HomeMy WebLinkAbout333 Laskin Road Proposed Sale Terms333 Laskin Road -
Term Sheet for the Sale
of City Property
Emily Archer, Economic Development Deputy Director
City Council Briefing, August 12, 2025
Purpose
•Provide background of the RFP
for the former Papa Johns
building at 333 Laskin Road
•Review the negotiated Terms
for Sale for 333 Laskin Road
•Seek Council direction on next
steps
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333 Laskin Road
•Ownership: City of Virginia Beach
•Lessee: Papa Johns (to relocate)
•Property: 0.327 Acres/14,246 SF
•Purchased: April 29, 2011 as part of the
Laskin Road Gateway Project, Phase 1-A
(CIP 2-143) road project, for $1,427,000
•January 2023 Appraised Value:
$1,680,000
•Zoned: OR
•City Council District: 6
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333 Laskin Road – RFP Process
•Council directed an RFP be issued in Spring 2024 following multiple
separate requests for purchase received by Public Works Real Estate
•RFP issued for 60 days: December 1, 2024 – February 3, 2025
•Publicized:
•Virginian Pilot Legal Ad, Virginia eProcurement Marketplace
•Economic Development Website, www.yesvirginiabeach.com/rfp
•Direct Distribution via email to Economic Development/PW Real Estate List
•Sign on Property
•Two responses received
•Review Committee convened: February 2025, one recommended for
acceptance and advancement
•Council Closed session briefings: March 2025 (direction to negotiate) &
June 2025 (review of sale terms)
VB Laskin Road LLC
Disclosures
•Applicant: VB Laskin Road LLC
•Representatives Ashley Wiltshire, Daniel Shiff,
Andrew Shiff, & Stacey Singer
•SJG Properties – Ashley Wiltshire, Managing
Member
•EB5 Capital – Daniel Shiff, Chief Investment Officer
•The Brody Family
•Accounting: Toole Katz & Roemersma, LLP
•Architect: Poole & Poole
•Engineer: Timmons Group
•Legal Services: Troutman Pepper – Rob Beaman
SJG Properties
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VB Laskin Road LLC Proposal
Concept
•215 multifamily
apartment units
(5-6 stories)
•Approx. 20,000 SF of
ground floor commercial
and amenities
•330-space parking deck
•Estimated capital
investment: $64 Mil
•Anticipated timeline:
22 – 24 Months after
receipt of building
permits
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VB Laskin Road LLC Proposal - Rendering
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VB Laskin Road LLC Proposal
Zoning Analysis
•30th ½ St. incorporated –
Alley closure will require
City Council Approval
and agreement from
neighbors
•Corner utility easements
will need to be
addressed
•Parking structure
setback on 30th St to be
addressed
•75’ Ht Requirement met
•Parking Requirements
met
VB Laskin Road LLC Proposal
20-Year Fiscal Impact Analysis
REVENUE
Real Estate $26,849,629
Restaurant**-
Utility**-
BPOL 2-yr exempt**-
General Sales**-
Sale of 333 Laskin Road $1,500,000
Total $28,049,629
EXPENDITURES
Expenditures -
Nominal Difference $28,049,629
New Present Value $17,532,461
Avg. Annual Real Estate Revenue $1,278,554
•**Existing retail space on
commercial property effectively
offsets the anticipated retail
•Project is estimated to
generate an annual average of
$1,278,554 in new real estate
taxes per year
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Proposed Sale Terms For Consideration
•Developer to purchase 333 Laskin Road & City’s
30 ½ St Alley Easement for $1.5 Million
•A 180 day due diligence period prior to closing is
proposed for further site investigation
•Purchase price could be reduced up to $300,000 for
utility easements that would impede the construction
of structures once confirmed by survey
•City to retain approval rights to project scope
•City to demolish the existing structure
•Developer to provide evidence of satisfactory
financing
•Developer responsible for any necessary utility
relocation
•City can recapture property if construction has not
commenced within three years of closing
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Proposed Next Steps
1.Public Hearing and Public Comment on
Proposed Sale – August 19th
2.City Council vote on the Term Sheet and to
authorize the development and execution of
sale documents – September 2nd
Discussion