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Old 08-25-2012, 10:48 PM
 
Location: DMV
10,136 posts, read 11,243,034 times
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Quote:
Originally Posted by Coconut1 View Post
The question is: If it's such a great deal, why aren't the Maloofs or Comcast paying for the whole thing?

Why must the city of VA Beach pay $350 MILLION for an arena? If this is going to be such a cash cow, Comcast should have no problem footing the bill (after all, it's a $100 BILLION dollar company) or attracting other investors to do so.

The answer is: because it's not a good deal. This will do very little for economic prosperity in not only VA Beach, but the entire HR area. They're better off dividing the $350M and giving every person that lives in the city a check for $800.

Companies don't pass up sure fire, 100% gold, cash cow projects to other people.

It's times like this that I'm glad we don't have a county government that can funnel money from everyone in the metro to go to fat cat projects like this.
I could be wrong, but isn't this a plan all along to make that part of VB an entertainment district, with or without a professional sports team? I don't think how the money is being spent is important unless we are talking about the Maloofs. Right now, they don't have the money or the resources to get an arena where they are at, so if they can join a place like VB and get a 25 year lease and VB gets the large attraction of a professional franchise, it's a win-win. I remember hearing that Ted Leonsis had been leasing the Verizon Center in DC and barely broke even his first few years owning the franchise (Washington Capitals) because of the cost to lease (he didn't own the Verizon Center at the time). I would imagine VB would make a lot of money off of taxing box seats in addition to the revenue they would get from people patronizing local business around the arena similar to how Chinatown has thrived in DC.

I think you are getting way to inundated with the numbers here. This is very realistic. VB doesn't need the Maloofs to make this happen, but the fact that they could be involved makes it even more realistic.
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Old 08-25-2012, 11:32 PM
 
1,009 posts, read 1,854,467 times
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Quote:
Originally Posted by pgtitans View Post
I could be wrong, but isn't this a plan all along to make that part of VB an entertainment district, with or without a professional sports team? I don't think how the money is being spent is important unless we are talking about the Maloofs. Right now, they don't have the money or the resources to get an arena where they are at, so if they can join a place like VB and get a 25 year lease and VB gets the large attraction of a professional franchise, it's a win-win. I remember hearing that Ted Leonsis had been leasing the Verizon Center in DC and barely broke even his first few years owning the franchise (Washington Capitals) because of the cost to lease (he didn't own the Verizon Center at the time). I would imagine VB would make a lot of money off of taxing box seats in addition to the revenue they would get from people patronizing local business around the arena similar to how Chinatown has thrived in DC.

I think you are getting way to inundated with the numbers here. This is very realistic. VB doesn't need the Maloofs to make this happen, but the fact that they could be involved makes it even more realistic.
But you are making too much sense and that's not what people want to hear. When I said this arena project could make Virginia Beach's Oceanfront the third best entertainment district on the East Coast after Manhattan and DC then people started making stuff up. But if anyone has actually been to the Verizon Center and hung out at Gallery Place and in the Chinatown district between Verizon Center and the Walter Washington Convention Center then they would know that this is the EXACT layout and style of walkable development Virginia Beach is shooting for. But no, people want to talk about Anchorage, Alaska and Columbus, Ohio and all points west even though Virginia Beach's city council to the best of my knowledge is the only city with a meeting on Tuesday with a $100 billion multimedia giant who wants to build an arena in their city to the EXACT specifications and style of development the NBA is looking for at the EXACT time a franchise is actively seeking a new home in the EXACT type of small market that modern owners covet due to the lack of competition with other pro sports franchises.
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Old 08-26-2012, 12:41 AM
 
275 posts, read 764,123 times
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Is the entertainment district planned for the old Dome site (Pacific near 17th or so streets, now parking lots) still on the table, or did the developers balk on that one?

Regardless, too many people are caught up in the NBA possibilities, and keep running back to the "We don't have the population/roads/infrastructure/income/etc. for that!" That's closed-minded defeatist thinking, and I've seen far too much of it in the Pilot's comments section. Yes, I'm waiting to hear the magic words, but even if it doesn't end up being the Kings, I'm okay with that.

