Cornerstone CFCU Inks Arena Deal
The $358 million Cornerstone Community Federal Credit Union in Lockport, N.Y., signed a 12-year agreement last week for the naming rights to a new 93,500 square-foot community sports arena.
Set to open in September, the $13 million Cornerstone CFCU Arena will house two NHL regulation-size rinks, a pro shop, a performance training center and seating for 630 spectators. In addition to competitive hockey, the facility will be used for training, figure skating, open skate and opportunities for those with physical or developmental disabilities and special needs. The rinks also will be equipped to accommodate sled hockey.
Additionally, the new arena will feature 5,000 square feet of retail space, including food service, a performance training center and a community room.
It’s estimated that annual skater and spectator traffic will exceed 150,000 by 2015, according to a Cornerstone CFCU prepared statement.
The agreement provides Cornerstone CFCU exclusive exterior facility naming rights, interior and exterior signage, an on-site ATM and use of the facility on select Cornerstone member nights.
Financial terms of the deal were not disclosed, said Ann M. Hood, president/CEO of Cornerstone CFCU.
“The Cornerstone CFCU Arena will be a lasting community resource that will anchor the ongoing rebirth of the Erie Canal corridor in downtown Lockport and improve the lives of residents throughout Niagara County for decades to come,” Dave Nemi, chair of Cornerstone CFCU board of directors, said. “Cornerstone has invested in our community for more than 50 years, and this arena will build on our legacy by contributing construction jobs in the short term and a substantial growth in tourism and hospitality over the long term.”