On December 9, Virginia Beach City Council voted unanimously to pass a resolution approving the term sheet for the Virginia Beach arena project at the oceanfront. The term sheet outlined what the city is willing to provide in exchange for United States Management to build the 18,000-seat capacity $200 million facility. USM can move forward with private financing for the project, with construction beginning as early as next fall.
The City of Virginia Beach held a public hearing in the City Council Chamber on December 2 for questions and comments regarding the proposed Virginia Beach arena. Hampton Roads Chamber of Commerce 2015 Virginia Beach Division Chair Glen Robertson, a partner with Wolcott Rivers Gates, spoke at the hearing on behalf of the Chamber in support of the construction of the proposed Virginia Beach arena, as well as the concept of the proposal submitted by United States Management. Robertson, who served on the city’s arena committee representing the Chamber, highlighted the proven track record of S.M.G. Worldwide Entertainment and the private sector equity partners that will be key to future success. Additional comments focused on the synergy with the existing convention center, the enhanced ability to attract sporting and non-sports events as well as the arena being a catalyst and anchor for planned redevelopment of the City’s 19th Street Corridor.
Andrea Kilmer, CPA, CFF, CGMA, President & CEO of The ESG Companies, was grateful to have the support of the Hampton Roads Chamber of Commerce’s Virginia Beach Division Board throughout this process. Kilmer said, “Our sincerest thanks to you for your time and efforts in helping us achieve this momentous milestone. Our entire team is extremely encouraged by the input and participation received to date, and we remain committed to fostering community involvement as the project progresses. We are very pleased with this successful step and look forward to continuing on our path to bringing a world-class arena to life. It means a great deal to have leaders whom we know we can count on in order to make this dream a reality.”
Ira Agricola, Executive Vice President of the Hampton Roads Chamber of Commerce, said, “The Chamber’s Virginia Beach Division board members have been involved and engaged with this project from its inception. We are grateful for Glen Robertson’s volunteer leadership. The arena will host events that will lead to an increase in hotel stays, restaurant and retail business, attract world class entertainment, and add to the quality of life for residents in Virginia Beach and the surrounding Hampton Roads region.”