The Baltimore Arena has a new name: CFG Bank Arena

At a star-studded event featuring Pharrell Williams and former Ravens middle linebacker Ray Lewis, Baltimore officials, developers and investors unveiled Monday a new name for what formerly was Royal Farms Arena: CFG Bank Arena.

The new name, sponsored by the Baltimore-based CFG Bank, is meant to usher in a new era for the arena. Previously known as the Baltimore Arena, 1st Mariner Arena and the Baltimore Civic Center, the facility has been under renovation for the last several months and plans to start ushering in crowds as early as February. It’s expected to host as many as 120 events a year.

Officials revealed plans to upgrade the arena in June 2021, calling the facility outdated and antiquated. The new venue — which no longer will have a permanent stage, allowing it to host more events — is being overhauled with about $200 million in private investment, and will include seats and suites, renovated concourses and concessions areas, and a refurbished exterior. It also will feature new technologies, lighting and acoustic enhancements.

The investors include Williams, the Baltimore Development Corporation, and NBA star Kevin Durant, who grew up in Prince George’s County and leads a venture capital firm called Thirty Five Ventures.

The change comes as city officials and planners attempt to reinvigorate the city core after a yearslong exodus of businesses and foot traffic that accelerated during the coronavirus pandemic. Nearby, the redeveloped Lexington Market had its soft-opening Monday with limited hours and vendors. City officials hope the arena and market spark a new wave of development that may also be complemented with a redeveloped Harborplace, an overhaul of the former “Superblock” five-and-dime district, and an influx of state employees being relocated from an aging State Center complex just north of downtown Baltimore.

“This arena is a major player in the renaissance taking place here in Charm City,” Baltimore Mayor Brandon Scott said during remarks at the naming rights event. “I know firsthand how important venues like this are for our city, not just because of the great events that we will see ... but for the economic boost in the jobs that it gives to our community.”

Scott said facilities like the arena motivate visitors to come for overnight stays, which helps buoy the city and shifts some of the tax burden onto visitors instead of residents. He thanked lead developer Oak View Group and others involved in the project for “betting on and believing in Baltimore.”

In addition to hosting next year’s Central Intercollegiate Athletic Association Men’s and Women’s Basketball Tournament, the new arena already has booked two sold-out events for 2023: Bruce Springsteen and The E Street Band and the newly reunited Blink-182. Investors and arena developers said the 60-year-old building is poised to make a comeback as a national leader in events.

“For almost 20 years, this was one of the top 20 musical facilities in the entire country. And for five years, it was top five. We’ve got to fix it,” Oak View Group CEO Tim Leiweke said about the arena’s condition before the upgrade. “That was really important to us at the end of the day, as not just the vision and the faith and making this again a top 20 building in all of the music industry, but doing it with people that were as dedicated, as passionate as we are.”

Williams, a 13-time Grammy winner, entrepreneur and former judge on NBC’s “The Voice,” said Oak View Group’s “stellar” reputation in the music industry and as economic drivers for communities inspired his involvement. He said he hopes the facility gives rise to other projects and sparks more tourism opportunities.

“Every year, you guys are seeing that you’re on another rung in the ladder; I want to be part of that conversation. I want to be a part of that change, I want to be a part of that growth,” the “Happy” singer said. “And the other thing that it does is, it’s not displacing people. It’s actually opening the place up for the people that are here.”

CFG Bank, which told its employees last month of its plans to move its headquarters to the new Port Covington waterfront development, did not disclose at Monday’s event how much it paid for naming rights or how long the deal would run. Bank CEO and president Bill Wiedel said the deal reinforces the company’s commitment to Baltimore as well as its leadership position among other city businesses.

“Pay it forward and giving back to the community is woven into our DNA,” Wiedel said. “We have exciting plans for the arena, and how we can utilize it to strengthen our brand and the city of Baltimore.”

The arena is expected to hold as many as 14,000 guests when it reopens. Past iterations of the facility have hosted acts including The Beatles, Judy Garland and Elvis Presley.

hallie.miller@thebaltimorebanner.com