Council authorizes sale of four acres to Bonaventure for Phase 2 of Pinnacle

The Hampton City Council voted unanimously Sept. 9 to authorize the city manager to execute a purchase and development agreement with Bonaventure Development LLC for roughly four acres in the Coliseum Central area, adjacent to the Hampton Roads Convention Center.

Leonard Sledge, the city’s chief officer for community and economic development, presented the proposed agreement and said the city would sell the site for $1,700,000. Sledge described a conceptual project as “100 to 132 new multi-family residential units” with a minimum capital investment of $20,300,000; closing is contingent on design-review approval, zoning approvals and evidence of financing. He noted the outside closing date for acquisition is March 30, 2027, and the outside completion date is 22 months after site-plan approval.

Andrew Bolton, speaking for Bonaventure, thanked council and said the company has been a long-term investor in the community (phase 1 at Pinnacle) and looks forward to expanding the development. Council moved to approve the resolution authorizing execution of the purchase and development agreement and the motion passed on a unanimous roll-call vote.