Venture Realty, a prominent local developer in Virginia Beach, was planning The Wave, a major mixed-use development near the city’s famed Boardwalk that would include residential, retail, restaurants, a cinema, office space, and an entertainment venue and surf park.

Venture Waves (an entity of Venture Realty) and the city’s Economic Development Authority hired a team led by Stone Planning to evaluate the feasibility and economic impacts of the potential entertainment venue, and the viability of the surf park.

We analyzed the local market, the entertainment and event industries, the local/regional competitive environment for facilities, a set of comparable facilities, and interviewed a wide range of stakeholders. Based on our market analyses, we recommended a multipurpose indoor entertainment venue with a maximum capacity of 3,200 people. An attached outdoor amphitheater would have a maximum capacity of approximately 5,000. We also commented on physical and operational implications of our recommendations, such as sound issues, the ability to host free vs. ticketed shows, and others.

Based on our recommendations, we forecasted the future operations and economic impacts of the recommended facilities. For the surf park, we provided high-level analysis of realistic visitation estimates and overall viability. Following presentation of our work, the developer and city signed a development agreement that included $95 million in public funding, and further planning continues.