HomeMy WebLinkAboutI. B. ATLANTIC PARK UPDATE 5.28.24Atlantic Park Update
City Council Public Briefing
May 28, 2024
Kathy Warren, Director, Planning and Community Development
Development Team
•Real Estate: Venture Realty Group
•Engineer: Kimley Horn, Coffman
Engineers
•Accounting: BDO
•Architect/Engineer: Cooper Carry,
Hanbury, WPL, Kimley Horn, Gensler
•Contractor: WM Jordan, Craft
Construction
•Legal: Kaufman & Canoles
•Entertainment Management: Live
Nation/OVG 360
•Financing: Fulton Bank, Dollar Bank,
Old Point National Bank, TowneBank
ATLANTIC PARK UPDATE 2
Presentation Overview
•Atlantic Park Project Summary
•Construction Progress
•Budget Status
•Project Schedule and
Anticipated Delivery
•Next Steps
ATLANTIC PARK UPDATE 3
Atlantic Park Project
•300 Units of Multi-family Housing
•106,000 Square Feet Retail/Restaurant
•10,000 Square Feet Office
•20 Surf Bungalow Units
•3,500-Person (5,000 with Outdoor
Amphitheater) Entertainment Venue
•2 Parking Garages (1,475 Spaces)
•2.68 Acre Surf Lagoon
•1/2 mile of rehabilitated public streets
Estimated Total Development Cost $350 Million
4
Construction Progress
Surf Lagoon
47%
Complete
Parking
Garages
68% Complete
Entertainment
Venue
29% Complete
Mixed-Use
20% Complete
ATLANTIC PARK UPDATE 5
Off-Site
Infrastructure
56% Complete
Atlantic Park Budget Status
•Parking Garages 71% Expended
•Entertainment Venue 29% Expended
•Off-Site Infrastructure 53% Expended
•Mixed-Use 24% Expended
•Surf Lagoon 24% Expended
ATLANTIC PARK UPDATE 6
Public Funding Overview
Capital Improvement Program Project City Contribution
Atlantic Park Parking $47,750,000
Atlantic Park Entertainment Venue $54,797,614
Atlantic Park Streetscapes $6,000,000
Atlantic Park Off-Site Infrastructure $34,967,955
Atlantic Park Site Acquisition $9,194,182
Total $152,709,751
ATLANTIC PARK UPDATE 7
Surf Lagoon
Opening,
Spring
2025
Parking Garages
Opening, Spring
2025
Entertainment
Venue First
Concert, Spring
2025
Mixed-Use
Residential
Opening, Spring-
Fall 2025
Mixed-Use Retail
Opening, Spring-
Summer 2025
ATLANTIC PARK UPDATE 8
Anticipated Delivery
Off-Site
Infrastructure,
Fall 2025
Current Status
ATLANTIC PARK UPDATE 9
Next Steps
•Community Development Authority (CDA) Annual Meeting
•Review of the CDA Bond Closing from March 30, 2023
•Prepare CDA meeting schedule in anticipation of project moving from
construction to operational
ATLANTIC PARK UPDATE 10
QUESTIONS?
QUESTIONS?
ATLANTIC PARK UPDATE 11