News Summary
Virginia Beach is considering a new 20,000-seat indoor arena, Neptune’s Pinnacle, aimed at attracting top-tier sports, concerts, and events. Led by local entrepreneur Coleman Ferguson, the project seeks private investment and community crowdfunding, emphasizing transparency and local involvement. The arena’s estimated cost ranges from $300 million to $700 million, with a preference for an oceanfront location. Ferguson hopes to attract major sports teams and enhance the city’s cultural scene, potentially becoming a key entertainment hub and tourist destination.
Virginia Beach is considering a significant development proposal that aims to establish a 20,000-seat indoor multipurpose arena designed to host professional sports, concerts, and large-scale events. The initiative, known as Neptune’s Pinnacle, is spearheaded by local small business owner Coleman Ferguson, who aspires to position Virginia Beach as a cultural and tourist destination.
This new arena project comes in response to a gap in the city’s entertainment landscape, as Virginia Beach currently lacks a major indoor venue to attract top-tier attractions. Residents often travel to nearby Norfolk and Hampton to attend high-profile events, highlighting the need for a space capable of hosting such activities.
Ferguson’s vision for Neptune’s Pinnacle is rooted in his personal experiences of encountering frustrations while traveling for entertainment. The proposed arena seeks to provide a platform for world-class events without requiring residents to leave their city. To create a sense of identity for the venue, Ferguson has suggested a team name, the “Virginia Beach Frogmen,” in homage to the Navy SEALs.
The estimated construction costs for the arena range from $300 million to $700 million, determined by the final site selection and specific design elements. Ferguson emphasizes that the project will adhere to a private investment model, alleviating any financial burdens on taxpayers.
Central to the funding strategy is a community crowdfunding initiative, which invites local residents to invest in shares beginning at $50. Supporters of the arena may receive incentives based on their investments, and Ferguson is committed to maintaining transparency and involving the community throughout the process. To facilitate this crowdfunding effort, a Regulation A+ filing with the Securities and Exchange Commission is currently in progress.
As of now, there has been over $4 million in pledged interest for investments; however, collection of these funds will only commence following the necessary regulatory approvals. A public town hall meeting is on the schedule at Gala 417, where community members can gather more information and provide feedback regarding the project.
Currently, there are three potential locations being evaluated for the arena, with a preference for a site near the oceanfront close to the Convention Center due to its existing infrastructure advantages. Ferguson hopes that by adopting a community-driven investment approach, Neptune’s Pinnacle can succeed where past proposals in Virginia Beach have faltered, often due to reliance on public funding.
Despite previous scrutiny regarding the misrepresentation of partnerships on his website, which Ferguson attributed to aspirations instead of confirmed agreements, he remains optimistic about the project’s potential. City council members have acknowledged existing skepticism among residents but express hope that a collaborative council could work towards making this vision a reality.
Ferguson also aims to attract an NBA, WNBA, or NHL team to the new arena, drawing inspiration from Oklahoma City’s successful transition in securing a sports team. The city council is open to reviewing the proposal and may consider a feasibility study in the future as discussions progress.
This proposed arena stands as a bold initiative aimed at transforming the entertainment landscape in Virginia Beach, reflecting a desire for enhanced cultural offerings and increased tourism potential for the local community.
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Additional Resources
- Southside Daily: Virginia Beach Arena Proposal
- Virginia Mercury: Arena Development in Virginia Beach
- WTKR: Virginia Beach Arena Town Hall Announcement
- 13News Now: Virginia Beach Arena Project Overview
- MSN: Town Hall for Virginia Beach Arena Plan
- Wikipedia: Virginia Beach
- Google Search: Virginia Beach Arena
- Google Scholar: Virginia Beach Arena
- Encyclopedia Britannica: Virginia Beach
- Google News: Virginia Beach Arena
Author: STAFF HERE VIRGINIA BEACH WRITER
VIRGINIA BEACH STAFF WRITER The VIRGINIA BEACH STAFF WRITER represents the seasoned team at HEREVirginiaBeach.com, your trusted source for actionable local news and information in Virginia Beach, Virginia Beach City, and beyond, delivering "news you can use" with comprehensive coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—supported by years of expert reporting and strong community input, including local press releases and business updates, while offering top reporting on high-profile events like the Virginia Beach Neptune Festival, East Coast Surfing Championship, and military homecoming celebrations, alongside key organizations such as the Virginia Aquarium, Virginia Beach Convention Center, and Oceana Naval Air Station, plus leading businesses in tourism and defense like Busch Gardens and Northrop Grumman, and as part of the broader HERE network including HEREWilliamsburg.com, providing credible, in-depth insights into Virginia's vibrant landscape. HERE Virginia Beach HERE Williamsburg
