City of Hampton - File #: 26-0279

• File #: 26-0279
• Version: 1
• Name: Bonaventure Purchase & Development Agreement, Pinnacle Apartments Phase II, Project Deuce
• Type: Public Hearing
• Status: Agenda Ready
• File created: 8/24/2026
• In control: City Council Legislative Session
• On agenda: 9/9/2026
• Title: Resolution Authorizing the City Manager to Enter into a Purchase & Development Agreement with Bonaventure Development, LLC for the Sale and Development of City-Owned Property in the Coliseum Central Area
• Indexes: Community Development, Economic Development
• Code sections: 15.2-1800 - Purchase, sale, use, etc., of real property, 15.2-2100 - Restrictions on selling certain municipal public property and granting franchises

Title
Resolution Authorizing the City Manager to Enter into a Purchase & Development Agreement with Bonaventure Development, LLC for the Sale and Development of City-Owned Property in the Coliseum Central Area

Purpose
PURPOSE/BACKGROUND:
The City of Hampton (the “City”) owns two parcels of land, identified currently as LRSNs 7000147 and 7000165, together with the City’s interest in an unimproved section of public right-of-way adjacent thereto known as Barrack Street, located within the Coliseum Central area. The parcels and adjacent right-of-way collectively contain approximately 4.0+/- acres (the “Property”).

In February 2025, the City received an unsolicited proposal from Bonaventure Development, LLC, a Virginia limited liability company (the “Developer”), to acquire the Property for the purpose of constructing a multifamily residential development as an expansion of the adjacent Pinnacle Apartments (the “Project”). The proposal was determined to be consistent with and to advance the residential development objectives of the Coliseum Central Master Plan by adding additional market-rate housing within the district.

Following negotiations between the City and the Developer, the parties have reached a proposed Purchase & Development Agreement that establishes the terms and conditions for the sale and development of the Property. The proposed Purchase & Development Agreement provides for the sale of the Property to the Developer for $1,700,000 and the construction of a new multifamily residential development consisting of approximately 100 to 132 market-rate apartment units, together with associated parking, resident amenities, landscaping and related infrastructure improvements, with design components consistent with the existing Pinnacle Apartments. The Project will represent a minimum private capital investment of approximately $20,300,000. Subject to the satisfaction of the terms and conditions set forth in the Purchase & Development Agreement, inclu...