists
UBS Arena scores high on performer convenience with a spacious loading dock boasting 10-plus trailers and seven loading bays. This along with a plush 3300-square-foot artists’ compound offers comfort style and easy accessibility for touring acts.
More than just a hockey stadium UBS Arena stands tall as a beacon of significant economic activity. The arena with its massive investment bank stands to generate approximately $25 billion in economic activity.
Furthermore it is expected to foster 3000 permanent arena jobs thus positively contributing to New York’s economy.
Naming Right and Its Influence
UBS has acquired the naming right to the Islanders’ new arena which post the 20-year agreement worth $350 million will now be known as UBS Arena. As part of the deal UBS shall pay around $17.5 million annually and in return gain increased brand visibility through exterior signage logo placement on the roof and its logo at center ice for NHL games.
Investment in Transit and Infrastructure Enhancements
Islanders owner Jon Ledecky emphasizes the importance of this naming right deal in the successful operation of the arena that follows a private funding model. He also brought attention to the $100 million investment put forth in transit and infrastructure enhancements further testifying the economic impact of this world-class arena.
When it comes to comparing the cost of state-of-the-art venues the expense involved in constructing UBS Arena the new abode for the New York Islanders stands out. With a $1.5 billion budget to build it easily surpasses the costs of iconic stadiums like Levi Stadium and even the expansive MetLife Stadium in New York.
UBS Arena which is specifically designed for NHL games and live music performances outpaced the traditional arenas found on the west coast such as Climate Pledge Arena in Seattle which will host the 32nd NHL expansion franchise team starting in the 2021-2022 NHL season. The price tag also goes beyond the expenditures involved in creating Living Spaces like the Toronto and Edmonton arenas which resumed operations following the suspension due to Covid-19 concerns in 2020.
In comparison to the Madison Square Garden (MSG) arena and the Barclays center in Brooklyn UBS Arena also stands out with its modern concessions setup and its unique air circulation system which ensures optimal ice conditions for hockey games.
Also noteworthy is the comparison with the Prudential center another strong player in the live entertainment industry especially in the booming northeast US market. Still the privately funded UBS Arena takes the lead with its excellent back-of-house design courtesy of Oak View Group.
This feature enhances the arena’s appeal and economic feasibility for artists visiting.
Apart from the lavish cost to build UBS Arena also differs from usual projects due to the unique agreement for the naming rights for which UBS paid around $17.5 million annually resulting in widespread brand awareness through prominent exterior signage and logo placement both on the roof and center ice.
The rumored introduction of a new-ish goal horn professes to add further charm to the 18000-seat arena’s unique construction embodying the rejuvenating spirit of UBS Arena against its conventional counterparts.