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Welcome Home, San Francisco Warriors

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At 10am, Golden State Warriors owner Joe Lacob and team president and CEO Rick Welts will be making an announcement about the Warriors building a new arena on piers 30-32 on the Embarcadero. Mayor Lee will join them, as will NBA Commissioner David Stern. Our live report below.

[Concept by Future Cities. Southern aerial view]

9:58am: What we already know: The Warriors are going to build a $500 million waterfront arena on Piers 30-32 in time for the 2017-18 season. Like (what is now known as) AT&T Park, it'll be privately funded. The 17,000- to 19,000-seat arena will also host concerts and other events outside of NBA basketball. Mayor Lee is obviously thrilled, and told the Chronicle that it's his "legacy project" and "I'm going to be on top of it personally," so there's that.

10:00am

Welp, it's 10am and not a single important person is seated yet. Everyone's just standing around trying to look busy.

10:04am: Okay, so most major players are seated. Everyone is appropriately dressed in dark suits. Sad to report that no one's donning a San Francisco Warriors jersey or dressed up like the team's mascot.

10:07am: Mayor Lee just stepped up to the podium and is appropriately wearing a golden tie. Tells us that everyone in the City is committed to getting this arena built.

10:09am: Mayor Lee says that the arena will be more accessible (BART, Muni, etc) than almost any other arena in the country.

10:12am Mayor Lee's left the podium and now Warriors owner Joe Lacob is up. He's wearing aviator shades, how Los Angeles of him. Says the next five years "will be great." (That's the estimated time to build the arena.)

10:14am: "We intend to build the most spectacular arena in the country."

10:15am "We're privately funding this arena. We think that's very important." Now talking about California's touchy financial situation. "It can be done and it will be done. We are going to be here in 2017."

10:17am: Lacob just messed up and had to ask how many actual games were in a single basketball season. Whoops.

10:18am: Co-executive chairman Peter Guber is up. Already praising Lacob and talking about how "awesome" he is.

10:20am: So far, everyone has mentioned how this is going to be the best arena on earth, and maybe even other planets. We get it! It's going to REVOLUTIONARY.

10:22am: "If you remember one thing today, we will play here in 2017. Take that as a promise that we will fulfill. It will be a world class venue. We're all in."

10:24am: President and CEO Rick Welts is up and is also wearing a gold tie. Team spirit, guys!

10:25am: "The Giants have welcomed us to the neighborhood and we want to say thank you."

10:25am: The Warriors are "looking forward to working with Red's Java House." Okay.

10:27am: NBA Commissioner David Stern is up and he's thanking everyone, even Gavin Newsom!

10:29am: "There's an ownership group in place that's emotionally connected to sports and its emotion impact on community." Stern kept it brief.

10:31am: Retired basketball player Jerry West hasn't even been speaking for 30 seconds and has already made a Cow Palace joke.

10:34am: Lieutenant Governor Gavin Newsom is up and his hair is looking better than ever.

10:35am: "We do not imitate, we are a model to others." Gavin dropping quotes!

10:44am: Warriors player David Lee is up and said that he can "get this project done in 6 to 8 months so I can still be a Warriors player when it opens." Ha! He is the only one wearing Warriors gear. And it's just his socks.

10:46am: And it's over! We'll leave you with this:

Warriors Arena

Pier 30-32, San Francisco, CA 94105