The developers of the Cavalier property are on their way to borrowing more money to build a third hotel at the Oceanfront – as long as the project gets help from the city and state.
The Virginia Beach Development Authority gave the green light Tuesday morning for the development group, including Bruce Thompson, to borrow an extra $6.5 million – on top of $18 million to restore the Cavalier Hotel and to build a Marriott across 42nd Street on the beach side. The developers are asking for more financing to build an Embassy Suites for conferences.
The City Council is set to hold a public hearing on the proposal and vote on it March 7.
