OKC's new arena deal

Demolition of the former Myriad Convention Center/Prairie Surf Studios is slated to be completed by the end of 2025, with the construction team mobilizing and a formal groundbreaking scheduled for the first quarter of 2026. (okcthunder.com) The arena’s price tag is being reported in the $900 million–$1 billion range, with Mortenson listing an estimated $990 million for the project and local reporting often referring to it as a $1 billion development. (mortenson.com) The Oklahoma City Council approved a Flintco–Mortenson joint venture to build the facility in March 2025, and MANICA is the lead design architect responsible for the venue’s signature 360‑degree glass curtain wall and bowl layout. (okc.gov) Under the city’s use‑license the team has committed to at least a 25‑year residency with five three‑year renewal options that can extend the lease to 40 years, and the agreement includes an early‑relocation penalty schedule that peaks at $1 billion if the team departs within the first five years. (journalrecord.com) Continental Resources — headquartered in Oklahoma City and represented in the deal by CEO Doug Lawler and founder/chairman emeritus Harold Hamm — has said the partnership will expand existing company assets and fund community initiatives focused on literacy and education across Oklahoma. (clr.com) The organization says the new partnership’s branding will already be reflected on site construction fencing and will be incorporated into planned exterior and interior venue signage as construction progresses, and the team will continue playing at the Paycom Center until the downtown arena is completed. (nba.com)