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02/20/2013 - CITY OF VIRGINIA BEACH APPROVES 25TH STREET INDOOR SKYDIVING DEVELOPMENT PLAN

City of Virginia Beach Approves 25th Street Indoor Skydiving Development Plan

FOR IMMEDIATE RELEASE:

City of Virginia Beach Approves 25th Street Indoor Skydiving Development Plan  

Virginia Beach, VA – February 15th, 2013 – The Breeden Company has received approval from the Virginia Beach City Council to move forward with development plans for the indoor skydiving complex at 25th street near the Oceanfront. On Tuesday night February, 12th, the City Council unanimously voted to approve the project that will bring the only indoor skydiving complex on the east coast to the Oceanfront. The development plan calls for construction to begin on what is now a city parking lot located two blocks from the ocean.

The estimated $49 million dollar project will bring 147 luxury residential apartment units and a 598 space parking garage along with the iFly wind tunnel that will provide a safe and protected way for individuals to experience the same thing as a free falling skydiver.

The construction of the parking garage will nearly double the amount of parking spots that currently exist at the site today.  The additional parking will allow both tourist and locals’ better access to the beach, shops, restaurants and events offered along the Oceanfront.

The luxury apartment community will include one and two bedroom units and is designed to be the first Enriched Lifestyle Community built by The Breeden Company at the Oceanfront.  The community will provide high-end rental units that will fit nicely into the Virginia Beach oceanfront landscape with their state of the art architectural design.  Residents will bask in the resort style amenities that will be available to them and at the same time be just steps away from the Atlantic Ocean.

The iFLY component of the project will draw people into the Virginia Beach market from all over the country which in turn will bring additional revenues to our local business owners in the Virginia Beach area.  In addition, the facility will also provide our military personnel a local venue to practice their skydiving skills in a simulated environment.

The overall project will have a vast economic  benefit to the Virginia Beach area as it will keep hundreds of local tradesmen employed during the construction of the project and once completed is estimated to provide permanent employment for 25-30 fulltime employees.  The project is slated to begin construction at the end of the 2013 tourist season and open in 2014.

About The Breeden Company

For nearly half a century, The Breeden Company has built a solid reputation in the residential, multi-family, commercial, construction and resort development industries. The company has developed, built and operated over 6,000 apartments with an additional 740 units under construction and 1,200 planned units, 2 million square feet of commercial shopping center space, and 1,700 residential homes. The organization’s diverse business model and successful track record has made The Breeden Company a leader in the real estate industry.

Media Contacts:
The Breeden Company
Barry W. Tomlin
Vice President of Operations and Marketing
The Breeden Company
757-486-1000
Barryt@thebreedencompany.com