U.S. investment bank is new financial backer for Virginia Beach arena

Posted at 11:46 AM, Jun 28, 2016
and last updated 2016-06-28 19:05:23-04

VIRGINIA BEACH, Va. - A financial change is coming to the Virginia Beach arena project.

U.S. investment bank, Ziegler, is the new financial backer for the Virginia Beach arena.

Previously, a Chinese bank was supplying the bulk of the money for the project and on Tuesday City Council voted to get the loan from Ziegler instead.

Virginia Beach Arena_LobbyLast year, the Virginia Beach City Council approved the building of an 18,000 seat arena near the Oceanfront and gave developer, United States Management LLC, 10 months to secure a loan from the Chinese bank.

The next steps for the project include a public hearing set for July 5th. Then the City Council will vote on the changes on July 12th.

If the project moves forward, Kilmer says they plan to break ground before the end of 2016 and plan to officially open by the end of 2018.

Previous coverage:

Virginia Beach City Council approves arena proposal

Virginia Beach City Council hears public comments on proposed arena project

Parking, future of veterans memorial are among concerns for possible arena

Residents react to Virginia Beach arena plans

Can a proposed Virginia Beach arena survive without a team?

Homeless center to be demolished for Beach arena

Proposal submitted for 18,000-seat arena in Virginia Beach