Kaiser Permanente‘s partnership with the Golden State Warriors that includes naming rights for Thrive City could hit $295 million, though a number of factors will determine the final cost.
The Warriors continue to prepare for September’s opening of Chase Center, a new arena currently being built in San Francisco’s Mission Bay neighborhood. Chase Center will anchor a larger development initiative that includes Thrive City, an 11-acre mixed-use area surrounding the arena that is sponsored by Kaiser Permanente.
Naming rights to Thrive City are part of a much larger partnership agreement between the Warriors and Kaiser Permanente, an Oakland-based nonprofit health care company, that runs for 20 years. An internal document shows that Kaiser Permanente could pay the Warriors up to $295.58 million over the life of the agreement, but Kaiser Permanente officials emphasize that that is the maximum amount that could be paid. The exact price tag will be determined by how many optional elements go into effect over the life of the deal, so the final cost could be below the $295.58 million figure. More from the San Francisco Chronicle:
The minutes of a Kaiser Foundation finance committee meeting at the Four Seasons hotel in San Francisco on Dec. 1, 2016, show that the panel approved pursuing “a new sponsorship arrangement with the Golden State Warriors in an amount not to exceed $295.58 million.”
John Nelson, vice president of communications for Kaiser Permanente, said that was the most Kaiser would pay. He wouldn’t say exactly what the final total might be.
That “will ultimately depend on whether various optional components are included or declined, over the 20-year period. It’s possible the final figure could be much less than that upper limit,” Nelson said.
The centerpiece of the deal is christening the plaza surrounding Chase Center as Thrive City, after Kaiser’s “Thrive” health and wellness slogan.
As announced in May, the partnership agreement between the Warriors and Kaiser Permanente contains several elements. That includes naming rights to Thrive City, along with the Warriors naming Kaiser Permanente their Official Team Physician, collaboration between the two entities on community intiatives, and more.
Rendering courtesy Steelblue/Golden State Warriors.
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