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Atlantic Park (Under Construction)


vdogg

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This just in, Donald Trump plans to build the world's tallest condo building at the Virginia Beach Town Center!!! :console:

I am still waiting on that information that proves that Jillian's will be moving to the Town Center because that sounded like really exciting and truthful news!!

Edited by urbanlife
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Michael Jenkins has had enough capital lined up to build it under the old rules. With the credit markets tightened, the banks will now lend a smaller percentage of the money. Thus, the delay is about covering the difference.

What has long been decided was that desire for an entertainment venue at the Dome site. That will bring off-season bus tours to Virginia Beach, and bring down residents during the Winter.

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  • 1 year later...
The city gave Michael Jenkins, president of Leisure and Recreation Concepts Inc. in Dallas, an exclusive eight-month window to deliver the plan for the long-vacant site of the city's entertainment venue, the Dome. After five deadline extensions, officials still are waiting. Some are getting impatient, and the City Council has sent a message.

If Jenkins doesn't deliver in the next two or three months, the council warned, the project would be opened to other developers. The latest contract extension expires on March 31.

http://hamptonroads.com/2012/01/virginia-beach-demands-action-developer-dome-site

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  • 10 months later...

Dome site funding on track to meet goals:http://touch.wavy.com/20000/5084910

 

and the major reason given for the interest of additional investors...THE ARENA PROPOSAL

 

already the city is seeing a benefit and it isnt even approved yet.

 

highlights include a broadway theater and a large ferris wheel.

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Weren't we supposed to see plans and a presentation on this in mid-March? Anyone heard anything?

http://insidebiz.com/news/dome-site-details-impress-real-estate-group

 

 

 

 

Jenkins was supposed to be in Virginia Beach last week, but had to go to Europe for business. Nutter made a presentation in his place to the local chapter of Commercial Real Estate Women at the Town Center City Club.

Nutter called the project the only one of its kind in the United States. It will feature 75 percent entertainment, 15 percent food and beverage, and 10 percent retail, with a 2,500-seat Broadway-style theater, an ice rink, eight movie theaters, a bowling alley, themed restaurants, a children's floor and an outdoor, 185-foot tall Ferris wheel with enclosed dining cabins.

The city of Virginia Beach plans to lease the land for free for 10 years to Leisure and Recreation Concepts for the 440,000-square-foot structure.

Jenkins has received a commitment letter for $172 million in private equity financing from banks in London and Hong Kong, but has not yet received any of the money. Nutter cited the challenges and nuances of dealing with foreign banks for the delay. When asked to rate the chances of the financing coming through on a scale of 1 to 10, he replied, "Eight."

Nutter used slides to show what the three-story structure will look like, and the futuristic, curved building drew murmurs of approval from the audience. Nutter would not release the slides, saying he and Jenkins want to wait before unveiling the renderings to the public.

 

 

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I don't get the reason for the theater. You have Chrysler Hall in Norfolk and the Sandler Center in your own city, 10 minutes up 264. The former gets more than enough big shows throughout the year, and is still a fine facility. This is one of the things that creates unnecessary competition in HR.

 

I'm fine with the arena, I'm fine with the added entertainment options, but the theater is unnecessary IMO. We're not NYC.

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Thanks for the update!

 

I agree that the theater seems like the round peg compared to the other features of this venue. I'm crossing my fingers that is more of an outdoor mall that encourages pedestrians to walk around between the different offerings rather than having everything contained in one big building. It doesn't sound like it though. 

 

Interesting to hear that the developer is 80% confident that he'll receive the funding which was earlier reported as a sure thing. Don't have high hopes but fingers crossed.

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