I am really excited to see things finally happening on this project. FOC has been sitting and rotting for far too long. I can't imagine why any would be against this, given that it is privately funded and will attract lots of additional events to the area.
I came across an episode of CHCH's Sportsline podcast from a month ago that, for the first ~20min, discuss the prospects of what the new arena will do for the area and who it will potentially be tenanted by. The guest, Scott Radley (Hamilton Spectator columnist), discusses the potential for the Marlies to play here, as well as the new Toronto WNBA team (as opposed to Coca Cola Coliseum), and even potentially a new PWHL team. They also discuss the big elephant in the room - the NHL. Radley indicated in the podcast (discussion about this starts at ~15min) that he has spoken to sources who say to not rule out the NHL, but obviously there are pretty big challenges, including franchise valuations exploding, and the current slate of renovations likely not being significant enough to attract the NHL. They suggest that setting up an expansion team in Hamilton could probably cost around $2B all in, especially after the Andlauer purchase of the Senators juiced NHL franchise values, and there are very few in the country with this kind of capital.
My personal preference would be for any teams setting up here to take on a Hamilton-specific identity instead of just using Toronto branding, so I don't personally support Toronto teams playing here. In terms of the NHL, they are definitely right on all fronts. I would also add that there are many additional locations that the league would most likely prefer to expand to over a second team in Southern Ontario. However, Elliotte Friedman, back in 2022, suggested that a
second "Toronto" team, along with Houston and Austin, are considered ideal by the league for future expansion given that these locations would likely be closer to the top of the pack in revenue generation. Of course, this was all before the collapse of the Coyotes, the new team in SLC, and all of the recent talk about Atlanta, so things have probably changed a bit. Either way, having the NHL in Hamilton still remains a distant dream. At the very least, we should expect to see some NHL exhibition games here.
CHCH Sportsline episode linked below for those interested: