It is the intention of the parties to facilitate the largest redevelopment of Oceanfront properties at the southern end of the Beach in the City’s history. The deal involves 6 families and spans over 3 city blocks. The total investment would be approximately $245,000,000.

• Restaurants • Retail • New 880 Foot Concrete Pier

• 800-1,000 Space Parking Facility • Oceanfront Park/Plaza • Full-Service Franchised Hotel • Nationally Recognized Vacation Ownership Resort

PROPOSED DEVELOPMENT SITE

• Redevelopment of three entire blocks at the oceanfront to create a mixed-use lodging, restaurant and entertainment complex including a new 880 ft concrete pier and public park

• Approximately $245,000,000 in new investments

• Only possible due to the successful completion of a difficult assemblage of adjacent properties

• A consortium of investors and property owners including the Murden, Lachman, Capps, Sibony, Bonney, and Thompson families

The Development Consortium Includes:

• The Lachman Family – Elkan Lachman Sr. started the idea for the Pier in 1948. He purchased the land in 1949 and then sought investors to build the Pier. They

received a grant from the city in 1950, and built the Pier in 1950 with two other families (investors) the Murdens and the Bonneys. The three generations of Lachmans have businesses on the Pier today, and they own an interest in the Lynnhaven Fishing Pier on the Chesapeake Bay.

• The Murden Family – Murden was one of the three original Pier owners, and they too are in their third generation of ownership of the Pier. The Murdens have

been in Virginia Beach for more than 100 years, and they own many significant parcels of land at the oceanfront. Brian Murden also owns Beach Gallery on 31st Street.

• The Sibony Family – The Sibony family has lived and worked in Virginia Beach since 1990. They are one of a very few families that own an entire block at the

oceanfront between 14th and 15th Streets and Atlantic and Pacific Avenues. They also own Coastal Edge Surf Shops in addition to Sunsations stores in Virginia Beach, North Carolina and Maryland. They also own the Hampton Inn on the oceanfront on 11th Street.

• The Capps Family – Jimmy Capps and his family are fourth-generation hotel operators. His grandparents rented beach cabins in the 1940s and 50s. His parents

joined that business and purchased the Essex House Motel in 1962. That motel was replaced by the Breakers Hotel at 16th and Atlantic Avenue in 1984. The business continues to be operated by Jimmy, his wife Clara and their family.

• The Bonney Family – Al Bonney Sr. was one of the three original Pier owners and an active beach attorney and a member of the Virginia Beach Town Council. The

three generations of Bonneys are still owners of the Pier today. The Bonneys also own County View Trailer Park in Virginia Beach and the Hatteras Harbor Marina in North Carolina.

• The Thompson Family – Bruce Thompson has been a resident of Virginia Beach for more than 50 years. His company, Gold Key | PHR Hotels & Resorts, has invested

over $750 million in resort revitalization development consisting of new hotels, vacation ownership resorts, restaurants, office buildings, and apartments.

• A National Vacation Ownership Developer

A. The joint venture (JV) and investors to acquire the Oceanfront property, Old Pier (and improvements thereon) and Pier Franchise from the Murden, Lachman and Bonney Families

B. To develop a new 880 foot concrete pier immediately north of the existing pier and demolish the existing pier

C. To purchase the Parking Garage Parcel currently owned by Sunsations Realty, LLC on which the 800 to 1,000 space Parking Garage will be constructed for the private development and develop 68,428 SF of Retail/Office and Restaurant Space

D. To form a joint venture with the Capps family to construct a new hotel with between 150-200 rooms on the property currently occupied by the Breakers Hotel

E. To develop a Vacation Ownership / Hotel Resort for ultimate ownership and operation by a national vacation ownership hotel company

