Virginia Beach Arena
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|Location||Virginia Beach, Virginia|
|Owner||United States Management|
|Construction cost||$210 million (infrastructure $52 million)|
Virginia Beach Arena was a proposed multi-purpose entertainment and sports arena in Virginia Beach, Virginia, United States, that will be locally owned and privately financed by United States Management (USM). The arena was proposed to have an approximate size of 500,000 square feet with a seating capacity of 18,000. It would have been located adjacent to the Virginia Beach Convention Center on 19th Street, in the vibrant oceanfront Resort Area. It would have anchor the City’s entertainment and arts district and be one block from Interstate-264 with multiple access points.
USM has comprised an elite team of experienced professionals to design and build the facility. It includes The ESG Companies, Mortenson Construction and S.B. Ballard Construction, architects and engineers AECOM and Clark Nexsen, and building operator SMG.
The Virginia Beach Arena was designed to host a wide array of events, from major concerts to ice shows, trade shows to monster truck rallies, and circuses to sporting events. However, it will also include NCAA/NBA/NHL-ready core features to enable future support of collegiate tournaments and a professional sports franchise.
The developer contends that many major events currently bypass Hampton Roads because existing indoor venues, with lower seating capacities, are too small and lack the necessary rigging capabilities for large-scale performances. The proposed Virginia Beach Arena would be the largest in Virginia able to stage these events.
Employing hundreds of full and part-time staff, USM contends the Arena will act as a catalyst to transition Virginia Beach into a year-round visitor destination.
The Arena's estimated cost was $210 million. The Virginia General Assembly passed legislation that allows the City to dedicate its portion of the Arena-generated state sales tax to satisfy project-related debt. In addition, the City of Virginia Beach, under a plan now being negotiated, will return "but for" taxes generated by admissions, food & beverage, and merchandise sales, as well as 1% of the existing hotel tax.
The City of Virginia Beach was expected to contribute approximately $52 million to create the infrastructure needed to directly support the Arena. The City would finance this through its existing Tourism Investment Project (TIP) fund.
USM estimates that construction would take two years after the necessary agreements and permits are in place.
- "Virginia Beach council OKs revamped financing deal for proposed arena". pilotonline.com. Retrieved 2016-07-13.
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