Virginia Beach has issued $189 million in municipal bonds to fund a surf-park project backed by Pharrell Williams. The $350 million Atlantic Park development will feature a surf park, entertainment venue, residences, offices, retail space, and restaurants. The bonds are secured by city payments, reducing investor risk. Virginia Beach’s strong credit rating ensures high investor demand.
The Atlantic Park project represents a significant public-private partnership aimed at revitalizing Virginia Beach’s oceanfront area. Expected to attract both residents and tourists, the development is poised to become a premier destination for leisure and entertainment. The surf park, a key feature of the project, will cater to both amateur and professional surfers, adding a unique attraction to the region.
Additionally, the multi-purpose entertainment venue will host a variety of events, from concerts to community gatherings, enhancing the city’s cultural landscape. With residential units, office spaces, and a mix of retail and dining options, Atlantic Park is designed to create a vibrant, self-sustaining community. The city’s strong financial backing and credit rating have reassured investors, making this ambitious project a reality. As construction progresses, excitement continues to build for the transformation of Virginia Beach into a bustling hub of activity and innovation.