25th Street Unsolicited PPEA Proposal

garage.7.1.15.jpgIn October 2011, the Breeden Company submitted an unsolicited PPEA (Public Private Educational Assistance) proposal to the City of Virginia Beach to convert the 25th Street parking lot into a mixed use development.

​The City authorized a comprehensive agreement utilizing public-private partnerships for development of public facilities for the  2.18-acre site on 25th Street. The property was a municipal surface parking lot (244 spaces) and was declared in excess of the City’s needs. The developer demolished the existing parking lot and redeveloped the property. The new development includes a public parking structure along with apartments and a year round indoor skydiving entertainment venue. The structured parking garage provides 377 public parking spaces and 221 spaces for the apartment residents.​​​​​