25th Street Unsolicited PPEA Proposal

garage.7.1.15.jpgIn October 2011, the Breeden Company submitted an unsolicited PPEA (Public Private Educational Assistance) proposal https://www.vbgov.com/government/departments/sga/projects/Documents/25thStProposalBreedenCompany.pdf 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.​​​​​