Purpose-driven progress
Virginia Beach is committed to driving smart, strategic growth in every corner of the city. Targeted initiatives like Opportunity Zones and YesOceana offer the right incentives and infrastructure to help both businesses and the community thrive.
Opportunity Zones (OZ)
High-impact investment, high-potential growth
Designed to revitalize key sections of a community, Opportunity Zones offer attractive tax incentives to investors who support long-term growth in designated areas.
There are more than 8,700 designated opportunity zones nationwide, and eight are in Virginia Beach:
The landing site for the world’s highest-capacity submarine fiber cables, Corporate Landing offers next-generation infrastructure ideal for data and technology companies.
Located near the Oceanfront and the ViBe Creative District, the Seatack OZ is an optimal spot for tourism-focused businesses. The area offers a 500,000 sq. ft. convention center, a state-of-the-art indoor sports complex, and over 100 hotels.
Adjacent to NAS Oceana—the largest US Navy Master Jet Airbase and home of the elite Navy SEAL teams—this zone offers a highly strategic location for defense-related businesses.
Situated at the crossroads of the city’s high-traffic retail, health care, military, and tourism areas, the Hilltop OZ offers a highly diverse, well-connected location for businesses looking to grow
Adjacent to the West Oceana Corporate Park, the Lynnhaven OZ has the region’s largest shopping mall, and hosts businesses like STIHL, Hermes Abrasives, and the advanced manufacturing company IMS: Gear.
Located next to the Central Business District, Bonney OZ hosts high-end retail like Nordstrom Rack and REI, the Westin Hotel, and is the headquarters for Armada Hoffler property development and architectural and engineering firm Clark Nexsen.
Perfectly positioned for manufacturing, the Burton Station OZ offers immediate access to Norfolk International Airport and the Buckingham rail line, and proximity to the Port of Virginia.
An evolving industrial corridor, the Cleveland Street OZ is located near the Central Business District and sees vibrant activity thanks to traffic from Town Center.