Spectra Signs On To Manage Proposed New Virginia Arena

The 17,500-seat arena being planned for Richmond, Va., would be run by Spectra according to a proposal currently being reviewed by the City Council.

Under the terms of the proposal Spectra would invest $8 million into the arena, would oversee operations, food services, hospitality and marketing partnerships, and would use its national network to transform Richmond into a “must-stop” destination. 

The plans are part of a larger Navy Hill project to revitalize a 10-block neighborhood in downtown Richmond. In addition to the proposed mixed-use development, the NH District Corp., which is spearheading the project, is aiming to create new tax revenue for schools and public services, to create new jobs, to create affordable housing, additional opportunities for minority business and job participation.

 

Almost of the plans will be funded by private investors and will not bring new taxes, according to the Navy Hill website. 

“Spectra has made a long-term commitment to the future of Navy Hill and to Richmond. We believe in this project, and we know that it will be a profitable one for the City, which is why we are excited to make a significant investment in Navy Hill,” CEO of Spectra Dave Scott said in a statement. “Richmond is a historic city with a rich arts and culture scene that will only be enhanced by a modern facility with the capacity to draw first-rate acts and sell out shows. With Spectra managing venue operations, food and beverage, and sponsorships in tandem, we will be able to seamlessly integrate all elements necessary to successfully position the new venue among major artists and sporting events interested in tours starting in D.C. and heading south down I-95. We look forward to working with City Council and earning their support.”

Spectra remains a titan in North America. Last year the company hired SVP and COO of food services & hospitality Richard Schneider and VP of entertainment and events Andrew Forstadt. The company also entered into a promoter agreement with NS2 and 191 Touring.