Virginia Beach will soon close on long-awaited financing deal for surf park project, city says
Developers of the proposed surf park project at the Virginia Beach Oceanfront are on the cusp of securing financing for the project and could close the deal before the end of the week, according to Deputy City Manager Taylor Adams.
The surf park is one part of the $350 million Atlantic Park development project, the largest public-private partnership in the city’s history. Virginia Beach-based developer Venture Realty Group is partnering with musician Pharrell Williams on the project in the heart of the resort area.
Virginia Beach will contribute more than $100 million on the entertainment venue, parking and other public aspects of the project.
“We’re in daily communication with our development partner and are very encouraged about where we are,” Adams said at the city’s Resort Advisory Commission meeting Thursday.
He also said he has not received notification yet that the developers have officially secured financing.
Mike Culpepper, a principal with Venture Realty Group, did not respond to questions from The Virginian-Pilot on Thursday.
On Tuesday, after the swearing in of the new City Council members, Adam told The Pilot that the closing could happen this week.
The city entered into an agreement with Venture in 2019 to build the mixed-use project on land between 18th and 20th streets from Pacific to Arctic avenues. Williams, who grew up in Virginia Beach, lived near the site as a young child.
Atlantic Park will be built in two phases, starting with an indoor-outdoor entertainment venue. Parking garages, apartments, offices, shops, restaurants and the surf park will also be part of the project.
The developers have been granted two extensions in the past 12 months on deadlines to secure outside financing for Atlantic Park. The most recent deadline was Dec. 31. The City Council could terminate its agreement with the developers for missing the deadline, but Adams was confident that won’t happen.
City Councilman Worth Remick, who is a new liaison appointed to the project, confirmed Tuesday that the closing is imminent.
“We will be in front of City Council in the very near future with some exciting updates,” Adams said at the meeting.
Stacy Parker, 757-222-5125, stacy.parker@pilotonline.com
