from David Ham of 13WVEC,

A proposed 18,500-seat arena at the Va. Beach Oceanfront would have $98 million in economic impact in its first year and create 1,200 new jobs, according to a study released by Comcast-Spectacor, Live Nation and HKS Inc. at Tuesday afternoon's Council meeting.

Comcast-Spectacor President Peter Luuko told Council that when the group was first approached about the idea, they "jumped on it."

Building the $350 million arena is contingent on a commitment from an NBA or NHL pro sports team to play at the arena, but officials did not state which team it would pursue, stating "We know people in sports. We know who to talk to in the world of sports."

Luuko noted his group owns the Philadelphia Flyers NHL team and he sits on the board of the National Hockey League.

The arena would open in 2014 and experience its first full year operation in 2015. Luukko says Comcast-Spectacor and Global Spectrum would lease and operate the arena for 25 years.

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