Why? Because I know that an 18,000 seat arena can land a hell of a lot more events than the Scope. Concerts, larger basketball tournaments (the HS playoffs have done quite well at Scope), NCAA conference tournaments (MEAC, CAA, ACC, Conference USA all have colleges and huge alumni bases in Hampton Roads), or even NCAA first and second round games. There's no reason a metropolitan of nearly 2 million people should have something as small and honestly outdated as Scope. None whatsoever.

I get that an arena is expensive. So was the Tide. And to be honest, that's not going to turn a profit anytime soon, but, it had a very successful first year, and now the other cities want in. An arena can have some success with the aforementioned events as well. A concert every two months in an 18,000 seat arena would pull awesome numbers...you know how Phish does so well anytime they go to the Hampton Coliseum? Imagine something like that every two months, in a venue twice as large!

Do Basketball Arenas Spur Economic Development? - Jobs & Economy - The Atlantic Cities This article talks about the feasibility of a new arena. Sprint Center is profiled as well. Good read...I found it about a week before this announcement was made.
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Old 08-26-2012, 02:14 AM
 
291 posts, read 297,653 times
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Quote:
Originally Posted by Steelers10 View Post
But you are making too much sense and that's not what people want to hear. When I said this arena project could make Virginia Beach's Oceanfront the third best entertainment district on the East Coast after Manhattan and DC then people started making stuff up. But if anyone has actually been to the Verizon Center and hung out at Gallery Place and in the Chinatown district between Verizon Center and the Walter Washington Convention Center then they would know that this is the EXACT layout and style of walkable development Virginia Beach is shooting for. But no, people want to talk about Anchorage, Alaska and Columbus, Ohio and all points west even though Virginia Beach's city council to the best of my knowledge is the only city with a meeting on Tuesday with a $100 billion multimedia giant who wants to build an arena in their city to the EXACT specifications and style of development the NBA is looking for at the EXACT time a franchise is actively seeking a new home in the EXACT type of small market that modern owners covet due to the lack of competition with other pro sports franchises.
This sounds kind of complicated. Either Vabch has an arena or it doesn't. And you know what? It does not!! So I want you to let me know when the incompetent vabch city council comes up with the money to build a new arena. Furthermore, I want you to tell me why in the world would an NBA team relocate to a high school gym in Vabch? I just don't get it!!!!
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Old 08-26-2012, 07:21 AM
 
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Who said anything about a high school gym?
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Old 08-26-2012, 12:17 PM
 
3,849 posts, read 7,599,976 times
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Quote:
Originally Posted by Steelers10 View Post
Only because the much more preferred location on Manhattan's West Side (which would have required significant public contributions) fell through. The stadium is owned by the New Jersey Sports and Exposition Authority. Yes the stadium itself was built by private funds. However, this is Metropolitan New York City, one of the rare geographic locations where the land underneath a structure is worth more than the structure itself. In most real estate markets, your house or whatever building tends to be worth far more than the land (see Texas where actual land is not to say worthless, but pretty darn close). But in New Jersey, asking the public to give up a parcel of land the size of a stadium? If the Meadowlands wasn't already owned by the state there would have been NO WAY to get that deal done with today's real estate prices. The only place to build that stadium was where they built it, in the parking lot of the old one. The public contribution of giving up that Meadowlands parcel is FAR less than what Virginia Beach will have to pony up to finance an arena. The very reason why the Jets and Giants have to share a stadium is because it is just too prohibitively expensive to build a stadium in Metro NYC (much less two) and the taxes that would have to be paid by any one municipality to afford to build a stadium is a non-starter.
So by using that logic, since land is so cheap, Comcast should have no problem buying land in addition to building a stadium.


Quote:
Why? Because I know that an 18,000 seat arena can land a hell of a lot more events than the Scope. Concerts, larger basketball tournaments (the HS playoffs have done quite well at Scope), NCAA conference tournaments (MEAC, CAA, ACC, Conference USA all have colleges and huge alumni bases in Hampton Roads), or even NCAA first and second round games. There's no reason a metropolitan of nearly 2 million people should have something as small and honestly outdated as Scope. None whatsoever.
So why not use the Hampton Coliseum? It seats almost 14,000.

