Council to consider new development at Thunder Arena in downtown Oklahoma City

The Oklahoma City Council will consider a $900 million development deal Tuesday for the city’s new basketball arena.

The deal will be between Oklahoma City and PBC Sports and Entertainment, owners of the Oklahoma City Thunder and Oklahoma City Blue.

The new arena, which was approved by voters in December, will be funded by:

Under the terms of the agreement, the arena would be located on the site of the former Cox Convention Center. About 1.4 acres of the site will be set aside for a potential future intercity transportation hub.

The construction and design process will be a collaborative effort between the city and PBC Sports and Entertainment. They will work together to select the project consultant, engineer, architect, designer and other aspects of the arena construction.

The new agreement is based on the original 2008 development agreement, which was used to improve the current arena and build the practice facilities used by the Thunder.

The Thunder’s commitment to staying in Oklahoma City for 25 years will begin when it moves into the new arena. City officials estimate it will be in time for the 2028 season.

The city council will meet Tuesday to discuss the development agreement.