This research introduces GeospatialVR, an open-source collaborative virtual reality framework to dynamically create 3D real-world environments that can be served on any web platform and accessed via desktop and mobile devices and virtual reality headsets. The framework can generate realistic simulations of desired locations entailing the terrain, elevation model, infrastructures, dynamic visualizations (e.g. water and fire simulation), and information layers (e.g. disaster damages and extent, sensor readings, occupancy, traffic, weather). These layers enable in-situ visualization of useful data to aid public, scientists, officials, and decision-makers in acquiring a bird's eye view of the current, historical, or forecasted condition of a community. The framework incorporates multiuser support to allow different stakeholders to remotely work on the same VR environment and observe other users' actions and 3D positions via avatars in real-time, and thus, presenting the potential to be utilized as a virtual incident command center or a meeting room. GeospatialVR's purpose is to enhance existing web-based cyberinfrastructure systems with the integration of immersive geospatial capabilities to assist the development of next-generation information and decision support systems powered by virtual reality. Finally, several case studies have been developed for flooding, wildfire, transportation, and public safety.