 Real estate , defense , and tourism are major sectors of the Virginia Beach economy . Local public and private groups have maintained a vested interest in real @-@ estate redevelopment , resulting in a number of joint public @-@ private projects , such as commercial parks . Examples of the public @-@ private development include the Virginia Beach Convention Center , the <unk> Hilton Hotel , and the Virginia Beach Town Center . The City assisted in financing the project through the use of tax increment financing : creating special tax districts and constructing associated street and infrastructure to support the developments . The Town Center opened in 2003 , with related construction continuing . The Convention Center opened in 2005 . 
