In February 2017, City Council directed the Virginia Beach Development Authority to issue a Request for Letter of Qualification (RFQ) soliciting an experienced and qualified developer to design, develop and manage a mixed-use commercial development anchored by residential and entertainment uses.
Venture Realty Group was selected and has conducted over 50 public engagement sessions and commissioned studies. In January 2019, City Council approved a non-binding term sheet outlining the basic terms of the development agreement.
The purposed project is planned to include the following:
- Mixed-use commercial tenant spaces, including experiential retail and restaurants
- Class A commercial office space
- Approx. 425 market rate residential units
- Wavegarden Lagoon surf park
- Music and entertainment venue, estimated to hold 3,500
- Structured parking garages
- Pedestrian common areas and amenities
The project's estimated fiscal impact (once stabilized) is close to $8.2 million. Based on this estimate, direct revenue distributions include $1.9 million to Virginia Beach City Public Schools, $2.8 million to the City's General Fund and $3.5 million to the City's Tourism Investment Program (TIP) fund.