The Prudential Center is introducing a new way to watch a hockey game, concert or college basketball tournament, for those willing to pay the price.

The owners of the entertainment and sporting arena on Monday released renderings of "The Lofts," a new luxury experience they say is designed to bring more of a neighborhood or club feel to the premium seats, and to provide a better way for business owners to network.

The space will have a common lounge area, with two 40-foot bars, in-seat service and VIP dining, where luxury and corporate spectators can mingle and network. "The modern, open-concept club reflects the ambitious and connected business community in our state," said Natasha Moody, vice president of premium partnerships for the Prudential Center and New Jersey Devils.

The Lofts is part of an ongoing effort by the Prudential Center and its home team, the Devils, to get more small to mid-sized business to invest in premium seats as perks for clients or employees. The Lofts neighborhood will give companies that don't want the cost of a full-size luxury suite more options.

The new space, which is expect to be ready for use in time for the Rutgers-Seton Hall basketball game Dec. 15, "incorporates all of the industry's best practices," Moody said. The renovated space, she said, gives the Devils "an opportunity to offer premium amenities and options to small, medium and large companies."

Loft members will have three options to choose from: a loge box with eight seats and access to a larger lounge area; tables or three to four seats in the lounge, or club suites.

Prices range from $250,000 to $400,000 annually for a full suite to $23,100 for a single Loft seat. Loft Loge boxes are $156,000, and Loft tables are $78,000, but prices can vary due to customized options.

Construction on the 14,560-square-foot Lofts space will begin next month. There will be 10 144-square-foot loge boxes with seating for eight. The Lofts area will have 145 seats and 10 tables.

The project designer for the Lofts space is Detroit-based design and architecture firm Rossetti.

Additional renovations to the arena's 54 stage-facing premium suites are expected to be completed by June 2020.

More:Prudential Center: What to know before you go

More:Whitney Houston exhibit coming to Newark's Grammy Museum Experience at Prudential Center