Copyright 2008 RealTour® Realty & The Young Professional Services (TYPS), LLC. Virginia Beach Investment Presented by RealTour ® Realty The following information is considered proprietary and should not be distributed to any individual or party without expressed approval. RealTour® is a registered trademark of The Young Professional Services, LLC.
Virginia Beach Investment Rev 1
May 15, 2015
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Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Investment
Presented by RealTourreg Realty
The following information is considered proprietary and should not be distributed to any individual or party without expressed approval RealTourreg is a registered trademark of
The Young Professional Services LLC
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
INTRODUCTIONbull About RealTourreg Realty
bull Virginia Beach Info
bull Oceanfront Planning Areas amp Projects
ndash Rudee Loop
ndash 19th St Corridor
ndash The Dome Project
ndash Additional Projects (Ocean Center)
bull Previous Projectsndash Convention Center
ndash Town Center
bull Previous Proposalsndash Sunrise Development
bull Parcels Availablebull RealTourreg Realty Services
bull Due Diligence
bull Attachmentsndash Dome Project Request for Letter of
Interest (RLI)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
About RealTourreg RealtyAt RealTour Realty It is our goal to connect good people to high quality projects
We will achieve this goal by developing a team of local experts that understand the complexity of large projects
We put our clients interests ahead of our own We listen to our clients and understand their needs and goals
We believe in teamwork and collaboration We come to better answers in teams than as individuals So we do not compete against each other Instead we share a structured problemndashsolving approach where all opinions and options are considered researched and analyzed carefully before recommendations are made
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach InfoVirginia Beach is a vibrant growing city that has been named ldquoThe Best Place to Live in Americardquo by USA Weekend In addition tourism is a major contributor to Virginia Beachrsquos economy with three million visitors spending about $821 million annually ndash and not just in the summertime In fact 60 of Virginia Beachrsquos tourism business occurs in the shoulder season making it a true year-round destination In addition tourism creates close to 15000 jobs in Virginia Beach each year In 2005 Virginia Beach unveiled a $200 million 500000 square-foot convention center designed by Skidmore Owens amp Merrill making the city an even more popular destination for conventions and meetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Planning Areasbull Oceanfront
ndash Rudee Loopbull No RLI
ndash 19th St Corridorbull Long Term
ndash The Dome Projectbull In Progress
ndash Additional Projects
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
INTRODUCTIONbull About RealTourreg Realty
bull Virginia Beach Info
bull Oceanfront Planning Areas amp Projects
ndash Rudee Loop
ndash 19th St Corridor
ndash The Dome Project
ndash Additional Projects (Ocean Center)
bull Previous Projectsndash Convention Center
ndash Town Center
bull Previous Proposalsndash Sunrise Development
bull Parcels Availablebull RealTourreg Realty Services
bull Due Diligence
bull Attachmentsndash Dome Project Request for Letter of
Interest (RLI)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
About RealTourreg RealtyAt RealTour Realty It is our goal to connect good people to high quality projects
We will achieve this goal by developing a team of local experts that understand the complexity of large projects
We put our clients interests ahead of our own We listen to our clients and understand their needs and goals
We believe in teamwork and collaboration We come to better answers in teams than as individuals So we do not compete against each other Instead we share a structured problemndashsolving approach where all opinions and options are considered researched and analyzed carefully before recommendations are made
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach InfoVirginia Beach is a vibrant growing city that has been named ldquoThe Best Place to Live in Americardquo by USA Weekend In addition tourism is a major contributor to Virginia Beachrsquos economy with three million visitors spending about $821 million annually ndash and not just in the summertime In fact 60 of Virginia Beachrsquos tourism business occurs in the shoulder season making it a true year-round destination In addition tourism creates close to 15000 jobs in Virginia Beach each year In 2005 Virginia Beach unveiled a $200 million 500000 square-foot convention center designed by Skidmore Owens amp Merrill making the city an even more popular destination for conventions and meetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Planning Areasbull Oceanfront
ndash Rudee Loopbull No RLI
ndash 19th St Corridorbull Long Term
ndash The Dome Projectbull In Progress
ndash Additional Projects
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
About RealTourreg RealtyAt RealTour Realty It is our goal to connect good people to high quality projects
We will achieve this goal by developing a team of local experts that understand the complexity of large projects
We put our clients interests ahead of our own We listen to our clients and understand their needs and goals
We believe in teamwork and collaboration We come to better answers in teams than as individuals So we do not compete against each other Instead we share a structured problemndashsolving approach where all opinions and options are considered researched and analyzed carefully before recommendations are made
