A proposed major entertainment complex at the Oceanfront would cost about $328.5 million dollars with the city contributing around $95 million, Deputy City Manager Ron Williams explained Wednesday. The city and Venture Realty Group have reached a deal to build a Surf Park, Live Concert Hall, Retail Shops, and Restaurants at the old Dome Site around 18th to 20th Streets.
While this is a big step forward, city leaders stress that city council members will still have to vote before anything officially moves ahead. Williams says the city has talked for years about what to do at the site. The old Dome Site concert venue was demolished in 1994. Since then, the area has mostly become just parking lots above Pacific Avenue. The city had been negotiating with Venture Realty, who has involvement from musician Pharrell Williams.
The Wave, a recreation and entertainment complex proposed for the Dome Site at the Oceanfront, will succeed if a few key components fall into place, a new analysis of the project predicts. At the top of that list is music superstar Pharrell Williams, who would play an integral role in drawing people to a proposed 3,500-seat event center in the resort area. Williams, a Virginia Beach native, will regularly perform and create a branded festival at The Wave, according to a feasibility study.
The City Council and the Development Authority will be briefed Tuesday on five studies related to the project. Venture Realty Group, a Virginia Beach-based development company, plans to breathe new life into the long-vacant site, which has served as a surface parking lot since the Dome, a concert venue, was torn down in 1994. Plans for a surf park, an entertainment venue, apartments, an office tower, a restaurant and retail space, as well as parking garages, are in the works for the 10 acres between 18th and 20th streets, read more at pilotonline.com.
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