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On ‎2‎/‎6‎/‎2016 at 9:07 PM, Urbanlooker said:

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. 

It's getting to be about time for another high-rise. Hard to believe it has been 5 years since the last high-rise was completed. Maybe by the time the Hilton is completed, we can have a proposal on the table for a 400+ foot tall office building downtown.

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I've mentioned it before, but I'd love to see the corner of St. Paul and City Hall Ave. get a building, at least 30 stories.

As I was driving across the Berkeley Bridge, I took a look at Norfolk City Hall. Would love to see that one get replaced with a new City Hall tower within the next few years.

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10 hours ago, HRVT said:

It's getting to be about time for another high-rise. Hard to believe it has been 5 years since the last high-rise was completed. Maybe by the time the Hilton is completed, we can have a proposal on the table for a 400+ foot tall office building downtown.

I've got to think Gaddams has something up his sleeve in regards to an office building.

He tried, and failed, to build a very tall signature tower with Granby tower....but he was trying.

He came back strong and has completely transformed the downtown area making it a place where people want to LIVE. He did not give up and run away. He doubled down and invested millions into downtown. He is a visionary, period.

He has effectively taken a large office tower off the market (BofA) and a smaller one too.

He may be primarily responsible for getting up to 2000 JOBS in downtown, of which hopefully half of the employees will want to live downtown.

Maybe his next attempt at tall and signature will be in the form of an office tower.

I'm rooting for him.

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2 hours ago, tallguy81" said:

anyone remember the 17 story courthouse tower that was proposed downtown with the big triangular shaped roof and silver exterior about 15 years ago? i wish that could be a new norfolk city hall?

Don't remember that one but would love to know more. Was it Norfolk courts or federal? 

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On ‎11‎/‎28‎/‎2015 at 4:30 AM, vdogg said:

Hmm...I dunno. The only way I see this happening is a) The BOA building will be partially converted and BOA will share space with the new apartments or b) There is a previously unannounced office tower on the horizon that BOA will move to thus vacating the old property so that it can be converted. We'll see. I'm taking this with a grain of salt for now.

Learned a little more about this project this weekend.  Buddy just bought the Royster building and will renovate it, which is where he'll be moving the existing tenants (who want to go there, there are some tenants who may move to Wells Fargo).  There is an idea for a second tower near BOA (possibly on the green space near the ATMs) but that is far from set in stone and may not come years down the line.  His primary focus as of now is renovations in the two buildings.

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27 minutes ago, Ghentite said:

Learned a little more about this project this weekend.  Buddy just bought the Royster building and will renovate it, which is where he'll be moving the existing tenants (who want to go there, there are some tenants who may move to Wells Fargo).  There is an idea for a second tower near BOA (possibly on the green space near the ATMs) but that is far from set in stone and may not come years down the line.  His primary focus as of now is renovations in the two buildings.

Hmm, I'll have to drive by there this weekend.  Wouldn't think the greenspace would be large enough for a tower but I might be mis-remembering it.

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1 hour ago, NFKjeff said:

Does anyone here know what the current vacancy rate of class A office space is in downtown?

It was 10.20% in Q3, which is the closest quarter I could find that was not behind a paywall. This will probably take us down to the mid single digits.  I think we were higher than that when Wells Fargo was built. 

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2 hours ago, vdogg said:

Hmm, I'll have to drive by there this weekend.  Wouldn't think the greenspace would be large enough for a tower but I might be mis-remembering it.

Just judging by google earth, you could fit two more towers on that green space.  It's surprisingly large!  

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I'm looking at the map now, and I didn't realize just how much space was over there, esp. if you build atop the driveway to that ATM. They should definitely look to build up and not so wide. Add a few more stories to preserve space.

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6 hours ago, NFKjeff said:

Thanks vdogg. You mean the BOA bldg. being taken off of the Class A books will get the rate to near 5%? I would think a speculative office building should be in the works soon then. If ADP does move into the Atlantic at City Walk, that should also bring increased incentive for a new project.

Not just the BOA bldg, but 2 commercial place as well. That building is completely unoccupied and is adding a substantial amount of space to the market. Two commercial is 287,867 sq ft. BOA is 340,000 sq ft. Once 2 commercial is occupied and BOA renovated that's about 627,867 sq ft of office space off the market. That's a HUGE total for downtown Norfolk. They pretty much have to build after that. 

It's hard to get anything done spec nowadays, they'd have to have a major tenant lined up. They could probably get financed at 50% leased however.

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15 hours ago, vdogg said:

Hmm, they would definitely have to orient the building perpendicular to the BOA building so as not to block views from the apartments. That pretty much limits to the east side of the lot and they would definitely need to go tall and thin.

This is exactly what I was thinking after looking at the site. Smaller footprint should equal taller and non-boxy. Come on Buddy build the state's tallest office tower here please.

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  • 2 weeks later...

^^^^^^

Yep. Gen Xers and Millenials should flock to Norfolk. Get out of Virginia Beach! Plenty of apartments available or soon to be with all the amenities needed, transportation system, education, library, baseball, hockey, shopping, dining, art, museums, the waterfront, green open spacen. Lets gentrify Norfolk and make real change.

 

Edit: And it's all in a small, dense area.....much better thatn VB and sprawl.;)

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