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach InfoVirginia Beach is a vibrant growing city that has been named ldquoThe Best Place to Live in Americardquo by USA Weekend In addition tourism is a major contributor to Virginia Beachrsquos economy with three million visitors spending about $821 million annually ndash and not just in the summertime In fact 60 of Virginia Beachrsquos tourism business occurs in the shoulder season making it a true year-round destination In addition tourism creates close to 15000 jobs in Virginia Beach each year In 2005 Virginia Beach unveiled a $200 million 500000 square-foot convention center designed by Skidmore Owens amp Merrill making the city an even more popular destination for conventions and meetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Planning Areasbull Oceanfront
ndash Rudee Loopbull No RLI
ndash 19th St Corridorbull Long Term
ndash The Dome Projectbull In Progress
ndash Additional Projects
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach InfoVirginia Beach is a vibrant growing city that has been named ldquoThe Best Place to Live in Americardquo by USA Weekend In addition tourism is a major contributor to Virginia Beachrsquos economy with three million visitors spending about $821 million annually ndash and not just in the summertime In fact 60 of Virginia Beachrsquos tourism business occurs in the shoulder season making it a true year-round destination In addition tourism creates close to 15000 jobs in Virginia Beach each year In 2005 Virginia Beach unveiled a $200 million 500000 square-foot convention center designed by Skidmore Owens amp Merrill making the city an even more popular destination for conventions and meetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Planning Areasbull Oceanfront
ndash Rudee Loopbull No RLI
ndash 19th St Corridorbull Long Term
ndash The Dome Projectbull In Progress
ndash Additional Projects
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Virginia Beach Planning Areasbull Oceanfront
ndash Rudee Loopbull No RLI
ndash 19th St Corridorbull Long Term
ndash The Dome Projectbull In Progress
ndash Additional Projects
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Oceanfront Planning Areas
Ocean Center Project
Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Arial View
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Rudee Loop Informationbull Rudee Loop approx 10 acres of prime property on the
Virginia Beach oceanfront will be available soon for development for public and private use This is one of the most remarkable properties on the East Coast And the city will be looking for a remarkable developer to share their vision of a high-density mixed-use private development that could include a four-star hotel luxury condominiums upscale dining specialty retail public parking and lots of public open space walkways and bike paths
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridorbull The Old Beach District covers an area from Birdneck Road to the
oceanfront from 45th Street to Rudee Inlet with the core area being the land along 19th Street which connects the new Virginia Beach Convention Center to the oceanfront To that end the city has funded $14 million for improvement to the 19th Street Corridor
bull The project will include higher-density housing such as condominiums apartments and town homes in an area currently dominated by single-family homes The Old Beach District will also feature a completed pedestrian link three new parking garages and stores anchoring the corners of many blocks The highlight of the District will be an entertainment restaurant and shopping complex on the eastern end of 19th Street
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
19th Street Corridor - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Projectbull The Dome Site is nine acres of prime development land
located between 18th and 20th Streets fronting on Pacific Avenue in the heart of the resort area Originally this was the site of the Old Virginia Beach Civic Center which was commonly referred to as ldquoThe Domerdquo
bull The Virginia Beach Development Authority issued a Request for Interest (RLI) to solicit a qualified developer to construct a mixed-use upscale entertainment center and has approved an 8 month development contract with LARC Inc based out of Dallas Texas to develop a conceptual plan of the Dome Site
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project - Map
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Additional Projectsbull Ocean Center (Approx 50 Acres adjacent to the
Convention Center)ndash Privately owned by two (2) ownersndash No public funding approved (except the $14Mil for
19th St corridor Project)ndash Added to the Resort Area Master Planndash Owners Seeking a $500Million to $1Bil investment
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous Projectsbull Convention Center (Skidmore Owings amp Merrill LLP)
bull Town Center
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Convention Center ndash Project FactsCompletion Year 2007Site Area 3780 acresProject Area 516522 ft2Building Height 147 ftNumber of Stories 4
