{"id":1004050304,"date":"2012-08-30T06:20:35","date_gmt":"2012-08-30T14:20:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=65954"},"modified":"2020-04-06T07:22:39","modified_gmt":"2020-04-06T15:22:39","slug":"comcast-spectacor-unveils-proposal-for-350m-arena","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/comcast-spectacor-unveils-proposal-for-350m-arena\/","title":{"rendered":"Comcast-Spectacor Unveils Proposal for $350M Arena"},"content":{"rendered":"<p style=\"text-align: justify\">By Adrian Maties, Associate Editor<\/p>\n<p style=\"text-align: justify\">A group led by Comcast-Spectacor L.P. wants to bring a $350 million oceanfront arena to Virgina Beach. The 18,500-seat venue would\u00a0rise along the I-264 corridor on 19th St. near the Virginia Beach Convention Center.and could be ready to host its first events by 2015.<\/p>\n<p style=\"text-align: justify\">Warren D. Harris, the city\u2019s economic development director, and Peter Luukko, president and CEO of Comcast-Spectacor, presented the proposal to the Virginia Beach City Council on Aug. 28. Harris called it \u201ca once-in-a-lifetime opportunity for the city to bring in new businesses, create new jobs and serve as a long-term driver of economic growth.\u201d<\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/913041000.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-65956\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/913041000.jpg\" alt=\"\" width=\"300\" height=\"182\" \/><\/a><\/p>\n<p>According to the developers, the 800,000-square-foot arena would\u00a0draw\u00a01.4 million people a year to 200-plus events. It\u00a0also be the linchpin of a bid to attract\u00a0a major-league basketball or hockey team to the city.<\/p>\n<p>Project backers point out that Southeastern Virginia is the largest metropolitan area without an major-league sports franchise and that its population of 3 million is larger than 22 other metro areas that have teams. Southeastern Virginia includes Virginia Beach, Norfolk, Hampton Roads, Williamsburg and Richmond. Developers estimate that the arena would create about 1,230 jobs in Hampton Roads and generate $98 million in revenue in its first year.<\/p>\n<p>Philadelphia-based Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center, would lease and manage the arena for 25 years. The development group also includes Live Nation, an entertainment company.<\/p>\n<p>Rumors have swirled that the NBA&#8217;s Sacramento Kings might move to Virginia Beach, but no team names were mentioned during Tuesday\u2019s meeting. And the project\u2019s financing structure is still unclear.<\/p>\n<p>For more information on the project, visit <a href=\"https:\/\/www.bringitva.com\/\" target=\"_blank\" rel=\"nofollow\">www.bringitva.com<\/a>.<\/p>\n<p style=\"text-align: justify\">Image courtesy of <a href=\"https:\/\/www.bringitva.com\" target=\"_blank\" rel=\"nofollow\">www.bringitva.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A group led by Comcast-Spectacor L.P. wants to bring a $350 million oceanfront arena to Virgina Beach.<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[],"class_list":["post-1004050304","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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