In 1929 Smythe decided, in the midst of the Great Depression, that the Maple Leafs needed a new arena. The Arena Gardens, their then home which they shared with the Marlboros, had been built in 1912 and lacked modern amenities. It seated just 8,000, which the Maple Leafs were regularly filling. After considering various locations, the site at the corner of Carlton and Church was purchased from The T. Eaton Co. Ltd. for $350,000, a price said to be $150,000 below market value. A new 12,473 seat (14,550 including standing room) arena, Maple Leaf Gardens (MLG), was designed by the architectural firm of Ross and Macdonald. To finance construction, Smythe got backing from Sun Life for half of the expected $1 million cost. He then formed Maple Leaf Gardens Limited (MLGL) as a management company that would own both the hockey team and the arena. A public offering of shares in MLGL was made at $10 each ($ in dollars), with a free common share for each five preferred shares purchased. Ownership of the hockey team was transferred to MLGL in return for shares. To fund construction of the building, workers were paid 20% of their salary in MLG stock. Construction started on June 1, 1931, and MLG was opened five months and two weeks later, on November 12, 1931, at a cost of $1.5 million ($ in dollars). The Marlboros also moved to the new arena. Bickell was named the first president of MLG.