Quote:
I could be wrong, but isn't this a plan all along to make that part of VB an entertainment district, with or without a professional sports team? I don't think how the money is being spent is important unless we are talking about the Maloofs. Right now, they don't have the money or the resources to get an arena where they are at, so if they can join a place like VB and get a 25 year lease and VB gets the large attraction of a professional franchise, it's a win-win. I remember hearing that Ted Leonsis had been leasing the Verizon Center in DC and barely broke even his first few years owning the franchise (Washington Capitals) because of the cost to lease (he didn't own the Verizon Center at the time). I would imagine VB would make a lot of money off of taxing box seats in addition to the revenue they would get from people patronizing local business around the arena similar to how Chinatown has thrived in DC.

I think you are getting way to inundated with the numbers here. This is very realistic. VB doesn't need the Maloofs to make this happen, but the fact that they could be involved makes it even more realistic.
And that's fine to make it an entertainment district. If the project is such a wonderful idea that will make so much money, Comcast should be paying for it. The problem is that it won't be and VA Beach will be left holding the bag.
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Old 08-26-2012, 01:04 PM
 
275 posts, read 764,123 times
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Quote:
Originally Posted by Coconut1 View Post
So why not use the Hampton Coliseum? It seats almost 14,000.
Not for sports it doesn't...I think it only holds about 10,000, just like Scope.

To its credit, the Coliseum does get the Hampton Jazz Festival, and that's obviously there to stay. But other than the Phish concert, I can't think of too many other bands that are stopping in Hampton either. It's the same age as Scope, so I imagine it's just as outdated.
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Old 08-26-2012, 05:46 PM
 
Location: DMV
10,136 posts, read 11,243,034 times
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Quote:
Originally Posted by Coconut1 View Post
And that's fine to make it an entertainment district. If the project is such a wonderful idea that will make so much money, Comcast should be paying for it. The problem is that it won't be and VA Beach will be left holding the bag.
Why are you so hung up on that? Who cares? They could still pay for it, and guess what, the deal would likely still happen, so what your point? Is that going to make this less likely from happening?
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Old 08-26-2012, 05:49 PM
 
Location: DMV
10,136 posts, read 11,243,034 times
Reputation: 3176
Quote:
Originally Posted by Steelers10 View Post
But you are making too much sense and that's not what people want to hear. When I said this arena project could make Virginia Beach's Oceanfront the third best entertainment district on the East Coast after Manhattan and DC then people started making stuff up. But if anyone has actually been to the Verizon Center and hung out at Gallery Place and in the Chinatown district between Verizon Center and the Walter Washington Convention Center then they would know that this is the EXACT layout and style of walkable development Virginia Beach is shooting for. But no, people want to talk about Anchorage, Alaska and Columbus, Ohio and all points west even though Virginia Beach's city council to the best of my knowledge is the only city with a meeting on Tuesday with a $100 billion multimedia giant who wants to build an arena in their city to the EXACT specifications and style of development the NBA is looking for at the EXACT time a franchise is actively seeking a new home in the EXACT type of small market that modern owners covet due to the lack of competition with other pro sports franchises.
People assume that other places are in position to the exact same thing. It's ridiculous how pessimistic people are being about this. People need to read between the lines, if this wasn't even a possibility, they would have shot it down and moved on. The fact that they didn't say this wasn't happening (forget how the media is spinning this), shows that they know something about this deal.
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Old 08-26-2012, 06:52 PM
 
3,849 posts, read 7,599,976 times
Reputation: 1977
Quote:
Originally Posted by pgtitans View Post
Why are you so hung up on that? Who cares? They could still pay for it, and guess what, the deal would likely still happen, so what your point? Is that going to make this less likely from happening?
Are you serious?? I'm glad you're not the one writing the checks for the city- they'd be broke in no time!
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