SEATTLE -- An investment group that wants to build a sports arena for professional basketball and possibly hockey has offered to also rebuild KeyArena, the former home of Seattle's departed NBA franchise.

The move Thursday by the group led by investor Chris Hansen is the latest in the long-running debate over building a new arena. Hansen wants to privately build a facility in an area that's home to venues for the Seattle Seahawks and Seattle Mariners.

The city council has so far refused to grant him use of a city street necessary for construction of the project.

Hansen's group says it would rebuild KeyArena after building the other facility, preserving it as a concert venue.

The council will review a proposal next week by another group for a privately financed renovation of city-owned KeyArena. Plans for the remodel would bring the building up to standards that could attract an NHL or NBA franchise once completed.