Venture Realty Group Selected as Preferred Developer for Dome Site

Negotiations will proceed to establish term sheet and development agreement

Tuesday, November 21, 2017

The Virginia Beach Development Authority voted today to select Venture Realty Group as the preferred developer for the proposed mixed-use, multi-venue entertainment complex on the property known as the old Dome site located between 18th and 20th streets. The resolution the VBDA adopted establishes an exclusive negotiation period to develop a term sheet and ultimately, a development agreement with Venture Realty Group for the project.

"While there is a lot of work still ahead, this is a very important step in the process," said VBDA Chairperson Dot Wood. "We were fortunate to have four highly qualified development groups express interest in working with the City on this project. Ultimately, we're looking to create a year-round entertainment destination that people will enjoy visiting and the Venture Realty Group team presented the most compelling vision."

The VBDA issued a Request for Proposals earlier this year that asked responders to discuss their ability to transform this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 1.76 million people who live in the MSA, to include such features as:

  •  Multi-block mixed use development
  •  Minimum 3,500 seat live entertainment performance venue
  •  Unique/new to market retail
  •  Unique/new to market authentic restaurants
  •  Additional entertainment concepts
  •  Possible residential but not as a primary use
  •  Year-round programming attractive to both locals and tourists

Venture Realty Group described its vision as creating "a truly unique resort and commercial destination that would be unlike any development on the East Coast."

The review committee included Vice Mayor Louis Jones, Councilmember John Uhrin (Beach District), VBDA Chair Dot Wood, VBDA member Jerry Miller, Deputy City Manager Ron Williams, Finance Director Patti Phillips, Convention and Visitors Bureau Director Brad Van Dommelen, Senior City Attorney Alexander Stiles, Economic Development Project Manager Rob Hudome, and Economic Development Director Warren Harris.

The agreement establishes a period of 180 days to accomplish the research, analysis and studies necessary to complete the term sheet and development agreement.

A robust public input process will invite residents to help decide the right mix of elements and venues. The 10.35 acre site has been a surface parking lot since 1994 when the old Dome entertainment venue was torn down. "Previous development concepts for the site have not come to fruition, but we gained good insights into the market and opportunities for this type of development," said Deputy City Manager Ron Williams. "We feel very optimistic that the City and Venture Realty Group can make this exciting vision a reality."

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