Virginia Beach gives developer for entertainment complex more time
The Virginia Beach Development Authority has approved an extension of up to one year for exclusive negotiations with the Northern-Virginia based Peterson Cos. on a 230,000-square-foot entertainment project in the resort area.
The city and the company plan to use the extra time to develop terms that would move the VA ViBe! project forward.
VA ViBe! would be located on the former Dome site on 9.6 acres between 18th and 20th streets. Pacific and Arctic avenues border the site, with an additional parcel between Arctic and Baltic avenues.
For more than 35 years, the Dome was a well-known entertainment venue in Virginia Beach, hosting acts such as Jimi Hendrix, The Rolling Stones and Ray Charles.
Named for its golf ball-like appearance, the Dome existed on the site until 1994 when it was demolished to make way for a bigger entertainment complex.
VA ViBe! is envisioned as a mixed-use development with 125,000 square feet of entertainment space that could include a movie theater, bowling alley, live music or theater venue or exhibition hall. It calls for a dining area of about 65,000 square feet restaurants that could include range from fine dining to fast casual to a craft brewery or wine tasting room.
Plans also include about 40,000 square feet of destination retail, such as art studios, unique apparel shops and jewelry boutiques.
“We’ve waited for exactly the right product, and Peterson Cos. has delivered a transformative, multi-use development that will enhance all of the growth and opportunities in this area of the resort district,” Virginia Beach Mayor William D. Sessoms Jr. said in a statement.
Warren D. Harris, director of the city’s Department of Economic Development, added, “The development team at Peterson Companies has taken the time to evaluate the site and refine the concept. They have completed research and made modifications so that we are now in a very strong position to move forward with the terms to negotiate based on facts and accurate projections.”
The Peterson Cos. will design, construct, lease and manage the project. It is estimated that 2,380 full-time and part-time jobs will be created, while the total capital investment is estimated to be $100 million.