Arena, Town Center project highlight Virginia Beach business deals in 2015

A rendering of the proposed Virginia Beach Oceanfront arena. (Courtesy of www.esgco.com)
A rendering of the proposed Virginia Beach Oceanfront arena. (Courtesy of www.esgco.com)

The year in economic development for Virginia Beach closed out with a busy last quarter, highlighted by one of the city’s biggest deals in recent years: the approval of terms to build an 18,000-seat arena at the Oceanfront.

The arena agreement, in which a private developer will finance, build, own and operate the venue, represents a $270 million investment in private and public dollars, according to the city’s Department of Economic Development.

The City Council approved the deal in December, a week after it approved plans to develop another block in Town Center with a nine-story apartment tower and a live performance theater. That deal involves $41 million in mixed-use development, according to the city.

In all, the Economic Development Department tallied at least $350 million in new capital investment and expects at least 1,200 new jobs to come from business announcements in 2015.

Here are other notable business announcements from the past year:

  • The city launched its VABeachBio initiative to develop a biomedical research park in Princess Anne Commons.
  • The nonprofit Cyber Protection Resources Coastal Virginia launched.
  • A local 1 Million Cups program began. The entrepreneurial networking initiative invites people to present their startups to an audience of mentors, advisers and entrepreneurs.
  • New retail and stores were announced for Pembroke Mall, including REI, Nordstrom Rack, Fresh Market and DSW.
  • Haulotte North America, a subsidiary of the third-largest manufacturer of aerial work platforms, announced it would be relocating its corporate headquarters from Maryland to Virginia Beach
  • TAG America, a subsidiary of Germany-based TAG Chemicals GmbH, selected a Virginia Beach site for its first U.S. manufacturing facility.

 

 

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