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Virginia Beach Development Authority approves $3 million settlement and transfer of three Atlantic Park parcels
Summary
The Virginia Beach Development Authority voted to authorize a $3 million settlement with developer Venture Waves and to transfer three parcels south of 18th Street to the developer as part of a deal to resolve claims related to Atlantic Park phase 1; remaining punch-list and warranty items will continue to be addressed.
The Virginia Beach Development Authority on March 10 approved a resolution authorizing a settlement agreement with developer Venture Waves that includes a $3,000,000 payment by the city and the transfer of three authority-owned parcels south of 18th Street to Venture Waves or its affiliate, the board heard.
At a board meeting, attorney Chris Born described the deal as functionally…
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