REQUESTS FOR INTEREST
FOR THE SALE AND DEVELOPMENT OF PROPERTY ON BONNEY ROAD
VIRGINIA BEACH, VIRGINIA
The City of Virginia Beach ("City") requests an expression of interest and certain information from interested parties in the purchase and development of City-owned real estate located on Bonney Road in the Pembroke Area of Virginia Beach, Virginia.
The property (GPIN 1477-52-4516) consists of approximately 11.76 acres (estimated 6.5 to 7 acres usable), and was most recently acquired by the City in December 2003. It is within the Pembroke Strategic Growth Area.
Due to its proximity to both Town Center and Convergence Center, Interstate 264 and the Thalia Creek Greenway; the property is an important strategic location for the long term growth and success of the Pembroke Strategic Growth Area.
A more complete description of the property will be found in the attached materials. Additionally, the Pembroke Strategic Growth Area Plan can be found online at www.vbgov.com/pembrokeplan
To maximize the long-term development potential of the property in keeping with the spirit and intent of the City's Pembroke Strategic Growth Area Plan; achieve the construction of Class "A" office space (or other mixed-use development of Class "A" level); and provide for connectivity with Town Center, other Bonney Road development sites, future transit stops, and the Thalia Creek Greenway.
Submittal of Responses:
Statements of Interest shall be submitted no later than 27 October, 2017. All responses should be addressed in writing to:
Virginia Beach Economic Development
4525 Main Street, Suite 700
Virginia Beach, VA 23462
Contents of Response:
Respondents are requested to provide the following information:
- Terms of offer to purchase
- Proposed use/concept
- Estimated time frame for closing
- Estimated development time frame
- Estimated cost of improvements
- Proposed financing mechanisms
- Purchasing entity and names of principals
City staff (Economic Development) will solicit and review interests and preliminary submissions for the purchase and private development of the property. A respondent or short list of respondents may have the opportunity to modify submissions and/or may be asked to provide additional details following review by staff. Selection will be based upon compliance with the stated objectives. Staff may solicit other submissions if deemed necessary.
If a submission is selected, terms of the transfer of the property, as well as structure of the overall development plan, will be negotiated and finalized with the respondent. At a minimum the respondent will be expected to obtain an approved site plan for the property within twenty-four (24) months of the date of the award, and provide the City with a financing plan for the proposed development, acceptable to the City, within twenty-four (24) months of the award.
Sale of the property is subject to review and approval by the Virginia Beach City Council and/or the Virginia Beach Development Authority (VBDA). The real estate closing shall take place as soon as possible following VBDA/City Council approval.