2025 revival
In 2025, a new proposal was submitted by Coleman Ferguson, owner of Virginia Beach Arena Corporation, to construct a 20,000 seat arena named Neptune's Pinnacle, with a target opening in 2028. Unlike the original plan, the updated project is entirely privately funded through a combination of institutional capital and Regulation A+ crowdfunding. The developers submitted a formal proposal to the city in July 2025, seeking only a long-term lease for city-owned land near the Convention Center. The project also aims to attract a professional sports franchise to Virginia Beach, one of the largest U.S. metro areas without a major team. ==See also==