The Virginia Beach city council held a one-hour meeting today on a proposal to build a new arena. Here are some of key details gleaned from the presentation:
- Officials from Virginia Beach have met with both the NHL and NBA and discussed what it would take to acquire a franchise.
- According to the timeline set by Comcast-Spectator and Virginia Beach’s Office of Economic Development, negotiations on a term sheet and with a primary tenant are still ongoing. They plan to revisit in October.
- There’s no firm plan yet on how the arena will be financed. It is expected to cost roughly $350 million.
- The Virginia Beach/Norfolk television market is currently ranked 43rd overall in the United States. However, total market size would be determined by combining with the Richmond, Va., market. This strategy has been used by Oklahoma City, which combined with Tulsa to determine its market size.
- Global Spectrum, which is a subsidiary of Comcast-Spectator, would be in charge of operating the proposed arena under a 25-year lease. Live Nation would handle events.
- The arena would be built adjacent to the Virginia Beach Convention Center and would seat approximately 18,500.
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