A proposed boutique hotel at the Virginia Beach Oceanfront is requesting a portion of its financing from public sources, according to recent discussions among city officials and developers.
Project Details and Location
The hotel is planned for a site at 24th Street and Atlantic Avenue, a prominent location along the Virginia Beach Oceanfront. The project envisions a six-story building featuring 120 rooms, a rooftop bar, and a restaurant. Developers have indicated that the hotel would be affiliated with Marriott’s Tribute Portfolio brand.
Request for Public Assistance
Developers are seeking approximately $7.5 million in public financing to support the estimated $40 million project. The requested funds would be sourced through a performance-based grant, which would be repaid using future tax revenues generated by the hotel. City officials have stated that the grant would only be provided if the project meets specific performance criteria.
City Council Consideration
The Virginia Beach City Council is reviewing the proposal and has not yet made a final decision regarding the public financing request. Council members have emphasized the importance of ensuring that any public investment yields a clear benefit to the city and its residents.
Developer Statements
Representatives for the development group have argued that public assistance is necessary to make the project financially viable. They contend that the hotel would contribute to the local economy by creating jobs and increasing tourism activity at the Oceanfront.
Next Steps
The City Council is expected to continue evaluating the proposal in the coming weeks. If approved, the project would move forward with both private and public funding sources.
For more details, visit the original report at this link.