Project Awards2005 bull Virginia Beach Planning Commission bull Design Award2006 bull Business WeekArchitectural Record bull Citation for Excellence2006 bull Hampton Roads Association for Commercial Real Estate bull Best Institutional Public Building First Honor Award2007 bull AIA - Chicago Chapter bull Distinguished Building Award2007 bull American Public Works Association bull Public Works Project of the Year2007 bull Convention South Magazine bull Readers Choice Award Winner2007 bull Facilities amp Destinations Magazine bull Prime Site Award2007 bull Real Estate amp Construction Review bull Plaque of Honor2007 bull Trade Show Executive bull Innovation Award Floor Grid2007 bull Virginia Department of Environmental Equality bull Virginia Green Certification2008 bull American Institute of Steel Construction bull IDEAS2 - Innovative Design in Engineering and Architecture with Structural Steel Greater than $75 million Category National Award Winner
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town CenterTown Center is the heart of a mixed-use ldquomain streetrdquo style
development located at the core of Virginia Beachrsquos Central Business District and is the home of its cultural business and retail activities Spanning over 17 city blocks Town Center provides a mix of upscale retail luxury residential Class A offices a business-class hotel and an array of restaurants
Phase III of Town Center has recently been completed This phase features a new 38-story deluxe Westin Hotel and the Westin Virginia Beach Town Center Residences along with the Sandler Center for Performing Arts The Westin tower is Virginiarsquos tallest structure Phase III also includes additional free public parking commercial space and a conference center
Currently under construction is a 100000 square foot 6 story building with ground floor retail and 5 floors of Class A office space
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Town Center Project Phasesbull Phase Ibull Included the Armada Hoffler Tower a Hilton Garden Inn a office
parking garages and surrounding office and retail Phase I added 968000 SF and consisted of a $75 million private investment and a $25 million public investment
bull Phase IIbull Included the a public plaza parking garages a Dicks Sporting
Goods (originally a Galyans) and surrounding office and retail Phase II added 1248300 SF with a $90 million private investment and a $26 million public investment
bull Phase IIIbull Included The Westin Virginia Beach Town Center hotel and
residences a 5-story office building office retail and more parking Phase II added 996979 SF with a $173 million private investment and a $288 million public investment
bull Phase IVbull Scheduled to begin in the fourth quarter of 2008 and will include
the Phase IV and additional phases if any are scheduled to include 1630000 additional SF of space
Technical details
Cost $500 million
Size 17 blocks
Lease Area 43 million sq ft
Parking 3200
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Previous ProposalsThe plan by a South Korean company included more than 3800 condominiums 1500 hotel rooms and seven towers soaring up to 40 stories high
The size of the proposal by Sun Rise Development Co Ltd which covered more than 64 acres at the former Dome site Rudee Loop the Convention Center and the Tournament Players Club of Virginia Beach surpassed any proposal the city had seen in years
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Parcels AvailableFollowing are a few examples of prime properties in Virginia Beach
bull 1808 Artic Avebull 623 Virginia Beach Blvdbull 215 N Birdneck Rd
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
1808 Artic Ave
Not currently listed on the open market
Could be purchased between $800K - $1Mil
Prime location Owner will consider offers
Across the street from The Dome Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
623 Virginia Beach Blvd bull Strategic Location
Six blocks from Oceanfront -Three blocks from Convention CenterCurrent useAuto Sales and Repair(Many other possibilities)Sale Price - $1500000
LAND200 feet fronting Virginia Beach Blvd28000 square feet 64 acreZoned RT-3Two curb cuts
IMPROVEMENTSSteel building 50 X 120 7250 square feet (6000 sq ft footprint loft 1250 sq ft)2 bathrooms6 bays14 ft doorsBody shop (approx 25 ft X 25 ft)2 hydraulic lifts (Joyce)2 five horsepower compressors2 zone heat amp airTwo 5 ton AC unitsPhone system
NOTE Two in ground storage tanks
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
215 N Birdneck Rdbull Commercial Lotbull List Price
ndash $980000
ndash ($62820515AC)
bull 156 AC (68000 Sq Ft)bull Frontage 12447rsquo +-bull Zoning B-2
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available Commercial Properties
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (MLS)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Available LotsLand (LOOPNET)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
RealTourreg Realty Servicesbull Brokerage
ndash Marketingndash Property Managementndash Sales of CondosTimesharesndash Lease Agreementsndash Letters of Intent (LOI)ndash Buyer Representationndash Seller Representation
bull Investment Counselingndash Investment Property Researchndash Cost Estimates
bull Translation Servicesndash DocumentsMeetings
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Due Diligencebull Record Researchbull Design Inputbull Planning Department Liaisonbull Public Utility Department Liaisonbull Photographybull Consultationbull Document Translationbull Additional Services as Required
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Attachmentsbull The Dome Project Request for Letter of Interest (RLI)
ndash This example defines the project objectives and evaluation criteria A similar document will be released for the Rudee Loop Project
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLIThe Virginia Beach Development Authority
Request for Letter of Interest (RLI) and Qualifications for the Development of the Former Dome Site
