The Icon at CityWalk

[vdogg]

So, whatever they are building on top of the icon has risen significantly above the original roof line. Question, will this add to the official building height?  If so, I guess the River Tower will have a little bit of competition.

[lil-bear]

There is supposed to be a rooftop pool and clubhouse.

[baobabs727]

Yes, I would expect so.  What are the figures again? 

[vdogg]

That's the first time I've seen that second rendering. This confirms that they're adding an entire floor. BOA is currently 304 ft tall. At an average 10ft per floor this will put the new height at 314. River Tower will be 326 ft tall, so still the second tallest, but barely. (For the record, BOA was originally listed as 23 floors, the floor plan calls that level the 24th floor) Amazing how much difference a single floor can make.

[baobabs727]

Excellent, thx. What a cool project. Last I heard, leasing was going very well.  Anybody know anything?  

I also noticed that they had raised the prices from the ones mentioned a year or more ago. There's now a unit called "The Sinatra" starting @around $4200/mo! Smallest Studio starting almost $1200. Verrry tiny. Smallest 1BR starting @$1500; 2BR @$1900+.  

Folks, these are so small that they're not even listing sq. footage anywhere. But, oh, those views!

So perhaps they were emboldended to raise prices by Cordish's persistent interest and Cordish's prediction of what the market would bear. Which was actually higher than these prices. But of course that's given new highrise construction on the H20.

 

[brikkman]

nice i just wish this was a new building.

I"m just uneasy about the future of Norfolk and attracting business with regard to available real estate. This building is in the business district, which I understand is good for foot traffic, etc.. but it just bothers me for some reason.

[Former Resident of HR]

On 6/8/2017 at 4:31 PM, baobabs727 said:

Excellent, thx. What a cool project. Last I heard, leasing was going very well.  Anybody know anything?  

I also noticed that they had raised the prices from the ones mentioned a year or more ago. There's now a unit called "The Sinatra" starting @around $4200/mo! Smallest Studio starting almost $1200. Verrry tiny. Smallest 1BR starting @$1500; 2BR @$1900+.  

Folks, these are so small that they're not even listing sq. footage anywhere. But, oh, those views!

So perhaps they were emboldended to raise prices by Cordish's persistent interest and Cordish's prediction of what the market would bear. Which was actually higher than these prices. But of course that's given new highrise construction on the H20.

 

I would honestly be shocked if they were actually getting the full asking price. From my experience, rents are very negotiable. This is a signature building but I would assume that the rents listed are a starting point and depending on how badly they want to fill the place, they will offer all kinds of incentives. However once your first lease is up... so are the prices. 

[baobabs727]

1 hour ago, JPN0731 said:

I would honestly be shocked if they were actually getting the full asking price. From my experience, rents are very negotiable. This is a signature building but I would assume that the rents listed are a starting point and depending on how badly they want to fill the place, they will offer all kinds of incentives. However once your first lease is up... so are the prices. 

Interesting. Well, while I've not rented myself and also can't speak for the big boys re: how they do business, I've been a landlord for over 15 years and have very rarely negotiated. But I could see how they might given fluctuating inventory levels and their greater relative exposure to losses.

[HRVA]

I got a pretty quick tour of the building. Residents start moving in three weeks from now although I doubt the whole building will be done. The highest rent is $4700 (nearly 2k sq ft on upper levels with exclusive amenities) and they've got leases on 4 of 6. The rooftop area can be rented for $8k. They said construction costs are too high for new development. Cordishs proposed tower would definitely block a portion of residents views. And ADP is apparently looking for additional space downtown. 

[BFG]

Driving into Norfolk the other day, I noticed they're putting the letters on the building. The side facing ADP said "ICO" .

[carolinaboy]

Have they washed the exterior?

[baobabs727]

Cool. As to new construction, well of course they'd say that. They haven't done any. LOL. Well, except for that building behind the Union Mission.  Which is taking forever! 

Anyway, last I corresponded with Zed at Cordish, cost wasn't their main concern. Their main concern was finding a way to get approval from the City Council to build where they think they need to build to maximize their return on investment. 

Rooftop $8k:  Can you explain a little bit more? Is that a common element for all of the tenants to enjoy? Or are you saying they built some type of residential penthouse up there? Thx!

[vdogg]

9 hours ago, 23320 said:

I got a pretty quick tour of the building. Residents start moving in three weeks from now although I doubt the whole building will be done. The highest rent is $4700 (nearly 2k sq ft on upper levels with exclusive amenities) and they've got leases on 4 of 6. The rooftop area can be rented for $8k. They said construction costs are too high for new development. Cordishs proposed tower would definitely block a portion of residents views. And ADP is apparently looking for additional space downtown. 

I'd take "construction costs too high" with a grain of salt. Gadams does mostly renovations. He's only built new a few times with varying results. You've got River Tower being built ( albeit reduced in size) and Cordish would build today if the city would let them. Building new is not a big haul for larger, more established, companies. As far as ADP looking for more space, are they looking for existing space or they looking to build new?

7 hours ago, carolinaboy said:

Have they washed the exterior?

They need to.

[HRVA]

The Rooftop Entertainment Lounge (seen on an earlier post) is rentable by anyone. 

It was simply mentioned that ADP loves Norfolk and is looking for space to expand their presence. I would assume they're looking for existing space. 

[vdogg]

Well, even existing space is good. The more space they take off the market the better. I think Wells Fargo still has some space. I honestly think we're getting to the point where it's time for another office tower.

[BFG]

On 10/18/2017 at 2:25 PM, carolinaboy said:

Have they washed the exterior?

Looking at this picture, no. They have not. 

[skylinefan]

From Saturday night at Grand Illumination Parade

[HRVA]

Icon loses basement commercial tenant.

Lawsuit aside, it'll be interesting to see how they market this space. 

[BFG]

Hopefully they'll do something with the former Quality Shop (foreground) that's now boarded up. Looks like you could get a few apartments on the upper two floors, and retail or a bar/restaurant/lounge downstairs. 

[brikkman]

That would be a nice place for a coffee shop or some kind of eatery overlooking the mall and LRT stop. I'm assuming the lease/rent is held by some ridiculously rich guy who makes so much money off interest, he can afford to keep the property vacant than lease/rent it at reasonable rate.

[ntheo]

The property is under renovation so possibly by spring we will learn how the building will be used.