The Bradley Center, which opened in 1988, will be demolished as part of the team's plans to build an entertainment district around the brand new Fiserv Forum.
But Lasry said team officials are still considering what type of development should replace the Bucks' longtime home.
At a panel discussion on the future of the Bradley Center Site hosted by the Milwaukee Press Club, Downtown officials mentioned mixed-use development ideas that could include a hotel, office space, and/or retail stores.
"You only get one shot at this," Lasry said.
He said the Bucks are being patient in trying to find the best use for the Bradley Center site.
Beth Weirick, who leads Milwaukee Downtown, said the group has already done preliminary research about future development at the site of the Bradley Center by reaching out to community members and stakeholders in the area.
"Everybody wants to see this really high-density, mixed-use development," Weirick said at Wednesday's discussion. "They want to see something that adds to the tax base and that's going to be supportive of the strong economy we've built."
Crews have already begun removing signs from the Bradley Center. Lasry said he's not sure when the heavy demolition work will begin.