The Icon at CityWalk

[vdogg]

I think I'm getting a handle on this. The "Icon at CityWalk" is the BOA building converted into 300 apartments. The smaller building will be converted from Class B to Class A office space for 167,000 sq ft of newer space. With completion in 2017, this needs to go through design review now. I'd expect an announcement before New Years. Time to rename the thread.

[vdogg]

It would be nice to get an exterior renovation out of this, perhaps a glass curtain. That building has always looked a bit dated.

[tallguy81"]

i like the current look but glass curtain with neon lighted sides and top would look cool but would never happen for a residential tower. 

i will try to dig up some things on the snyder lot which the city of norfolk actually owns and has stated they will only allow a signature highrise on the snyder lot.

[vdogg]

Sigh, 300 apartments would've made a nice new tower. The market must be on fire down there, makes me wonder how many apartments downtown can absorb. Luckily,  everything proposed so far seems to be filling a different,  specific, niche. 

 

[carolinaboy]

Wow!

There has to be plans for an office tower.....right? The Atlantic at CityWalk is only 9 stories.....surely the current tenants of the BOA (Icon at CityWalk) require more than 9 stories.

Could this be the spark/impetus to get that office tower on the Snyder lot? Makes sense....proximity to Courthouse, Governmental Center area, light rail.

 

[vdogg]

Keep it clean guys. This is a family website. 

[urbanvb]

Having residential on this side of town will definitely help with the new Waterside. More folks living nearby will hopefully patronize the center thus increasing foot traffic. Now to get another grocery store downtown..

[757Duke]

Given the old courthouse getting torn down, another tower could fit over on that lot as well.

[NorfolkLove]

Looks like a new Norfolk development tracking website discussed CityWalk. www.thoushaltgrow.com and www.facebook.com/thoushaltgrow 

[vdogg]

Looks like the cat got out of the bag too early.  Says they removed website from public view and now it's password protected. 

[urbanvb]

It sounds awesome. And 300 apartments is huge! What other development has that many apartments in the area? 

[vdogg]

The second building that Gadams plans to buy, on an 8-acre parcel, is vacant office space, Frazer said. It used to house a Bank of America call center, but the employees moved out earlier this year; some  relocated to Chesapeake.

This made me mad. If I were an employee I would've been p*!&ed that you dropped me in the middle of Chesapeake. They should've kept their space downtown.

[VAGATOR]

On 12/3/2015 at 7:59 PM, tallguy81" said:

http://www.loopnet.com/Property-Record/1-Commercial-Place-Norfolk-VA-23510/PzG4OWx0Q/Tenant/?LID=14047009&LinkCode=21740&PgCxtGuid=c408b800-79de-4403-a399-e94ee5494d7c&PgCxtFLKey=&PgCxtCurFLKey=ProfileSE&PgCxtDir=Down

As somebody said earlier, this info is old. All the major tenants have moved out and the building is 80% empty. Its days as prime class a commercial property was over. This will be a great reuse for the building.

[urbanlife]

On 12/16/2015 at 4:58 AM, VAGATOR said:

As somebody said earlier, this info is old. All the major tenants have moved out and the building is 80% empty. Its days as prime class a commercial property was over. This will be a great reuse for the building.

That is a shame to hear that building is 80% empty, it doesn't make the need for office space downtown sound good. Though I have always wanted to see the site along Waterside in front of the BoA building that currently houses the drive through atm redeveloped into a new tower of some sort. Seems like such wasted space.

[vdogg]

Speculation that the conversion of these properties could bring about the need for a new office tower may have been correct.

https://www.thalhimer.com/marketwatch/our-blog/iconic-office-buildings-sell-in-norfolks-central

"The property is in the heart of the Norfolk CBD, with a multitude of nearby amenities including The Main, MacArthur Mall and the Waterside District. Rob Wright, Senior Vice President with Cushman & Wakefield | Thalhimer stated about the transaction, "This transaction marks a significant reduction of available inventory in the Norfolk CBD office market. Coupled with increased demand from users outside the market, overall occupancy and rental rates will climb back to levels the Downtown market has not experienced since the delivery of the Wells Fargo Center in 2010."" Hmmm... Makes me wonder if something else is on the horizon.

