TEMPE, Ariz. -- The Arizona Coyotes have proposed a $1.7 billion development in Tempe that will include a hockey arena.
Renderings released Monday by the Coyotes include proposed restaurants, shops and apartments on a 46-acre tract of land near downtown.
The team said the arena would be funded by private investors, but would seek city sales tax revenues to help pay for $200 million in additional costs, including infrastructure work.
The Coyotes put in the only proposal for the land earlier this month. The city of Tempe said the evaluation process would take several months and will include extensive examinations, with opportunities for community feedback.
The Coyotes had been leasing Gila River Arena on an annual basis since the Glendale City Council voted to opt out of a multimillion long-term deal in 2016. Glendale announced recently that it will not renew its agreement with the franchise beyond the 2021-22 season.
The Coyotes have played at Gila River Arena since moving from America West Arena, which they shared with the NBA's Phoenix Suns, in downtown Phoenix in 2003.
Owner Alex Meruelo has said he plans to keep the Coyotes in Arizona. The franchise is searching for a temporary home to use following the 2021-22 season.