VIRGINIA BEACH, Va. — The plan to bring a 20,000-seat arena to the city of Virginia Beach has been put on pause, according to the campaign’s organizer, after the city denied the group’s request to build at the Oceanfront.
According to a video posted on the organization’s Facebook page over the weekend, organizer Coleman Ferguson said the city did not choose the group’s application for an RFP to build a parking garage at 19th Street and Parks Avenue, which would have tied into the arena.
"It brings in, you know, revenue, jobs, memories, talent, everything you can kind of associate with sporting events," Ruben Carrillo, who invested in the project, said.
Carrillo was one of the many who first invested in the project when the initial amount was set at $250.
He had hopes to see big acts come to VB along with a sports team, but now those hopes will be put on hold.
"It is unfortunate, but all I can appreciate really is the transparency we've had during this whole process."
Watch previous coverage: Shares offered in Virginia Beach arena project
Ferguson said the move doesn't mean the city does not want the arena, but that the development authority does not want it on city land at this time.
While the project now appears to be paused, Ferguson said he will refund the money to people who invested in the arena.
“We’re going to refund all the investors. I think that’s the smartest thing to do. We are going to pursue private land and build it on private land,” Ferguson said.
Watch previous coverage: This group wants to bring a 20,000 seat arena to Virginia Beach. Can it happen?
In the Facebook video, Ferguson added that there are many hurdles when it comes to buying land and that the process takes time.
He said the next goal is to reopen investment opportunities once private land is acquired.
Although the plan may be on hold for now, the entire process is still generating discussion.
"I was actually speaking with some friends today about that. Men and women who didn't invest went oh wow, they are giving you back your investment and I said yeah, and they said well when it comes back around, let me know so I can invest so they are all interested now," Carrillo said.
Ferguson said the project had over 2,000 investors, mainly from the Hampton Roads area, but some outside.
He said those who invested should get an email in the next seven to ten days on getting their money back.
