Virginia Beach buys London Bridge Commerce Center for $6 million
- November 21, 2011
Virginia Beach has purchased the 18-acre, mixed-use London Bridge Commerce Center for $6 million from The Seay Family LLC. City officials say the deal, purchased as part of a government-funded program, will protect Naval Air Station Oceana from incompatible business development.
The site at 130 London Bridge Road is located 50 yards from the I-264/London Bridge interchange and a planned light rail stop. London Bridge Commerce Center includes three commercial buildings with multiple tenants, many of which are incompatible with the city’s zoning ordinance. Plus, the property lies in Oceana’s Accident Potential Zone 1 (APZ-1).
“The decision by City Council to acquire this strategic property … will allow us to advance our YesOceana economic development program,” Warren D. Harris, director of Virginia Beach Economic Development, said in a statement. YesOceana was created as an incentive to encourage the roll-back of nonconforming uses and to encourage compatible uses to relocate within APZ-1.
Money for the property came from $7.5 million awarded to Virginia Beach by the state, part of the commonwealth’s annual contribution to help protect Oceana. Chris Zarpas, vice president, S.L. Nusbaum Realty Co., represented the seller and was the sole broker in the transaction. This is the city’s second large purchase in recent months to protect Oceana. In August, Virginia Beach bought the 516-acre Brown Farm near the Municipal Center from Kempsville Presbyterian Church for $7.8 million.