F. To integrate the construction of the 15th Street Commercial Building to the master plan for the project

Inspiration

ICONS Inspiration

Inspiration

PARK Inspiration

Inspiration

PARK Inspiration

Inspiration

SEASIDE PIER RESTAURANT Inspiration

Inspiration

SEASIDE PIER RESTAURANT Inspiration

Inspiration

ENTERTAINMENT Inspiration

Inspiration

ENTERTAINMENT Inspiration

• Older properties, vacant land, and a 65-year old pier

• Adjacent to Oceanfront Terminus of 17th – 19th Street S.G.A. Redevelopment Project

• Compliments future development of Dome Site

• Supports Arena Development

• Land Availability & Motivated Property Owners & Investors

• Redevelop the South End of the Beach

Capps Family

Sibony Family

Lachman, Murden & Bonney Family's

Property could be fully

developed in

accordance with current

zoning and the form-

based code. No public

access between 14th and

16th street pedestrian

connectors. Pier left in

current location and

potentially renovated.

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

• Lodging

• Restaurants

• Retail

• New 880 foot concrete pier

• 800 – 1,000 space parking facility

• Oceanfront Park/Plaza

Entertainment – Scenic Pier Overlook - SkyWheel – Restaurants – Retail – Fishing –

Potential Surfing Hall of Fame – Exhibition & Meeting Space – Park/Plaza

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

A new approximately 150-200 Room Full Service National Franchise Hotel and an approximately

330-Key Vacation Ownership/Hotel Resort to be Operated by a National Vacation Ownership

Company

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Minimum of 150-200 Rooms & Suites - Meeting & Conference Space - Food & Beverage Outlet – Indoor & Outdoor Pools

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Approximately 330-Key Vacation Ownership/Hotel Resort to be Operated by a National Vacation Ownership Company

Meeting & Conference Space - Food & Beverage Outlet – Indoor & Outdoor Pools

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Public Park/ Plaza that aligns

15th Street and Pier Creating a

Gateway to the New Pier

Between 10,000 – 20,000 SF Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Public Park that aligns 15th Street and Pier Creating a New Oceanfront Public/Park Plaza

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Park & Pier Alignment with 15th Street

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

Step 1 – To align roadway at 15th street to create a view shed and better oceanfront access

The Joint Venture would agree to trade the City of Virginia Beach 60 feet of private property at the end of 15th Street to

create a new 15th Street Oceanfront connector and create a viewshed, in return for the equivalent amount of property the

City owns on 14th Street

New Pedestrian Connector to be Developed in Alignment with 15th Street. Pier Aligns with new 15th Street

Pedestrian Connector and 15th Street to create a Dramatic View Shed

This would require developer to convey to the city 60 ft of private property at the terminus of 15th street to align the 15th street pedestrian connector with 15th street and the new pier, preserving vistas and providing beach access for the proposed parking garage. The city would convey back to developer 60ft (currently 14th street pedestrian connector)

Note: These illustrations are for massing purposes only and not intended to demonstrate final architectural design

The Joint Venture would Agree to Sell to City up to 75 additional feet of property if

City Desired to create a new City Park/Plaza and Pier Gateway

Redevelopment Area

15th Street Pedestrian Connector combines with additional purchased land that could create a Public Park/Plaza and

improving the viewshed from Atlantic/Pacific Avenue on 15th Street

Redevelopment Area

Once Streets are realigned and new pier development is approved, private development will commence construction of approximately 330 Keys Vacation Ownership Resort; a 150-200 Room Hotel; an 880 Ft Concrete Pier with retail, restaurants,

and entertainment; an 800 – 1,000 space parking garage; and 68,428 SF of Atlantic Avenue Retail and Office Space.

New 800 – 1,000 Space Garage is Constructed for Retail & Hotel/Vacation

Ownership Use and Potential Public Parking

68,428 SF of Atlantic Ave Retail & Office

1. Meet with City to finalize redevelopment scope & plans

2. Present project to various interest groups & the public

3. Complete design & obtain all permits necessary to

begin construction in Fall of 2016 (pier & parking first,

followed by: retail shops, vacation ownership, hotel and

park/plaza)