How the Virginia Beach Arena Proposal Could Change the Real Estate Market

arena

 

A proposal to build an 18,000-seat arena near the Oceanfront is being considered in Virginia Beach. The project is projected to cost between $275 million and $400 million and would host a professional sports team across from the Virginia Beach Convention Center on 19th Street. The city’s economic development authority has spent nearly $700,000 on consultants.

James V. Koch, professor of economics and president emeritus of Old Dominion University, presented a study on Aug. 24, 2012, that highlighted the economic impact of an arena in Virgina Beach. Although the study avoided any explicit recomendations, the 43-page document highlighted operations, employment, the real estate market and construction costs.

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