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VBDA approves easement expansion at 312 Virginia Beach Blvd., authorizes garage storage leases and conduit credit
Summary
The Virginia Beach Development Authority approved an increase to an equipment easement at 312 Virginia Beach Blvd., authorized parking management to lease unused garage storage spaces, and approved a $60,000 construction credit related to a Corporate Landing conduit lease modification.
The Virginia Beach Development Authority on Dec. 9 approved three property-related items: expansion of an equipment easement at 312 Virginia Beach Boulevard, authority for city parking management to lease small storage spaces in VBDA-owned garages, and a modification to a Corporate Landing conduit lease that includes a construction credit.
Easement: A staff presenter said the project along the 17th Street corridor required enlarging an original 150-square-foot Dominion equipment easement to better consolidate equipment and achieve construction cost savings. The presenter described moving equipment to the west side of the parcel so entrances and drive aisles remain clear; the board voted to approve the easement expansion.
Garage storage leases: Emily Archer said the Baltic garage contains about 1,000 spaces and the 20th Street garage about 400 spaces, and noted there are four storage spaces in the Baltic garage totaling about 1,122 sq ft and three in the 20th Street garage totaling roughly 272 sq ft. She told the board the recommended lease rate is $16.50 per square foot per year, with leases no longer than five years and annual 3% escalations, and asked the authority to authorize parking management to execute and administer those leases; the board approved the resolution.
Conduit lease: Staff explained that Global Links had requested additional conduit capacity and needed manhole modifications to accommodate larger sub-sea cable landings. The board approved reducing the upfront lease fee by a $60,000 construction credit (stated as a credit on a $160,000 upfront fee, resulting in a net $100,000 upfront amount under the amended terms).
Why it matters: These approvals allow the authority and city staff to manage assets and generate modest revenue without bringing each lease back for separate board votes, and they clear design and construction questions for current infrastructure projects.
Representative quote: Emily Archer said, “There’s about a thousand spaces in the Baltic garage and about 400 in 20th Street garage.”
