The Board may construct, whenever it deems such construction expedient, any of the projects set forth in the definition of “project” in § 33.2-1700. The Board may purchase within the Commonwealth, solely from funds provided under the authority of this chapter, such lands, structures, rights-of-way, franchises, easements, and other interests in lands, including lands under water and riparian rights of any person, partnership, association, railroad or other corporation, or municipality or political subdivision, deemed necessary for the construction of any project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof and may take title thereto in the name of the Commonwealth. The Commonwealth hereby consents to the use of all lands lying under water that are within the Commonwealth and are necessary for the construction and operation of any project and the approaches and appurtenances thereto that may be constructed under the provisions of this chapter. All public or private property damaged or destroyed in carrying out the powers granted hereunder shall be restored or repaired and placed in the original condition, as nearly as practicable, or adequate compensation made therefor, out of funds provided under the authority of this chapter.