HomeMy WebLinkAboutI. C. ATLANTIC PARK UPDATE 3.4.2025Atlantic Park Development Status
Emily Archer, Economic Development Deputy Director
City Council Briefing March 4, 2025
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 Venue Operators: Live Nation/OVG 360
•Financing: Fulton Bank, Dollar Bank, Old Point National Bank, TowneBank
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Atlantic Park Project
•300 Units of Multi-family Housing
•106,000 Square Feet Retail/Restaurant
•10,000 Square Feet Office
•20 Surf Bungalow Units
City/VBDA Assets•3,500-Person (5,000 with Outdoor Amphitheater) Entertainment Venue
•2 Parking Garages (1,475 Spaces)
•1/2 mile of rehabilitated public streets
•2.7 Acre Surf Lagoon
Estimated Total Development Cost $350 Million
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Construction Progress
Arctic Ave
Off-Site
Infrastructure
79% Complete
Surf Lagoon
77%
Complete
Parking
Garages
89% Complete
Entertainment
Venue
75% Complete
Mixed-Use
49% Complete
Pacific Ave
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Current Status
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Anticipated Delivery
Arctic AveOff-Site
Infrastructure,
Fall 2025
Surf Lagoon
Opening,
Summer
2025
Parking Garages
Opening, May
2025
Entertainment
Venue First
Concert, May 4,
2025
Mixed-Use
Residential
Opening, Spring-
Fall 2025
Mixed-Use Retail
Opening, Spring-
Summer 2025
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Pacific Ave
Temporary
Parking
•165 space surface lot planned to open in July on City/VBDA-owned land
•Permitted under temporary parking provision until the end of 2027
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Thank you
QUESTIONS?
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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
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