The developer behind a proposed Virginia Beach arena presented a loan commitment on Tuesday, leaving it to be evaluated by the city.
In the latest push to construct a venue near the Virginia Beach Convention Center, United States Management has come forth with a loan for the $300 million arena project. The proposal was submitted on Tuesday, just one day before the city’s deadline for the firm to deliver a funding plan.
USM’s proposal will now require review from the city to determine whether it meets the criteria that the two sides originally agreed upon. More from The Hampton Roads Business Journal:
[USM president and CEO Andrea] Kilmer said the developer looks forward “to commencing construction this year, working in partnership with SB Ballard Construction, Clark Nexsen Architects and other Virginia Beach companies.
“We are very pleased that our more than three-year quest to build a world-class entertainment and sports arena, and bring new economic development and jobs and dreams of a lifetime to Virginia’s largest city and finest region, is about to become a reality.”
The loan commitment will be evaluated by the city’s legal team to determine if it meets the criteria detailed in the December 2015 agreement approved by council.
USM submitted its proposal one day before the March 8 deadline, which was put into place when the city granted the firm a 60-day extension in January. Under the current plans, the arena would be constructed on a six-acre site and have 15,000 fixed seats. The capacity would be expandable to 18,000 for large events.