VIRGINIA BEACH, Va. — The parking lot at the corner of Birdneck Road and 19th Street in Virginia Beach is just that, a parking lot. But it could eventually be the site of a 20,000-seat arena.
With fighter jets flying overhead, Virginia Beach business owner Coleman Ferguson announced Wednesday morning 500,000 shares are available to buy for his Virginia Beach Arena project.
“If you invest in this project, I’ll be working my butt off to make sure that we get this done and it’s one of the nicest arenas in the United States," Ferguson said.
Watch previous coverage: Organizer details next steps for Virginia Beach Arena Project
Shares are $10 each, but you have to buy at least 25. There were only 500,000 available as of Wednesday because of federal regulations, but this is just phase one of fundraising.
“We’re going to do another raise, which is called a Regulation D. That’s where we can get accredited investors only," Ferguson explained.
After that, there will be another round of fundraising. Altogether, he hopes to raise about $180 million through these first three rounds so he can then go to banks and get the rest of the money needed.
The whole project, which includes two parking garages to support the arena, is estimated to cost about $700 million.
Watch related: Could Virginia Beach get a new 20,000-seat arena? This group is trying to make it happen
News 3 went to the boardwalk at the oceanfront to ask people if an arena is something they’re willing to consider investing in.
“Most definitely. I think that an arena in the Virginia Beach area would be very beneficial," said Hampton Roads resident Brenda Taylor.
“I think that I would invest $10 or $20," Virginia Beach resident Larry Fallen said.
The idea is also something the Virginia Beach City Council may be willing to support. At a community meeting in September, News 3 spoke with Councilman Cash Green.
“We’ve got to think about ‘How can we keep our tax rate low?’ I think if we’re always thinking ahead, five to 10 to 15 years ahead, then I think we have the council’s attention, and this is going to do that," said Green.
Ferguson’s goal is to have the proposed arena and garages open in the fall of 2028.
If you're interested in investing, click here.
