Norfolk Premium Outlets Mall dooms Peterson Cos. vision for the Dome
The Norfolk Premium Outlets mall apparently has doomed a developer’s vision for the long awaited Dome project in Virginia Beach.
After missing a deadline on plans to develop the 11-acre Dome site at the Virginia Beach oceanfront, the president of development for the Peterson Cos. said in a statement that its plans for a multi-entertainment venue with retail are now “unrealistic.”
“Our goal from the beginning was to deliver on the community's desire for entertainment options, appeal to prospective entertainment and dining concepts and serve as a catalyst for additional economic development,” said Taylor Chess.
While the Fairfax-based Peterson Cos. said it delivered on that vision with its proposal for VA ViBE!. However, for the $100 million project to be economically viable year-round, Chess said it requires a mix of uses including destination retail and experiential restaurants. Proposed uses included a movie theater, upscale bowling alley, restaurants and shops.
Work onNorfolk Premium Outlets began on July 2, with a groundbreaking ceremonty. The project, on the site of the old Lake Wright Golf Court, will be turned into an 85-store outlet mall.
“The recent announcement that traffic and access issues related to the Norfolk Outlets have been resolved, makes a project the scale of which we proposed for VA ViBE unrealistic. Moving forward with VA ViBE could potentially dilute both projects and would be a disservice to both Virginia Beach and Norfolk. As a result, we are revisiting the scale of the project with our partners and the negotiated term sheet will need to be modified,” said Chess.
Virginia Beach demolished the old Dome shaped building that once stood on the site on Pacific Avenue and 19th street more than 20 years ago. Since then, several developers have proposed projects. The Peterson Cos., which entered into an exclusive agreement with the city in 2014 that prevented Virginia Beach from entertaining other development offers, was the latest. The site is blocks from an 18,000-seat sports and entertainment arena project that recently received financing. It's being done by a private developer on city land.