In Norfolk, Matt McKinney reports the Virginia Beach City Council yesterday "signed off on a preliminary agreement" for a multi-purpose entertainment and sports arena on the city's waterfront between U.S. Management and Chicago-based investment bank B.C. Ziegler and Co. The vote puts the roughly $200M complex a "step closer to reality." Under the framework of the new preliminary deal, B.C. Ziegler "would finance" $200M, or the "guaranteed maximum cost to design and build the arena -- whichever is less." The complex "would be privately financed, with the city covering the cost of the land" and $76.5M "in infrastructure upgrades through a tax on arena event tickets and hotel stays" (Norfolk VIRGINIAN-PILOT, 7/13).
ARE YOU NOT ENTERTAINED? In Chicago, Danny Ecker notes the city's pro teams "are the latest to join a wave of franchises developing the real estate around their home venues and turning them into miniature entertainment districts." Such expansions -- "designed to amplify the game-day experience and serve people looking for a night out -- generate cash for teams through concession sales, assets to sell to sponsors, restaurant and retail leases." It "began with the Bulls opening a practice facility across the street from United Center" in '14, followed by the new $65M two-rink Chicago Blackhawks Community Training Center two blocks south of the arena. Now nearly every new pro stadium or arena these days "includes adjacent mixed-use development" (CRAIN'S CHICAGO BUSINESS, 7/11 issue).
ADDING TO THE MENU: In Minneapolis, Rochelle Olson reports Aramark’s M Hospitality yesterday "unveiled the additions" of new concession offerings at the Vikings' U.S. Bank Stadium. The new vendors throughout the building include Gramsky's, T-Rex Cookie, Be Graceful Bakery and Catering, Kramarczuk’s, Lola’s Cafe, Prairie Dogs, Twin Cities Foodie, Curds & Cakes, Cinnie Smiths and 612 Burger Kitchen (Minneapolis STAR TRIBUNE, 7/13).
