The Atlanta Hawks' $192.5 million transformation of Philips Arena to State Farm Arena earned the team an upgraded environmental certification. It is the second-largest arena renovation project in the US, behind only Madison Square Garden. If reported numbers are true, State Farm just bought the naming rights to the fourth busiest arena in the country for less than $9 million a year. This â¦ Some of the arena's new additions are shown in â¦ Add two dozen other LED screens scattered throughout the building, and State Farm Arena has 12,047 square feet of display boards.The Hawks have calculated that is about 10 times as much as the arena had previously. The State Farm Arena renovations were on full display Wednesday, when the Atlanta Hawks played their home opener. Click the link below, to learn more about our COVID-19 health and safety protocols and to stay up-to-date date on the latest arena â¦ Even before the ball was tipped for the Atlanta Hawksâ first game of the 2018-19 NBA season, the team had already scored a major win with its newly renovated, state-of-the-art home, State Farm Arena, the second largest renovation in NBA history. The Atlanta Hawks' State Farm Arena serves as a model for how to transform a 20-year-old venue into a modern-day fan experience. The Atlanta Hawks showed off a newly-renovated State Farm Arena, formerly Philips Arena, during a guided media tour on Friday. The State Farm Arena was certified as â¦ In a market of new stadiums, the Hawks bucked the trend by choosing to renovate. ATLANTA (AP) â Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation. Emily Louchart, Senior Interior Designer at HOK, describes the US$192.5m renovation that has completely transformed the nearly 20-year-old State Farm Arena in Atlanta.The next-generation venue celebrates Southern hospitality and the cityâs diversity, â¦ State Farm Arenaâwhich was known as Philips Arena until a new naming-rights deal with State Farm was announced in Augustâhas undergone a multi-phase, $192.5-million renovation. Among some of the changes that took place included major video system â¦ State Farm Arena is committed to taking the following safety measures and more during all Atlanta Hawks basketball games, concerts, and events in our venue. Named 2018âs âBest in Atlanta Real Estateâ award winner by the Atlanta Business Chronicle. ATLANTA (AP) â Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation. Project Highlights. The new digs accompany the new name for what was previously Philips Arena. ATLANTA (AP) â Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation.