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Council hears proposal to build city‑owned parking garage at 30 Fifth Street; cost estimate $12.35 million to city
Summary
City staff presented a proposal on June 10 for a public parking garage at 30 Fifth Street in the resort area that would add 200 public spaces. The developer, Suburban Capital, would convey the land and the city would pay up to $12,350,000 from the resort parking CIP to construct the public portion of a 348‑space garage.
Kathy Warren, a city staff member presenting a resort-area parking update on June 10, told the Virginia Beach City Council that Suburban Capital has offered to convey a 0.666-acre parcel at 30 Fifth Street to the city as part of a partnership to build a parking garage.
Warren said the current proposal calls for a 348-space garage: 148 spaces to serve the developer’s hotel and 200 spaces designated as public. She said the developer would transfer the land to the city, and the city would pay construction costs not to exceed $11,200,000 plus soft costs and…
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