Also interested in what they mean by "increased demand from users outside the market". What users? It would be great if we could score a company from outside the area to move downtown. Looking forward to the upcoming state of the city. 

[vdogg]

1 hour ago, NFKjeff said:

Meanwhile, myself and many others are holding our breath over the attempted takeover of Norfolk Southern by CP. That is a loss that we simply couldn't afford.

NS has repeatedly rejected that offer. I'm more worried about the job cuts they just announced, which is of more immediate concern. It is Highly unlikely the government would let such a merger go through even if NS did agree.

[ORF flyer]

Sat in at the DNC meeting this morning and got to hear Buddy Gadams speak about the Citywalk project. Sounds like it's going to be top notch. Features in the plaza area could be a coffee shop, dog park, fitness park, outdoor stage area. He will pretty much gut the entire building, all new windows (no balconies will be added), entire new mechanical systems. 300 units will consist of 1,2 & 3 bedroom units. Emphasized how nice the rooftop terrace would also be. 

[Arctic_Tern]

http://pilotonline.com/news/government/local/norfolk-working-to-lure-thousands-of-jobs-to-downtown-military/article_51331eeb-d00a-5b9c-bee3-8783018ef5e7.html

 

Looks like later today there'll be an announcement about a Fourtune 500 company moving into the Citywalk 2nd building and bringing up to 2000 jobs to Norfolk.  Anyone know how much that could fill up the building?

[BFG]

Another Fortune 500 company is great news for the region, esp. if it's one that's not already in the area or moving from elsewhere in HR. 

Hopefully Norfolk Southern can work something to remain here as well.

[vdogg]

2 hours ago, Arctic_Tern said:

http://pilotonline.com/news/government/local/norfolk-working-to-lure-thousands-of-jobs-to-downtown-military/article_51331eeb-d00a-5b9c-bee3-8783018ef5e7.html

 

Looks like later today there'll be an announcement about a Fourtune 500 company moving into the Citywalk 2nd building and bringing up to 2000 jobs to Norfolk.  Anyone know how much that could fill up the building?

If true, that'll take the entirety of the leasable space and ensure that another office tower is on the horizon.

Can't believe he paid only $15 million for the BOA Tower. That's quite a steal.

[vdogg]

Did some research. Office space is typically 80-100 sq ft per employee (larger for certain types of employees, presidents and CEOs). This gives us a range of 160,000 to 200,000 sq ft. 2 Commercial Place is 287,868 sq ft. Assuming the upper end of the range (which is fairly average) then all but 87,868 sq ft is spoken for. If some of the former tenants of BOA take up space in the new building then we've effectively taken 2 office buildings off the market. This would most certainly drop the office vacancy rate downtown into the single digits, which is typically where it needs to be in order to have new office towers proposed.

[BFG]

The Pilot says the company is Automatic Data Processing (ADP), which handles payroll matters. I know I've seen that name on paychecks at a former job.

[vdogg]

They have an office in Virginia  Beach, but I don't think it's big (not 2000 people big). Sounds like an expansion rather than a relocation, which would be good because that would mean most of the jobs are new to the area.

[jeffconn]

Good news all around. Like normal, some commenters on Pilotonline can't see the forest for the trees. 2000 new jobs downtown means 2000 people needing lunch therefore more meals tax money, and more money from the city owned parking garages, or more people paying for HRT passes. And anything would be better for the area than the building staying vacant.

[Urbanlooker]

These 2 companies moving 2,800 jobs to Norfolk is great for both downtown and military circle. 2,000 new jobs in downtown from what look like to probably be all from outside of this region means more people working and  seeking to live downtown which is great for both the residential and office market. Effectively taking 2 office towers off line for the market I could definitely see room for another office tower in the future.