Virginia Beach:
A City On The Rise
• Most populous
city in Virginia
• Part of MSA of
1.7 million
• 39th Largest city
in America
• 248 square
miles of land
• 447,000 residents
• 38 miles of beaches
• 3 large beaches in the tourism area, each with their own unique
personality and magnetic draw
• Over a $100 million spent to lengthen and widen the beach and boardwalk
• 3 mile boardwalk with dedicated bike path and 3 oceanfront parks
• 11,000 city-wide hotel rooms
• 18 new hotels in the past 10 years
• 30% increase in Average Daily Rate since 2003
• 516,000 sq. ft.
• Nation's first convention center to earn LEED® Gold certification
• Opportunity exists for Headquarters Hotel
• 11 miles west of oceanfront
• 36 acres of high-end retail, restaurants, hotels, residential and office space
• Tenants include: Westin, Ruth Chris, Bravo, Sandler Center for the Performing Arts
• Southern entrance to the Resort Area
• Pedestrian-friendly pathway connects with the boardwalk
• Mixed-use development
• Upscale shopping, sidewalk cafés, restaurants, etc.
• Pedestrian-friendly and community focused feel
Economic Drivers
• 7 economic sectors fuel our economy
• Over 20 national and international
companies are headquartered here
• Tourism is 2nd largest revenue driver
Total Number of Visitors: 12.7M
5.9M
6.8M
Total Overnight Visitors
Total Day Visitors
Longwoods International
$
Billion
Direct Travel Related Spending
102,244
$
Average Household Income –Overnight Visitors
2013 Virginia Beach Overnight Visitor Profile
1,751
$
Average Per Party Spending – Overnight Visitors
2013 Virginia Beach Overnight Visitor Profile
12,025
Jobs - $207M in Salaries
Virginia Beach Convention & Visitors Bureau
A True Year-Round Destination
June – August
39%
Sept – May
61%
Distribution of Room Nights Occupied
Smith Travel Research
And the press is taking note:
• 2nd Most business-friendly city in America –
─ CNN money.com / June 2013
• Top mid-sized American cities of the future (‘13/’14)
─ Infrastructure / fDi Magazine
• Best state for Business –
─ Forbes, Sept 2013
• One of America’s 50 best cities –
─ Bloomberg
• One of the best managed cities in the Country –
─ 24/7 Wall Street Journal
• One of Top 10 Boardwalks
─ National Geographic
Opportunities
In Our
Strategic Growth Areas
F
OCEANFRONT
Resort Area SGA
1. Central Beach District
─ Headquarters Hotel
─ Arena
─ 19th Street Corridor
─ Entertainment District
3
1
2. Marina District
─ Rudee Loop
─ Promenade
2
3. Laskin Gateway
Attractive Incentive Program
• Tax revenue rebate
• Threshold $30 million per project
• Form based code allows for greater density and
mixed used development
Tourism Gap Financing
• Must fill tourism void in our Resort Area Strategic Plan and be
located in the Tourism zone
• 1% of the state sales tax upon the project premises, a matching
amount of local taxes, and developer required to provide a
matching “access fee”
• Covers up to 20% of total project costs
Laskin Gateway
• Mixed-use development
• Upscale shopping, sidewalk cafés, restaurants, etc.
• Pedestrian friendly and community-focused feel
Hilton Oceanfront
• $79 million 4 star hotel, parking garage and retail mixed-use development
• $11.6 million land lease/purchase P3 incentive used
• $31.7 million city built garage to support the hotel
31 Ocean
• $60 million retail, office, multifamily, and parking garage development
• S28.4 infrastructure improvement capital project incentive
• The city redesigned roads, streetscaped the area, and buried the
utilities
The Cavalier Hotel
• $215 million hotel, restaurant, spa, and residential development
• $18 million P3 tourism zone incentive application submitted
• $18 million P3 economic development and infrastructure grants
issued
th
25
Street I-Fly
• Indoor skydiving, multifamily, and public parking $49 million
mixed-use development
• Land swap P3 incentive used
• $2.1 million P3 amusement tax redirect incentive issued
Central Beach District
1.
2.
3.
4.
Headquarters Hotel
Arena Site
19th Street Corridor
Multi-Venue Entertainment District
Marina District
Marina District
1.
Rudee Loop – 10 acres of prime city-owned land
2.
Promenade - boardwalk extension, parking garages, and
signature restaurants