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Board approves temporary lease-with-option for LaShell Place sale to Vidar pending council action
Summary
The VBDA approved an amendment allowing Vidar to lease 2656 LaShell Place (up to two years at $12,000/month, triple net, with rent credited to purchase price) while the property owner resolves a civil matter; approval was contingent on City Council extending the reverter date.
The Virginia Beach Development Authority on Aug. 12 approved a resolution to amend terms of the sale for 2656 LaShell Place, allowing the buyer, Vidar, to transition to a lease with an option to purchase while the seller resolves a personal civil legal matter.
Staff described the property as roughly 16,410 square feet of light industrial space in District 3. Under the amended terms presented by staff, the…
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