in the Resort Area of Virginia Beach bull SECTION 1 OBJECTIVE bull The Virginia Beach Development Authority (VBDA) is issuing this Request for a Letter of Interest (RLI) for development of
an 85 acre site in the middle of the Cityrsquos resort area The property was formerly the site of the Virginia Beach Dome (Convention Center) and remains known as the Dome site even though the City has cleared the site in preparation for redevelopment which is the subject of this RLI The VBDA seeks a knowledgeable experienced qualified and capable developer with a strong cohesive internal and external development team experienced in complex multi-venue urban development projects to design develop and construct all facets of this project The City of Virginia Beach (City) has assembled approximately 647 acres of prime development property bounded by Pacific Avenue to the east and Arctic Avenue to the west between 18th and 20th Streets with an additional 214 acres on two adjacent parcels (total 85 acres) (see attachment) The City intends to develop this site as a multi-venue destination entertainment complex of the highest quality to include primarily entertainment but also some retail and restaurant components and a parking structure to satisfy the parking requirements of the development and public use parking spaces The City or its Virginia Beach Development Authority (VBDA) intends to enter into a development agreement with a selected developer in accordance with the terms described in Section 5
bull SECTION 2 DEVELOPMENT SITE ZONING bull The Dome site is zoned Resort Tourist District 3 (RT-3) The RT-3 Resort Tourist District provides for a mixture of uses
primarily devoted to resort and complementary resort uses that promote convention entertainment residential civic and related activities The district allows a wide variety of uses within both single-use buildings and mixed-use developments The zoning regulations are designed to encourage urban scale development pedestrian interaction with the development and uses that promote integration of and connectivity between the AtlanticPacific Avenues Corridor and the new Convention Center Specific regulations for the RT-3 District are available online at httpwwwmunicodecomresourcesgatewayasppid=10122ampsid=46 (go to Appendix A Section 1520)
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project ROI (continued)bull SECTION 3 BACKGROUND bull Virginia Beach is the largest city in Virginia with a population approaching 440000 The City is a
major national contender in economic development tourism and conventionbusiness Located in the statersquos southeast corner on the Atlantic Ocean the Virginia Beach Metropolitan Statistical Area is the 27th largest in the United States with a regional population of more than 16 million people living in nearby cities including Norfolk Hampton Chesapeake and Williamsburg Virginia Beach is now an urban center with tourism as one of its major industries Virginia Beach is the 1 vacation destination in the Commonwealth of Virginia and has become a year round tourism and convention destination More people come to this city from September through May than in the traditional summer season of June through August In 2006 Virginia Beach hosted more than 275 million out-of-town visitors These visitors spent $857 million during their stay for accommodations meals entertainment and other services generating $732 million in direct revenue to the City
bull Virginia Beach recently opened the new $2025 million convention center (designed by Skidmore Owings amp Merrill) located three and a half blocks from the Dome site The facility has a total of more than 500000 gross square feet The first phase of the facility opened in July 2005 and the full building program was completed in January 2007 From July 2005 through 2012 the new convention center has booked 146 conventions and meetings totaling 476000 room nights and an estimated economic impact of $165 million For the fiscal year 20062007 the building hosted 407 events including 51 meetings and conventions For more information regarding Virginia Beach please visit the website wwwyesvirginiabeachcom
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull Recent Virginia Beach Accolades
ndash 1048633 Americarsquos PromisemdashThe alliance for youth cited Virginia Beach among the ldquo100 Best Communities for Young Peoplerdquo (2005)
ndash 1048633 The 2005 Digital Cities Survey ranked Virginia Beach ninth in the 250000 or greater population category for the most technologically-advanced cities in America
ndash 1048633 Readers Digestrsquos 2006 Listing of ldquoAmericarsquos 100 Bestrdquo named Virginia Beachrsquos Boardwalk as a ldquoShorerdquo fire bet for sun-packed boardwalk strolls
ndash 1048633 In its 6th Annual ldquoAmericarsquos 50 Hottest Citiesrdquo publication Expansion Management Magazine ranked Virginia Beach as the 11th best city in the nation for companies looking to expand or relocate in 2004
ndash 1048633 Census Bureaursquos American Community Survey found that Virginia Beach has the 4th Highest Median Household Income among the nationrsquos 68 largest cities in 2004
ndash 1048633 In 2004 the National Policy Research Council named Virginia Beach as the Most Livable Large City for Women
ndash 1048633 Virginia Beach was ranked 4th in the list of best city governments by the National Policy Research Council in 2004
ndash 1048633 Sperlingrsquos Best Places ranked Virginia Beach as the eighth ldquoLeast Stressful Cityrdquo in 2004 ndash 1048633 Virginia Beachrsquos Department of Economic Development was ranked among the top ten in the nation
according to Site Selection Magazine in 2005 ndash 1048633 In its 2002 annual list of ldquoAmericarsquos Ten Best Citiesrdquo Ladies Home Journal named Virginia Beach No 1
