For Immediate Release: The Golden State Warriors plan to begin construction of their new arena in early 2016

The Golden State Warriors, winners of the 2014/2015 NBA Finals, released more details about their planned $1 billion arena. An agreement was reached with the city of San Francisco and University of California, San Francisco with regards to potential traffic problems around the already crowded Mission Bay area. And, the Warriors formally closed on a 12-acre site from Salesforce.com Inc. for more than $1 million.

A joint venture of Clark Construction Co. and M.A. Mortenson Co. was picked as the general contractor for the project, which consists of the 18,000-seat arena and two office buildings, totaling 580,000 square feet. In addition, the plan includes a Union Square-sized plaza lined with retail stores and restaurants. The project in its entirety will cost more than $1.5 billion, and is completely privately funded, a rarity in the sports business world. Without the need for government funding, the franchise hopes to secure necessary government approvals by the end of 2015, with construction beginning in early 2016. The Warriors expect the arena to be completed in time for the 2018/2019 NBA season. Read the full story here.

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