"How can The City of Virginia Beach begin reorient its market, in order to attract new investment and a new Millennial housing market to the city?'
Client: The City of Virginia Beach
Team Members: Karen Beck Pooley, PhD, Charles Buki
Partners: Virginia Tech Center for Housing Research
Services: Housing Analysis, Strategy Development, Report Creation
Virginia Beach, a coastal city of approximately 450,000 in southeastern Virginia, is home to a large tourism economy, several military bases, and many seasonal homeowners and renters. In 2015, czb partnered with the Virginia Center for Housing Research at Virginia Tech to develop a Housing Needs Assessment and Stabilization Recommendations for city City of Virginia Beach.
Over a period of approximately 12 months, czb and Virginia Tech evaluated market patterns, sales prices, homeownership rates, and demographic data to determine the city’s largest housing needs and opportunities. The team’s research found that there were nearly 29,000 cost-burdened home owners in Virginia Beach and that many of the homeowners were neglecting to make necessary upgrades.
For Virginia Beach, czb worked with Virginia Tech to deliver a full analysis of the city's housing market. czb’s focus was on the vulnerabilities this suburbanized city now faces: rising sea levels and insurance risk, deferred maintenance on thousands of 1970s era single family ranch homes, and the challenge of retaining and attracting Millennials without the mixed-use, urban environment young workers now demand.
The team's final report for Virginia Beach encouraged the deployment of a self-financed land bank, a self-financed housing trust fund, a housing bond, and inclusionary zoning designed to spur reinvestment and stop blight in several target neighborhoods.