overall among cities with a population of 300000 or more and No 7 for government ndash 1048633 Also of note the Virginia Aquarium located approximately one mile south of this Dome site attracted
more than 650000 visitors last year It is undergoing major renovations which are expected to attract even more visitors in the future
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 4 EVALUATION CRITERIA bull Each RLI response will be evaluated based on information provided by prospective developers or development teams
which address the following ndash 1) Developers current financial capacity to successfully complete a project of this scope and scale including the
most recent financial statements ndash 2) The developer shall demonstrate that they have successfully completed a minimum of two (2) comparable
projects as lead or master developer Please list the financial structure of each project including but not limited to the public and private contributions
ndash 3) Photographs of previous developments completed within the past five (5) years which are relevant to the scope and scale of this project
ndash 4) Three (3) financial and three (3) developmental references including addresses telephone numbers and relationship to the developer
ndash 5) List of current active development projects that involves the developer ndash 6) Resumes of key members of the proposed development team ndash 7) Disclosure of any potential conflicts of interest that could be relevant to this project in any manner ndash 8) The developer should describe their preliminary concept (Concept of Development) of the type of entertainment
venue(s)development that would be successful in the Virginia Beach market This Concept of Development should include at least preliminary consideration of how this Dome site project would relate to the growing tourism and convention business along the oceanfront (Atlantic and Pacific Avenues) as well as how this new development would relate to and complement the Cityrsquos new Convention Center Additionally responders are encouraged to discuss their approach to transforming this site into an entertainment venue that will regularly attract a sizeable percentage of the more than 16 million people who live in the surrounding region
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
The Dome Project RLI (continued)bull SECTION 5 EXCLUSIVE OPTION bull Subsequent to review of the responses to the above listed evaluation criteria the VBDA will grant a six (6)
month exclusive option to the selected developer to prepare a proposal for consideration by the VBDA focusing on such factors as the type and sustainability of the proposed entertainment venue project design (components and architecture) compatibility with the Cityrsquos vision for a successful entertainment venue which complements the growing tourism and convention business in the resort area and the developerrsquos creativity and sensitivity to the market It is the Cityrsquos and the Authorityrsquos goal to both minimize the Cityrsquos financial participation in the project and to attain the most distinctive highest quality entertainment based project possible
bull SUBMITTAL OF RESPONSES ndash 1 The responses should include one original and 10 copies and shall be placed in a sealed envelope
or package for submittal ndash 2 All responses shall be received and time-stamped in the office and location described below no
later than 300 PM Eastern Standard Time December 6 2007 bull 3 All responses are subject to public disclosure under the Virginia Freedom of Information Act To
the extent permissible by law the Development Authority agrees to keep confidential any confidential proprietary information included in a response provided that (1) the responder identifies the confidential proprietary portions of the response (2) the responder identifies as confidential and proprietary only those portions of the submittal that actually are confidential and proprietary Responders shall not designate their entire response as confidential and proprietary nor shall they so designate information that is already public
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Local Expertisebull Theresa Young
ndash BrokerOwner of RealTourreg Realty 27 years in Real Estate licensed in Virginia and North Carolina
bull Phil Youngndash Real Estate Professional 6 years US NAVY 15 years Government
contractor
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
Copyright 2008 RealTourreg Realty amp The Young Professional Services (TYPS) LLC
Strategic Partnersbull Norton amp Associates
ndash Investment Management Development amp Consulting
bull The McKinsey Construction Corporationndash Construction Project Management and Completion
- Virginia Beach Investment
- INTRODUCTION
- About RealTourreg Realty
- Virginia Beach Info
- Virginia Beach Planning Areas
- Oceanfront Planning Areas
- Rudee Loop Arial View
- Rudee Loop Information
- 19th Street Corridor
- 19th Street Corridor - Map
- The Dome Project
- The Dome Project - Map
- Additional Projects
- Previous Projects
- Convention Center ndash Project Facts
- Town Center
- Town Center Project Phases
- Previous Proposals
- Parcels Available
- 1808 Artic Ave
- 623 Virginia Beach Blvd
- 215 N Birdneck Rd
- Available Commercial Properties
- Available LotsLand (MLS)
- Available LotsLand (LOOPNET)
- Slide 26
- RealTourreg Realty Services
- Due Diligence
- Attachments
- The Dome Project RLI
- The Dome Project ROI (continued)
- The Dome Project RLI (continued)
- Slide 33
- Slide 34
- Local Expertise
- Strategic Partners
-
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