While lawyers, judges and academics partook of legal education, fellowship and sunshine at the Virginia State Bar Annual Meeting Friday, the soon-to-be new owner of The Cavalier Hotel unveiled details of an agreement for renovation of the historic property.
The Virginia Beach city council and developer Bruce Thompson reached a deal Thursday night for financing the preservation of the hotel that has hosted the VSB gathering for 35 years.
The private investment over ten years will reach a total of $259 million dollars, including the $35-million purchase price, according to WAVY-TV. The city will contribute $13 million right away and another five million over time, the station reported.
Mayor Will Sessoms told the station the city’s contribution will come through grants and incentives.
The council will hold a public hearing June 25 and vote on the package on July 2, according to The Virginian-Pilot.