Last night the Virginia Beach City Council approved proceeding with Town Center Phase IV on an 8-3 vote. Councilmen DeSteph, Diezel, and Dyer voted "No". http://hamptonroads.com/2009/01/virginia-beach-votes-spend-60m-town-center
I wasn't committed to commenting on this, but the number of negative comments online this morning got me off the fence. Two important things to remember here. First, Armada-Hoffler will build Phase IV in it's entirety at their own expense, then the City will buy the public portions with bond debt. Therefore, the City's capital expenses don't kick in until Phase IV is completed. Second, that will be 2-3 years from now. Given that, the economy should be better then and this project coming online will help.
I'd be remiss if I didn't point out how this helps the case for light rail in Virginia Beach. Those additional people at Town Center will now have to be counted in the updated Draft Environmental Impact Study (DEIS), boosting the ridership figures.