Located on the south side of the confluence of the Chesapeake Bay and the Atlantic Ocean, Virginia Beach is a bourgeoning independent city that traces its roots back to the initial settlement of the New World. The first British settlers to arrive here made a stop at Virginia Beach’s Cape Henry en-route to what would eventually become Jamestown. With its rich history, this seaside resort has its sights firmly on the future following a comprehensive rezoning effort that has spurred development interest and promises to redefine the local cityscape.
Over the past decade, Virginia Beach officials have formulated so-called Strategic Growth Areas (SGAs) as “areas designated to absorb future growth” in an effort to stem urban sprawl in favor of developing zones of higher density and leaving undeveloped land untouched. In turn, one of the most ambitious multi-use projects in the city’s history–the Town Center of Virginia Beach–has been going through numerous development phases. It is currently in development phase VI and the 24-block complex boasts over 4.3 million square feet in leasable area across office, hotel, retail, restaurant, condominium, and multifamily tenants. Accessible via Virginia Beach’s main thoroughfares–I-264 and Virginia Beach Boulevard–the $500 million project will continue to enrich the local Central Business District (CBD) for decades to come.
While the Pembroke SGA and its CBD has been the main focus to date, the other seven SGAs offer incentives and adequate zoning for other aspects of Virginia Beach’s future. The Resort SGA, for instance, was designed to elevate what the Guinness Book of World Records refers to as “the longest pleasure beach in the world” into one of the Eastern Seaboard’s most desirable
tourist destinations. In this vein, the Virginia Beach Arena and Entertainment Center–which recently was formally approved by the City Council–will add to the area’s amusement options. With a capacity of 18,000 seats, the 500,000-square-foot arena will offer regular shows for tourists and locals. The new arena and entertainment center will neighbor the upcoming $100 million VA ViBe project undertaken by The Peterson Companies that includes a bowling alley, an exhibition hall, and a luxury live music or theater venue in addition to 100,000 square feet of planned retail and dining space. Reaching these amenities will be easier than ever with the planned light rail extension from Norfolk that is poised to run through Virginia Beach’s CBD to the Resort SGA’s Atlantic coastline.
The featured properties in this month’s rent survey represent six communities in Virginia Beach built between 2002 and 2014, excluding Mayflower Seaside, which was constructed in 1950 as the first high-rise apartment in Virginia Beach. Occupancy rates for the communities range from 92% to 96%. Average rental rates per square foot range from $1.24 to $2.00, with average unit sizes ranging from 636 to 1,195 square feet. Common area amenities in the area typically include fitness centers, swimming pools, clubhouses, business centers, and courtyard areas with grills. Unit amenities include in-unit washer/dryers, walk-in closets, private balcony/patios, and upgraded appliances. Residents pay application fees of $25 to $50 and post security deposits from $400 up to one month’s rent. Pets are allowed in the majority of the surveyed communities with residents paying non-refundable pet deposits up to $350 and monthly pet rents ranging from $25 to $35.
© 2017 Greysteel. All Rights Reserved.