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VBDA approves $1.9M city pre-development contribution for Oceanfront parking garage project
Summary
The authority authorized a pre-development agreement and accepted a $1.9 million city predevelopment contribution for a proposed Oceanfront structured parking garage with retail; the developer anticipates mid-2028 delivery if pre-development proceeds.
The Virginia Beach Development Authority on June 9 authorized a pre-development agreement and accepted a $1.9 million city pre-development contribution toward a proposed public parking garage at 19th Street and Parks Avenue.
Staff described the recommended concept as a mixed-use garage with approximately 1,048 gross spaces, 18,000 square feet of retail/restaurant at the corner and roughly 968 net parking spaces once retail needs are accounted for. The pre-development phase will seek a guaranteed maximum price at ~35% design development; the developer will contribute to pre-development costs and the private retail portion will be privately financed. If the project proceeds on schedule, staff said the garage could be delivered by mid-2028.
Board members asked about funding, the project schedule, and conflicts; one board member abstained citing client relationships and the motion to authorize the agreement carried.
