Virginia Beach Council reviews Innovation Park status and future development plans

In a recent Virginia Beach City Council meeting, significant discussions centered around the development of Innovation Park, a key initiative aimed at bolstering the local economy through industrial growth. The meeting highlighted the park's history, current status, and future plans, emphasizing its role in attracting biomedical and advanced manufacturing industries to the region.

The presentation began with a review of the park's establishment, which was initiated in 2014 under the leadership of former Mayor Sessoms. The Virginia Beach Biomedical and Health Sciences Task Force was formed to explore the creation of a biomedical hub in the Princess Anne Commons area. This led to the designation of the area as a Special Economic Growth Area (SEGA), recognizing its potential for economic development due to existing medical research and recreational facilities.

Over the years, the council has made significant investments in the park's infrastructure, including a $6 million allocation for the second phase of development approved in May 2021. Recent updates to the park's design guidelines aim to enhance its appeal for contemporary light industrial and advanced manufacturing buildings, ensuring that development aligns with community standards and environmental considerations.

The council also discussed the challenges faced in attracting biomedical companies, noting a shift in focus towards supporting existing local businesses and adapting to the increased demand for industrially zoned property, particularly in light of the pandemic's impact on manufacturing sectors. The city has actively pursued grants to fund infrastructure improvements, including a recent $866,000 state grant aimed at expanding sanitary sewer services within the park.

As of now, over 31 acres remain available for development within Innovation Park, with ongoing efforts to market the area to potential investors. The council's commitment to fostering a robust industrial landscape reflects a strategic approach to economic resilience and growth in Virginia Beach.

Looking ahead, the council plans to continue monitoring the progress of Innovation Park and engage with stakeholders to ensure its successful development. The discussions from this meeting underscore the city's proactive stance in navigating the complexities of economic development while addressing the needs of the community.