Cavaliers scrap $140 million arena renovation project

2016 NBA Finals - Game Six

The Cleveland Cavaliers are in the midst of a high-pressure situation with Kyrie Irving, with the future of the franchise hanging in the balance. 

How things with Kyrie pan out will be a huge piece of the puzzle for the Cavaliers, who are also shifting their attention to the fact that LeBron James could leave Cleveland as a free agent for the second time come Summer 2018. 

While the future of their roster is in limbo, awaiting a final decision on whether concerns regarding Isaiah Thomas' injured hip warrant their agreed-upon trade with the Boston Celtics to be voided, Cleveland cancelled another deal that would have a long-term impact on the franchise. 

The Cavaliers have been working toward a $140 million renovation project centered around transforming Quicken Loans Arena. Construction was supposed to begin in June but was delayed, and now the half-publicly funded, half-privately funded project has been fully scrapped.

A press release outlining the renovations the project would have brought to Cleveland was released by the Cavaliers. One of those perks was a promised NBA All-Star weekend in Cleveland in 2020 or 2021, which is now off the table.

The team announced that the project, deemed "The Q Transformation" was officially being shelved in a detailed press release.

"The investments over the years into The Q have paid back multiples in economic impact, job creation and tax generation. It is very disappointing to see our further private investment into The Q Transformation project reach this ending point,” said Len Komoroski, CEO of the Cavaliers.

It's another blow to the Cavaliers, who were hoping to ride the momentum of LeBron's return and a title to renovating "the oldest arena in the NBA without a major structural renovation," as it states in the press release. 

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The project was terminated after a prospective referendum pushed back construction. The delay in moving forward will cause such a steep cost increase, according to the Cavaliers, that it's no longer a feasible plan. 

Where the Cavaliers turn their attention next regarding their desire to given Quicken Loans Arena a fresh coat of upgrades is unclear, if they make an attempt at all. The team had what it felt like was a strong plan that would help not only their team, but the city of Cleveland. 

It's a tough blow for Cavaliers fans, but high-cost arena renovation projects are a complicated matter at a local government level. Add it to the list of tough pills to swallow for Cleveland over the past few months. 

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