 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 Oceanfront 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.
