VIRGINIA BEACH, Va. (WVEC) -- A proposed $300 million development project could shape the future of the Virginia Beach Oceanfront. The centerpiece of the old Dome site: a massive surf park!

On Tuesday morning, the Virginia Beach Development Authority voted to select Venture Realty Group as the preferred developer for the mixed-use, multi-venue entertainment complex.

The location between 18th and 20th streets off of Pacific is currently a parking lot, but before it was bulldozed in 1994, the Dome featured big musical acts.

Venture Realty had been the developer eyeing the project. Musical artist and Virginia Beach native Pharrell Williams is also involved in the project.

If their vision comes to fruition, they would build the surf park, residential area, and an entertainment venue.

Deputy City Manager Ron Williams Jr. said city leaders want the project to be an anchor for the Oceanfront.

"We're really looking to spark that engagement on a year-round basis and a place where people come and experience something new," he said.

Following Tuesday's vote is a period of 180 days to complete research, analysis, and studies for the term sheet and development agreement.

A public input process is also expected to allow residents to help decide the right mix of elements and venues at the location.