21st Street Properties

The Developer, Mr. Tony Schmidt, already owns a locally, well-known and operating restaurant business at the corner of 21st Street and Pacific Avenue, where the subject property may be located. However, he also has some development experience as well through both his immediate and extended family, who have been involved for many years in retail and other types of development - both in Virginia Beach, as well as in other areas of Virginia as well.He has long believed that there was a need for additional multifamily development in Virginia Beach, which has subsequently been confirmed in consultation with a number of local commercial real estate professionals and experts on the need for additional condominiums in the resort area of Virginia Beach where this property is to be located. General Location Map Project Proximity to Oceanfront Activities Surrounding DevelopmentSponsor Sacrifice and Cash Contribution to Project To-Date Mr. Schmidt believes in this concept so much that he is willing to sacrifice, and plans to sacrifice, his existing restaurant business, which may have to be torn down and destroyed in order to facilitate the development of the proposed condominium and retail project. While his business is planned to ultimately be “re-built” in the ground floor retail portion of the new project once it is constructed, it may be at least 2-3 years before that occurs. Thus, he is giving up his existing business and also livelihood for several years to see that this project is developed. As further evidence of his commitment to this project, he has also already contributed significant cash equity into the deal in the amount of approximately $850,000 (rounded) to cover, as much as possible to-date a number of pre-development costs and expenses, such as initial Architectural & Engineering plans and renderings; professional fees; payments towards required City permits and other filing fees; feasibility studies, etc. While developing this Project may certainly ultimately benefit him personally, as he may eventually get his restaurant back plus other financial returns associated with developing the Property, the project may also provide a number of benefits to the local community, including: Much needed additional available living space within the Virginia Beach resort area Increased tax revenue to the City of Virginia Beach in the form of not only real estate taxes, but also sales and other applicable local taxes (which further helps to support numerous City services to ALL residents). Development of this project may also help to support the myriad of restaurants and other businesses located within a 1 to 3 mile radius of the subject property that operate within the Virginia Beach resort area, which depend not only tourist foot traffic in season, but also local resident traffic as well in order to stay in business out of season. In short, this project may have many benefits beyond economic solely to Mr. Schmidt personally, as the developer.

Mr. Tony Schmidt

Project Sponsor
Mr. Tony Schmidt is a lifelong resident of Virginia Beach, Virginia – other than the years he spent away from home getting his formal education. Mr. Schmidt is a graduate of Colorado Mountain College in Breckenridge Colorado. He also attended the University of Utah, where he studied business law. After that he attended Old Dominion University in Norfolk, Virginia.
After his formal education, he has spent over 30 years as an entrepreneurial businessman in a number of different fields, in particular owning and operating restaurants ranging from Mexican, Seafood, Fast Food, Sports Bars, all of which he started from scratch and made them highly profitable entities.

He has public company experience by bringing his family owned Zero Subs franchise public in 1996. He focused on developing and managing the real estate operations for Zero Subs. During his career, he has built over 18 restaurants, and he has been buying and selling restaurant operating companies for over 28 years.

In addition, Mr. Schmidt has 28 years of commercial real estate experience and to supplement this business, he has owned a plumbing company, vending business and HVAC firm that he started up recently and currently operates.

Mr. Schmidt invented a franchise craft burger bar and designed a concept from menus to kitchens and build outs. He currently owns and operates the 21st Street Oyster & Raw Bar near the oceanfront in Virginia Beach, which is one of the most popular restaurants in the oceanfront area.

Mr. Schmidt also provides consulting services to various local and regional restaurants and advises his clients on how to optimize revenues and profits.


Mr. Ben Berry

D.B. Berry Consulting, Inc.

Commercial Mortgage Banker / Capital Advisor
Mr. D. Ben Berry is a 48+-year veteran of the Commercial Real Estate and Investment Banking Industry.

After graduating from the University of North Carolina, Mr. Berry began his banking career in 1978 with Peoples Bank and Trust Company in Rocky Mount, North Carolina. As his career advanced, he subsequently served in a number of management and commercial lending positions, with a focus on commercial real estate lending. And as a result, he ultimately served as the Eastern Regional Executive in Commercial Real Estate for Peoples Bank & Trust Company, covering eastern North Carolina and southeastern Virginia.


Mr. Berry also contributed to the formation of Centura Bank (now PNC Bank), which resulted from the merger of Peoples Bank & Trust Co. with Planters National Bank, both of which were based in Rocky Mount, North Carolina. Each of these institutions held $1 Billion in pre-merger assets. Mr. Berry was also instrumental in a number of acquisitions during his tenure with the bank. For example, he played a key role when RBC, Royal Bank of Canada, bought Centura Bank in the late 1990’s, as RBC wanted a U.S. presence, thus merging and becoming RBC Centura Bank. After many years of operating this way, RBC Centura was ultimately acquired by PNC Bank, which has over $370 billion in assets.


