property
Land Release: Who Qualifies and How to Apply
The City of Virginia Beach opened applications this week for 12 parcels totaling 85 acres in the Princess Anne and Great Neck areas.
How we reported this
The City of Virginia Beach released 12 parcels covering 85 acres for mixed-use development on July 8, with applications due by August 22.
Population growth along the Lynnhaven River corridor has outpaced available housing stock by 4,200 units since 2023, prompting the release to address shortages in both workforce and senior housing. City planners tied the timing to updated projections from the Virginia Beach Economic Development Authority showing demand for 1,150 new units by 2029.
Qualification Criteria
Applicants must demonstrate at least five years of local development experience and commit to including 20 percent affordable units priced below $285,000. Priority goes to projects within one mile of the Virginia Beach Town Center or adjacent to the Sandbridge Road corridor. The Virginia Beach Planning Commission will score proposals on stormwater management plans that exceed current Chesapeake Bay standards by 15 percent.
Application Process
Developers submit digital packets through the city’s permitting portal, including site plans, financial statements and letters of support from neighborhood associations. A nonrefundable $4,200 fee covers review by the Planning Commission, which meets on the second Tuesday of each month. Selected applicants receive 90-day exclusivity periods before final council approval.
City records show 187 applications were filed for the 2024 land release, resulting in 31 approved projects that added 612 housing units. Average lot prices in the new round start at $312,000 per acre, with larger parcels near the intersection of Princess Anne Road and Nimmo Parkway listed at $1.8 million.
Interested parties can attend an information session at the Virginia Beach Convention Center on July 18 at 6 p.m. or download the full guidelines from the city website before the August deadline.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.