Im not sure why the council would want the arena before knowing a team is coming but *shrugs*

http://hamptonroads.com/2012/08/virginia-beach-council-hears-sports-arena-pitch

Virginia Beach council hears sports arena pitch

VIRGINIA BEACH

The City Council listened to a pitch to build an 18,500-seat sports arena near the Oceanfront this afternoon, and a development official called the proposal an opportunity of a lifetime. Before it was over, though, one councilman was questioning the potential public cost.

Officials for Comcast-Spectacor, the company that wants to build the arena along with Live Nation, have said they would bring a professional sports team to Virginia Beach if the deal goes through.

The arena would host 200 events a year, with 1.4 million attendees, and would be up to 800,000 square feet, according to an announcement from the city’s development authority.

An economic impact study summary says it would cost $350 million and could open in 2014, with its first full year of operation in 2015. It says the facility would generate net new economic activity of more than $98 million and create 1,230 jobs.

“These events, along with naming rights, premium seating, corporate partnerships, and the operations of Comcast-Spectacor and Live Nation, would generate the revenue to pay for the arena,” the announcement states.

Sources have identified the Sacramento Kings as the target tenant, but team owners and officials with Comcast-Spectacor have so far declined to comment.

Peter Luukko, president of Comcast-Spectacor, told the council he was attracted to Virginia Beach because the region is "one of the largest underserved markets in North America."

The arena would be across from the Virginia Beach Convention Center on 19th Street. Luukko said Comcast-Spectacor and Global Spectrum would lease and operate the arena for 25 years.

Warren Harris, Virginia Beach's director of economic development, called the arena "an incredible opportunity facing the city."