Amanda Hoffler Properties Inc. celebrated the next phase of development for the Town Center of Virginia Beach at a ceremony Monday in the Fountain Plaza.
The new city block will feature a residential tower with retail shopping at its base, according to a press release. It is scheduled to be finished in the spring of 2018. So far, the company’s investment in the city’s urban core is $500 million dollars.
“Since Fiscal Year 2005, the Town Center of Virginia Beach has generated $72 million dollars in business taxes, used mainly to support the City’s General Fund which pays for public education, street maintenance and public safety in every corner of Virginia Beach,” Mayor William D. Sessoms Jr. said in the release. “These tax dollars would not exist without a successful development of this magnitude.”
Negotiations with retailers are still ongoing, but one has been confirmed. The Zeiders American Dream Theater will feature a new 300-seat auditorium on the Town Center block. The Theater’s mission is to serve an artistic hub for local creatives of all genres, according to its website.