News Summary
A new initiative in Virginia Beach aims to build a 20,000-seat arena at Birdneck Road and 19th Street, with a $700 million budget. The project seeks funding through community investment, with plans for future rounds targeting accredited investors. The arena aims to support action sports, major events, and sports tourism, complementing the city’s economic growth. Inspired by successful crowdfunding models, the initiative emphasizes local involvement and aims for completion by fall 2028. Community support and discussions with landowners and sports teams are ongoing to ensure the project’s success.
Virginia Beach is witnessing an ambitious new project as local business owner Coleman Ferguson has launched the Virginia Beach Arena Project, proposing the creation of a state-of-the-art, 20,000-seat arena at the intersection of Birdneck Road and 19th Street. The overall cost of the project is estimated to reach approximately $700 million, which also includes plans for two parking garages.
To fund this initiative, Ferguson has made 500,000 shares available for investors, priced at $10 each, with a minimum investment requirement of 25 shares. The initial round of fundraising is targeting the procurement of about $180 million, which is crucial for obtaining additional financing from banks to advance the project.
Ferguson has plans for future fundraising rounds known as Regulation D, which will focus on attracting accredited investors. The proposed completion date for the arena, along with its supporting facilities, is set for the fall of 2028. This initiative seeks to capitalize on community investment, allowing local citizens to participate without relying on taxpayer funding.
Community support for the Virginia Beach Arena Project has been encouraging, with locals believing it would yield substantial benefits for the Virginia Beach area. Members of the City Council have expressed interest in continuing discussions surrounding the initiative, hinting at possible support going forward.
Ferguson’s strategy draws inspiration from the NFL’s Green Bay Packers, which successfully raised $300 million through crowdfunding efforts in a short timeframe. He is also exploring options for the arena’s location in alignment with the city’s interests, particularly aiming to address a demand for “action sports,” as indicated by the Economic Development Authority.
Previous attempts to establish an arena in Virginia Beach encountered setbacks primarily due to challenges in securing financing and a reliance on public funds. Ferguson is determined to sidestep these issues by leveraging community investments. Although he lacks prior experience in large-scale project development, he is committed to diligently researching and expanding his understanding of the arena industry.
In pursuit of making the arena a versatile venue, Ferguson is engaging in discussions with potential landowners regarding sites near the Virginia Beach Oceanfront. Outreach with professional sports teams has also been initiated, with the aim of attracting teams to relocate to the new arena, further enhancing the city’s appeal as a sports tourism destination.
This proposal arrives at a time when Virginia Beach is actively seeking to elevate its status within the sports tourism sector. The vision for the Virginia Beach Arena Project not only intends to invigorate local business and community involvement but also aims to create a multipurpose facility capable of hosting a variety of events, including major concerts and sporting activities.
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Additional Resources
- WTKR: Virginia Beach Arena Project Shares Announcement
- Wikipedia: Virginia Beach
- Wavy: Virginia Beach Arena Investor Plans
- Google Search: Virginia Beach Arena Project
- Southside Daily: Virginia Beach Arena Proposal
- Google Scholar: Virginia Beach Arena Development
- Virginia Mercury: Virginia Beach Arena Hopes
- Encyclopedia Britannica: Virginia Beach
- 13 News Now: Virginia Beach Arena Project Update
- Google News: Virginia Beach Arena Project
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
