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The area around Virginia Beach Boulevard and Parks Avenue could use a little TLC, according to the city.
Developer Trident Investment LLC intends to make that happen with a 115-unit apartment complex that would include 30 affordable units at 725 Virginia Beach Blvd.
Montage Resort Apartments would cost between $20 and $25 million, and include studio, one-bedroom and two-bedroom apartments with rents ranging from $1,000 to $1,800 a month.
“The area needs to be spruced up,” Vice Mayor Louis Jones said in a phone interview. “And we think what they’re proposing to do is a good way to do that.”
Virginia Beach Community Christian Center currently is located on the property. However, the parish building at 1701 Parks Ave. will be demolished for the project, property owner Darshak Patel said. Patel also is president of the Virginia Beach hotel management company Plaza Group, whose clients include Tequila’s Mexican Restaurant, Comfort Inn and Holiday Inn.
The proposed apartment complex also would include a swimming pool, a barbecue area, an exercise room and a clubhouse. Parking would be available in a ground-level structure that would accommodate one vehicle per unit, Patel said. Additional parking would be available adjacent to the development across Parks Avenue. The complex would feature two art galleries in a main entrance along Virginia Beach Boulevard.
Two retail spaces — one 1,000 square feet and one 1,500 square feet — would be available to rent once the development is complete.
The City Council passed a resolution Tuesday deeming the property a revitalization area, making Trident eligible for state financing. Patel said he has applied for a city building permit, and he will apply for Virginia Housing Development Authority funding once he receives the permit. However, Patel plans to complete the project whether or not he receives state funding.
Andy Friedman, director of Housing and Neighborhood Preservation for Virginia Beach, said it’s possible the city could allot some of the annual federal funding it receives for affordable housing to the project.
Patel believes the location will be attractive to renters.
“This area and location is perfect — so close to the beach, close to the convention center and the new arena,” Patel said.
He hopes that construction of the apartment complex will begin within the next three months and that the facility will be open in about 18 months.