City of Virginia Beach grants extension for arena financing

A rendering of the proposed Oceanfront arena.

VIRGINIA BEACH, Va. (WAVY) — The City of Virginia Beach has granted a 60-day extension for developers of the proposed Oceanfront arena to secure financing.

The extension establishes a new closing date of no later than Nov. 6.

City Manager Dave Hansen granted the extension after review by City Attorney Mark Stiles and a conference with city council members.

“I remain optimistic that the developer will be able to finalize the necessary financing to bring about this privately owned and operated Virginia Beach arena,” Hansen said. “This will significantly expand the quality and variety of entertainment provided to our citizens and visitors throughout the region.”

WAVY Sports Director Bruce Rader sat down with the owner and builder of the arena last week. They tell 10 On Your Side that the  $200 million, 18,000-seat arena will feature a big concourse, state of the art technology, more wide spaces and even restaurants where you can make purchases with your phone.

Construction is likely to begin on the arena by the end of the year.

Look for more information on this story tonight on FOX 43 at 10 and on WAVY News at 11.