VIRGINIA BEACH, Va. (WAVY) – Virginia Beach City Council members have made a decision on which of two arena plans the city will move forward on.
Marc Davis with the City of Virginia Beach told WAVY.com council members agreed to proceed with negotiations with United States Management and temoprarily suspend negotiations with W.M. Jordan Company. Mayor Will Sessoms made the announcement after Tuesday’s council meeting.
USM and its development team from ESG Companies submitted a $200 million proposal in February. The 18,000-seat sports arena would be funded by private investors.
Click here to watch a short video on the project and its team.
W.M. Jordan Company’s proposal for the 18,000-seat arena would require the City to finance 75 percent of the cost.
Davis said officials expect to learn more about the costs of the arena for parking, traffic, etc. on July 8.
Stay with WAVY.com for more on this ongoing story.