City of Virginia Beach, VA

Virginia Beach,

Ballpark Complex Market Assessment, Financial Analysis, Economic Impact Analysis, And Public-Private Partnership Selection Support; Commercial Office Space Demand Confirmation And Financial Analysis

In 2013, the city of Virginia Beach, Virginia selected B&D to assist the city in its evaluation of proposals to develop sports facilities on a portion of the city-owned Princess Anne Athlete Complex. Our scope of work included a detailed review of each proposal; an examination of developer qualifications, experience, and financial capacity; an analysis of the financial feasibility of the proposed projects; and the development of an evaluation criteria matrix. To help inform the evaluation process, we performed market validation, demand confirmation, a financial analysis, and an economic impact analysis. We were tasked with validating the demand for, and the financial feasibility of, each proposed project. The city aimed to utilize our findings to negotiate the terms of a long-term land lease with a private entity. Our findings and recommendations supported the city’s decision-making process to select a preferred proposal and move forward with negotiations. The city ultimately selected a proposal submitted by a private entity to develop a new 5,000-seat Independent League ballpark, a youth baseball tournament complex with 17 fields, and a commercial office building. The project is expected to be completed in 2015.