Virginia Beach Development Authority approves $3 million settlement and transfer of three Atlantic Park parcels

The Virginia Beach Development Authority on March 10 approved a resolution authorizing a settlement agreement with developer Venture Waves that includes a $3,000,000 payment by the city and the transfer of three authority-owned parcels south of 18th Street to Venture Waves or its affiliate, the board heard.

At a board meeting, attorney Chris Born described the deal as functionally unchanged from previously discussed terms: "It's a $3,000,000 payment by the city," he said, and said the land transfer would generate a release of claims between the parties. Born noted some punch-list work and warranty items remain open but said the agreement had been signed by Venture Waves and staff recommended the chair be authorized to sign closing documents.

Board members asked whether transferring the parcels would return them to the tax roll; Born confirmed that the property would be taxed once developed and said the intended use is for a phase 2 development.

The chair then called for a motion to approve the resolution authorizing execution of the settlement agreement and the transfer of three parcels on 18th Street between Arctic and Pacific. The board moved and seconded the resolution, recorded ayes on the voice vote and noted abstentions on the record; the motion carried.

The settlement documents, as presented, cover a city payment and property conveyance in exchange for release of certain claims tied to Atlantic Park phase 1. Officials said remaining warranty and punch-list issues will be tracked and are not fully closed out by the settlement.