VIRGINIA BEACH, Va. — Progress toward redevelopment of the former Dome site at the Virginia Beach Oceanfront is scheduled to move forward on Tuesday.
The city will present a term sheet, or an outline of terms of the possible deal between the city and the developer, Venture Realty, to the public on January 8.
Mayor Bobby Dyer said the project would be a good move for the city.
“This is a transformational project,” said Dyer. “It’s going to create year-round opportunities for people to live out there. It’s going to create new business and it has the potential to bring in new wealth.”
The potential 10.5-acre site would span 18th to 20th streets off Pacific Avenue and would include an entertainment venue, restaurants, and apartments.
Newly released city documents said it would generate more than $8 million in taxes during its first year, all of which would go to schools and the city’s general fund.
“I think this is an exciting proposition,” said Dyer. “I think this can really be a transformational project that’s going to be good for the city of Virginia Beach and the region.”
Over 20 years, the city estimates the site would generate $57 million for the general fund and $49 million for public schools. During construction, it would create 3,600 jobs and another 2,000 jobs once the site opens.
Documents obtained by 13News Now say the city would invest more than $95 million in the project.
“This is coming from a dedicated tourist investment fund that wouldn’t be paying for stormwater,” said Dyer. “So we need to find new ways for the city to create new wealth to bring in these types of innovative businesses that will help pay for the infrastructure costs of that.”
The Virginia Beach Development Authority and City Council will vote on the Term Sheet January 15. Negotiations for a final Development Agreement should conclude in June 2019, with building scheduled for 2020-2023.