Atlantic Park deal closes; construction to begin immediately in Virginia Beach
Atlantic Park, a $335-million mixed-used development, is a done deal, and construction will begin immediately.
Virginia Beach and the developer, Venture Realty Group, announced the closing Thursday. Pharrell Williams is a partner in the project, which will be built on the former dome site in the heart of the resort area.
The Virginian-Pilot first reported last week that the deal was in the closing stages.
“Atlantic Park will reimagine the site as a first-of-its-kind indoor/outdoor experience that captures Virginia Beach’s distinct culture and continues its long-lasting heritage of music and surfing,” the developer wrote in a news release.
Atlantic Park will be anchored by a surf park, and will also feature new-to-market restaurants, retail, experiential retail, residential, offices and an indoor/outdoor entertainment venue.
The 2.67-acre Wavegarden Cove surf lagoon will be able to generate waves as high as 6 feet for experienced surfers and as low as 1 foot for beginners.
“Atlantic Park changes everything for Virginia Beach,” said Virginia Beach Mayor Bobby Dyer in a statement. “With year-round surfing, entertainment, community gatherings and the influence of global visionaries like Pharrell, the heart of the Virginia Beach Oceanfront will be changed forever and for the better, for locals and visitors alike.”
The announcement comes after the city’s prolonged search for the right developer to transform the old Dome site at the Oceanfront into a vibrant entertainment hub.
Construction on Phase I of the development will begin immediately, with an anticipated opening date of summer 2025. Phase I will include the surf park, the entertainment venue, commercial aspects, and more than 300 multifamily homes and office space.
Phase II remains in the conceptual phase but is slated to include additional public parking, residential and retail space, as well as a boardwalk connecting Atlantic Park to the Virginia Beach Boardwalk at the 17th Street Park, according to the news release.
The city is contributing $125 million to the project for two parking decks, an entertainment venue and public infrastructure improvements to the Central Resort Area.
Stacy Parker, 757-222-5125, firstname.lastname@example.org