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07/09/2014 - CITY OF VIRGINIA BEACH EXPLAINS THE PRIVATE PUBLIC PARTNERSHIP AT 25TH STREET

City of Virginia Beach Explains the Private Public Partnership at 25th Street

 

What’s Happening at 25th Street?

You may have noticed new construction at the site of the 25th Street municipal lot. If you’ve been wondering what will happen to all those public parking spaces, wonder no more…

In December, the Breeden Company broke ground on a new facility at the 2.1-acre site of the 25th Street Municipal parking lot. The project includes 147 one- and two-bedroom luxury apartments, an indoor sky-diving simulation center called iFLY Virginia Beach, as well as a new 565-space parking garage to replace the old 240 space lot.
 
The construction of the parking garage will more than double the amount of parking spots available at the old lot allowing both local residents and visitors better access to the beach, shops and restaurants at the resort oceanfront. Approximately 340 of these spaces will be allocated for the public (the others will be dedicated to the apartments and iFly), for a net gain of about 100 public parking spaces. 
 
“Our beach is the city’s number-one revenue generating asset and one of the primary limiting factors in leveraging that asset to its greatest potential is capacity,” says Barry Frankenfield, director of the Strategic Growth Areas department. “Through thispublic/private partnership​ with Breeden Construction, the city has been able to increase parking capacity at the site by more than 40 percent for an outlay significantly cheaper than what it would cost the city to build the garage alone.” 
 
Further, according to Frankenfield, the construction of this project provides a net fiscal impact of approximately $10 million over 20 years; and $20.2 million over 30 years (nominal value).  
 
Additionally, the iFLY component of the project adds an attraction that will help Virginia Beach transition into a year-round tourist destination and it is expected to provide local military personnel a venue for practicing skydiving skills in a simulated environment.
 
Once completed, projections indicate that the facility will generate permanent employment for 25 to 30 full-time employees. 
 
The cost to build the garage is estimated at just under $10 million, the cost to build the apartments is roughly $13 million and the diving facility is about $6.6 million. The city’s contribution to the project includes the land, part of the expense for the garage, street improvements and relocation of utilities. 
 
Construction on the 19,000-square-foot iFLY facility began this past December. The garage and iFLY facility are expected to open this fall, weather permitting, and the apartments are scheduled to be complete in spring of 2015. 

 

 

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