VIRGINIA BEACH, Va. (WVEC) -- Virginia Beach's City Council will cast a vote about returning $10.2 million tax dollars to the developers for a private-public parking garage near Town Center.
The Development Authority and the City Council both must approve the construction of the mixed-use project. The Development Authority has already voted and approved the project on Tuesday.
City Council was also expected to vote on Tuesday, however, they pushed the vote to August 15.
The developers project, CityView Two, consists of three structures that will hold office spaces, apartments, a hotel, and parking garages. This will be on a 10 acre lot just southeast of Town Center.
The $10.2 million from the city would be used to offset the portion of the cost for the developers, Ripley Heatwole Company Inc., of the structured parking.
With 488 parking spaces expected to be generated from the parking garage, the city is promised 150 spaces free and open to the public.
City Council knew about this project plan back in June of 2016 when they approved a non-binding term sheet.
Overall the total private investments reach $60.5 million to develop and construct the entire proposed project.
The planned located for the project is at the northern side of the intersection of Bonney Road and Constitution Drive.
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