Construction on Phase I of the development will begin immediately, with an anticipated opening date of summer 2025. Phase I will include the surf park, the entertainment venue, commercial aspects, and more than 300 multifamily homes and office space.
No formal announcement has been made yet, but Taylor Adams, Virginia Beach’s director of economic development, said Tuesday the financing for the surf park project is in place and the deal is in the process of closing.
The sale of $121 million of bonds to help fund the project where the surf park will be the centerpiece is progressing, with the deal between the city and private Virginia Beach development company Venture Realty Group on the cusp of closing. The city is contributing 36% of the funding for the $342 million Oceanfront development.