Bonaventure Breaks Ground on $33M MXD

VIRGINIA BEACH, VA-Arlington, VA-based Bonaventure Realty Group has broken ground on a $33 million, mixed-use development project in Virginia Beach that will deliver 226 luxury apartment units and 22,000 square feet of retail. Called the Cascades, the site is at the intersection of Centerville Turnpike and Lynnhaven Parkway, two of Virginia Beach’s major thoroughfares. Bonaventure did not return a call to GlobeSt.com in time for publication.

Key to this–and all pending development projects–is of course financing. The company said it closed a construction loan for the project this past February. According to Bonaventure’s Web site, the HUD-based financing is being facilitated by Wells Fargo.

Bonaventure started the entitlement process in October 2007 and received rezoning approval in February 2008. Delivery is expected to begin in December of 2009. The development will include a clubhouse, a swimming pool overlooking the lake, a fitness center, a business center and internet café. The project is being developed under a JV with the current landowner.