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Before 2000, its design as a multi-purpose venue made it host to an average of 183 events each year. From 2000 to 2003, it was used as a temporary venue for the Seattle Opera and Pacific Northwest Ballet during construction of the new opera house. Since then it has sat empty. It needs millions of dollars in repairs, and potentially $20 million dollars to modernize seismic protection and general safety.

For concerts, it has a maximum capacity of 8,000 (or 5,000 in seats), an ideal niche between nightclubs and theatres, the largest of which seat a few thousand, and the much larger Key Arena , which seats 15,000. Clear Channel has sought to lease the building for Concert s, up to 80 per year, but that use would require subsidies from the city for the repairs and ongoing maintenance.

The Seattle Opera has also proposed taking over the building. They would renovate its use for set construction and storage, as well as office space. This use would eliminate the Arena from being used as a performance venue.