VIRGINIA BEACH, Va. (WAVY) — Virginia Beach Friends School announced the sale of one of its parcels of land Monday.
The land was sold to the Breeden Company as the school transitions from offering K-12 education to toddler through eighth grade.
Terms of the sale were not disclosed.
The Virginia Beach Friends School (VBFS) has been an educational fixture in the Hampton Roads community since 1955. Administrators cite declining enrollment in the upper school over the last several years. On the other side, total enrollment in pre-K through eighth grade has nearly doubled over the past 18 months.
“With our new strategic direction, it just made sense to unlock the value of a nearly seven-acre parcel,” said Joanne Young, head of the School Committee, “and dedicate the funds to retiring debt, reconfiguring the campus on our remaining property, and in the process, securing our long-term future.”
VBFS officials say they will continue to be located at its current address and have full use of the acquired land for two years while The Breeden Company goes through the process of planning, designing, and permitting for a high-end apartment community.