After the Centura and RBC merger, in the late 1990’s, Mr. Berry, who by that time was Chief Credit Officer of RBC Centura, subsequently left the bank and founded Gateway Financial Corporation in 1998 and served as its Chairman and Chief Executive Officer. The bank initially raised $12 million in start-up capital, all due to the efforts of Mr. Berry. He then subsequently built and grew the Bank into the 7th largest financial institution based in North Carolina and Virginia. In ten years, Gateway reached $2.2 billion in assets and had over 37 branches in North Carolina and Virginia. Gateway Financial Corporation was a publicly held company and traded on NASDAQ.


Under Mr. Berry’s tenure, he participated in over $100 million in public capital raises. In addition to acquiring The Bank of Richmond in 2007 and purchasing a branch network from Essex Bank. In addition, during his tenure, the bank purchased a number of independent insurance agencies, which enhanced the bank’s non-interest income.


The bank maintained high credit standards and asset quality and executed a growth strategy that brought expanding return on equity for shareholders. Gateway Bank outperformed its peers in the KBW Banking Index and the S&P 500. The bank merged with the Bank of Hampton Roads in 2009, and Mr. Berry served for a while post-merger as President of Hampton Roads Bankshares.


However, tiring of that, Mr. Berry ultimately formed D.B. Berry Consulting, Inc. in 2010 and has continued working in the Investment Banking, Private Consulting and Capital Advisory Services fields, representing clients with respect to commercial real estate capital-markets matters, as well as complex corporate finance and equity and debt placements to public and private companies. In addition to providing advisory and consulting services and the private placement of debt, he has also advised public company Real Estate Investment Trusts (REITs) and commercial banks on corporate finance and capital markets matters as well. Mr. Berry has placed over $750 million in capital and debt placements for public company Real Estate Investment Trusts (REITS) from 2014-2023 alone, and over the course of his 40+ year career, he has financed or placed more than $3 Billion.


Mr. Berry has served as a financial advisor and consultant to public companies advising management and the board of directors on strategic planning, capital markets matter and regulatory matters. Mr. Berry has also served as a consultant to several China-based companies since 2017, advising them on capital market matters, investor relations and initial public offerings.


His firm has strategic alliances with Harvard Investors Group, Arcadia Securities, and Newbridge Securities. His firm also strong working relationships with JP Morgan, Deutsche Bank, UBS, Morgan Stanley, Benefit Street Partners, Avison Young, Jones Trading, Sandler O’Neill, Brookline Capital, Key Bank, Wells Fargo, Bank of America, Citi Bank, Bank of New York Mellon, Revere Capital, JGB Capital as well as numerous other Wall Street and other national firms and banking institutions, as well as many both small and large private family offices.




Mr. Jon Decker Berkshire

Hathaway Home Services / RW Towne Realty

Real Estate Sales Broker
Mr. Decker has more than 25 years’ experience in residential and commercial sales. He specializes in luxury Residential and Condominium sales. He is considered to be the leading condominium sales agent in the Greater Virginia Beach area.



Other Key Professional Advisor Firms
ToggleAccountant / Accounting Firm

William R. Moss
Moss & Associates


ToggleLegal
Charles Pincus, III
Pincus, Goodman, P.C.


ToggleArchitect & Engineering Firm

J. Grey Mason
Cox & Kliewer


Company Awards:
– Hampton Roads Association for Commercial Real Estate
– Excellence in Development Design Award
– Award of Merit for Best Multi-Family
– Monticello Station at Wells Fargo Center
– Hampton Roads Association for Commercial Real Estate
– Excellence in Development Design Award
– Award of Excellence for Best Recreation/Entertainment/Hospitality
– ANA Monument
– Hampton Roads Association for Commercial Real Estate
– Excellence in Development Design Award
– Award of Merit for Best Renovated/Historic Rehabilitation
– Franklin Condominiums

& many other Company awards and Accolades as well


ToggleContractor
SB Ballard

One of the largest and most experienced commercial contracting firms in the Greater Hampton Roads area (of which Virginia Beach is a part). In Hampton Roads, where it all began for this company, SBBCC’s accomplishments include some of the region’s most important structures like the Half Moone Cruise and Celebration Center, St. Mary’s Home for Disabled Children, Kellam High School, Virginia Beach Seawall/Boardwalk, Lyman B. Brooks Library at Norfolk State University and the Ted Constant Convocation Center and S.B. Ballard Football Stadium at Old Dominion University.

Stephen B. Ballard and his team of more than 100 professionals approach every opportunity with the highest commitment to quality and a reputation as solid as the toughest slab of concrete. The evidence is in the work they have completed and the respect they have generated. 81% of their clients have used them on 3 or more projects. They have offices in 17 different locations in the mid-Atlantic and Southeast.


What They Offer:
– Construction Management
– Design-Build
– General Contracting
– Green Building/LEED™
– Pre-Construction
– P3/PPEA Services

– Virtual Design Construction