The Savoy

[Ghentite 12]

Looks like there might be some movement on this.  I'll get in touch with the developer and try to find out more details.  http://norfolklive.blogspot.com/2013/05/purchase-looming-for-savoy.html#!/2013/05/purchase-looming-for-savoy.html

 

[BFG 227]

Great news! Would be really cool if they put some shops on the ground floor.

[brikkman 43]

that would be really nice.

[graysonelijah 15]

Retail could really start improving if we keep seeing investments like this. 

[brikkman 43]

how are they going to fix the lean?

 

I'm sure they will get some kind of historic tax break, etc... for this..

As I understand, its sinking because its on old century old wood foundation and the area it sticks on use to be an old inlet that was filled in....

If they keep some of its historical internal parts, it maybe a very unique renovation...

same with mission building..

[urbanlife 24]

how are they going to fix the lean?

 

I'm sure they will get some kind of historic tax break, etc... for this..

As I understand, its sinking because its on old century old wood foundation and the area it sticks on use to be an old inlet that was filled in....

If they keep some of its historical internal parts, it maybe a very unique renovation...

same with mission building..

 

Funny, I was just thinking about this and figured I would see if anything new happened to this leaning building yet. 

[virginia pe 4]

how are they going to fix the lean?

 

 

They may not have to fix the lean, only to stabilize the building so the lean doesn't worsen.  

 

The building is probably supported by timber piles.  Timber piles do not rot underwater.  They only rot at the waterline. They are probably rotting near the ground surface due to a drop in the water level.  If they can excavate and expose the tops of the piles, they may be able to cut off the rotted portion and replace it with a concrete pile cap to stabilize the building.  I do not have any direct knowledge of the condition of this building, I am just speculating.

As I understand, its sinking because its on old century old wood foundation and the area it sticks on use to be an old inlet that was filled in....

 

The old inlet was Town Back Creek.  Here is a photo of Town Back Creek from a historical marker in front of the MacArthur Memorial.

 

 

Transcription of marker:Town Back Creek, extend­ing east­wardly from the Elizabeth River almost to St. Paul’s Church, was the north­ern end of the orig­i­nal town of Norfolk. By the early 1800’s new res­i­den­tial devel­op­ment had occurred north of the creek. Two early foot­bridges con­nected this newer area to the old town, one at Catherine (now Bank) Street in 1798 and one at Granby Street in 1801. In 1818 – 1819 the one at Granby Street was replaced by Stone Bridge. It was built by William H. Jennings  and was dis­tin­guished by an arched rise at its cen­ter. The bridge remained a local land­mark until 1884 when fill­ing of Town Back Creek to Granby Street was com­pleted. City Hall Avenue was devel­oped in 1885 as a grand boule­vard from the City Hall (now MacArthur Memorial) to Granby Street. Most of the remain­der of Town Back Creek was filled by 1905 and City Hall Avenue was extended west­ward. Major con­struc­tion at this cor­ner included the Monticello Hotel in 1898 and the Royster Building in 1912

Edited May 10, 2013 by virginia pe

[brikkman 43]

Looks like there might be some movement on this.  I'll get in touch with the developer and try to find out more details.  http://norfolklive.blogspot.com/2013/05/purchase-looming-for-savoy.html#!/2013/05/purchase-looming-for-savoy.html

I was home this weekend, the "under contract" signs have been removed and replaced with "SOLD"...

[Telmnstr 1]

Does anyone have the bought and sold data? If I recall Wright bought it pretty cheap ($600K?) when it was full of tenants. Then it got condemmed, then it went on the market for $1.6 million or whatever. Heh.

 

I was told that the company that was doing those apartment conversions of the leaning tower of granby, Union Mission and other buildings wree backing out because the apartment market is weak. But I guess with the dead cat bounce they came back.

 

It will be interesting to see what all of this apartment oversupply will lead to.

 

Things are nutty in the USA right now. Giant rich people investment groups like Blackstone are buying up tons and tons and tons of residential housing to turn rental and all that. Big money is looking for returns and the only thing they can think of is rape it out of the younger people or whaetver. But with school loans and crummy job prospects I don't know how they will fill all of this inventory. Think about it, is there jobs and people to support it all? Renters can't use liar loans to rent apartments like homebuyers could.

 

I'm all for build baby build (with private money.) If things go well all these projects will get built and go into foreclosure, then get returned to market at better rates.

[BFG 227]

And this goes back to my gripe that I've made time after time again. They want anywhere between $1,200-1,500 for these apartments. I get that downtown living is pricier, but Norfolk does not have a downtown to justify such rents, esp. when you can go a few miles and get a similar building in Ghent for a few hundred less.

 

Like you said, student loans and crappy jobs (in a low-paying market no less) are not going to offset the rents wanted. If this were say, DC/NOVA, then I could understand the rent going for that price. Other than the fact that you can go to the landlord for repairs, why pay that kind of money to rent when you can get a house/condo for much less?

 

This area has to stop leaning on the military as its crutch for filling housing.

[757Duke 27]

Looks like this building's about to meet the wrecking ball. It's unfortunate.

http://hamptonroads.com/2015/07/norfolk-poised-tear-down-leaning-building-if-developer-doesnt-fix-issues