The developer has announced plans to break ground this year at the site located at the busy intersection of Interstate 35 and 119th Street. An opening has been tentatively slated for October of 2003. Myriad expects to complete the purchase of the 30-acre parcel in September. In addition to the arena, plans call for a hotel and 30,000-sf of meeting space.

While interest runs high, the question has been financing. The cost for the arena is estimated at $45 million. Unlike before, the developer now says that a public-private partnership will not be necessary for the project to proceed and instead Myriad is looking for other capital sources.

However, Myriad is still looking at seeking tax increment financing to pay for public improvements such as infrastructure and roads. The Olathe city council will decide on the appropriation of TIF monies after hearing from a consultant who is expected to release a report next month.