The Madison Square Garden of the West Coast?

Rick Welts, president, Golden State Warriors
Alex Trautwig | MLB Photos | Getty Images
Rick Welts, president, Golden State Warriors

The Golden State Warriors have mastered the art of popular dances on the court and the team is leading the National Basketball Association power rankings with a 60-6 record on the season, but according to the team's president, its latest endeavor will set the club's success foundation for the next 30 years.

Setting out to build the Madison Square Garden of the West Coast, the Warriors have partnered up with JPMorgan Chase to bring about a new home for the team in 2019. The $1 billion project is 100 percent privately financed, according to Warriors President Rick Welts.

"We — right now — play in the oldest arena in the NBA … so we need a new facility to be able to compete going forward." he told CNBC's "Closing Bell" on Tuesday. Welts added that the Chase Center will be "the first time in San Francisco's history" that the city will have a world-class sports and entertainment arena.

Warriors' point guard Stephen Curry, who celebrated his 28th birthday on Monday, has the best-selling jersey in the NBA and was the leading vote-getter for the All-Star game, according to Forbes.

"The way our team plays ... Steph Curry is really a once-in-a-generation kind of player," Welts said Tuesday.

Despite the concerns of some sports watchers, Welts told CNBC that the Warriors' core is "very young."

"We have some great veterans to kind of supplement the core of our team," he said. "But we have a lot of young talented players on the contract that we are pretty optimistic we are going to be able to keep this going for a while."

Similarly, the Oakland Athletics are looking for a new stadium, but the California-based major league baseball team may have a hard time finding a home unless it opts for private funding, according to San Francisco Giants CEO.

"When we built ours 17 years ago, we did it privately," Larry Baer told "Closing Bell" on Tuesday. "California getting public taxpayer dollars for any sort of sports facility is really not going to happen."