The two sides agreed to equal control over an arena in a deal signed in 1997, but the proposal was rejected by city voters in a 1999 referendum.

In May 1995, several Texas sports teams, including the Houston Rockets, proposed legislation that would dedicate state tax revenue to build new arenas.

[19] The validity of the lease was eventually upheld,[20] and in April 1997, Lanier announced that the Rockets and Watson would have to agree to share control of the new arena equally, or lose access to it altogether.

[21] After both parties agreed to the terms,[22] a bill that authorized increased taxes to pay for a new arena was signed into law in July, by then-Governor George W.

[23] However, after the NHL decided not to consider Houston as a location for an expansion team because of the indecision over the new arena, Lanier said that he would not have a referendum in November.

[24] The Rockets began an appeal in January 1998 against the court order to stay at the Summit,[25] but then dropped it in May, because they felt that a new arena would be ready by the time they finished their lease.

[27] After several months negotiating with the Harris County-Houston Sports Authority, the Rockets finalized a deal to pay half of the constructions costs, and a referendum was set for November 2.

[46] According to the agreement signed, the city of Houston bought the land for the arena and an adjoining parking garage,[47] which was near the George R. Brown Convention Center,[48] and paid for it by selling bonds and borrowing $30 million.

[51] A building formerly owned by Houston Lighting and Power Company was demolished to make way for the arena, and two streets were closed for the duration of the construction.

[52] At the request of Alexander, the arena was built 32 feet (9.8 m) below street level, so fans would not have to walk up stairs to reach their seats.

[57] The adjacent 2,500-space Toyota Tundra garage is connected to the arena by a private skybridge that can be accessed by Suite, Court-side and Club Seat holders.

[59] All feature upscale amenities including multiple flat screen televisions, private bar, restrooms, and plush seating.

[60] Toyota Center also features the Sterling Vineyards Red & White Wine Bistro, located on the lower suites level on the south side of the arena.

[61] The restaurant features a huge dining room, private bar, two twin 1,500 bottle wine towers and views of the arena floor.

[69] Many concerts have also taken place in Toyota Center, like Beyoncé, Prince, Tool, Duran Duran on their Astronaut tour, Janet Jackson, Madonna, Tina Turner, Red Hot Chili Peppers, Gloria Estefan, Shakira, Selena Gomez, Demi Lovato, Rihanna, Miley Cyrus, Bruno Mars, Christina Aguilera, P!nk, Andrea Bocelli, Muse, High School Musical The Concert, Aerosmith, Guns N' Roses, Coldplay, RBD, Laura Pausini, Alanis Morissette, Matchbox Twenty, Fiona Apple, Nickelback, Depeche Mode, Bon Jovi, Enrique Iglesias, Katy Perry, Drake, Travis Scott, Cher, Britney Spears, Kanye West and Jay-Z, Justin Bieber, Taylor Swift, The Rolling Stones, One Direction, Ariana Grande, Olivia Rodrigo, Carrie Underwood, Rammstein, Adele, Lana Del Rey, Melanie Martinez, Twenty One Pilots, Sabrina Carpenter, Blackpink, G-Dragon, Panic!

The arena has hosted a number of WWE events including No Mercy in 2005, Vengeance: Night of Champions, the 2009 WWE Hall of Fame ceremony, two editions of TLC: Tables, Ladders & Chairs (2010 and 2013), Night of Champions 2015, NXT TakeOver: WarGames 2017, Survivor Series 2017, Elimination Chamber 2019, as well as various episodes of Raw and SmackDown.

WWE also held their first live show in front of fans, for the first time since the onset of the COVID-19 pandemic, with the July 16, 2021, episode of SmackDown at Toyota Center.

[citation needed] The current attendance for a concert held at the arena was set on November 20, 2008, when Metallica played to a sold-out crowd of 17,962 during the Death Magnetic tour.