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Norfolk Gateway (It’s Complicated)


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18 hours ago, likeminded said:

There aren't really many signs of a slowdown, I think that's just what the media wants us to believe.  The US economy is pretty stable and solid.

The economy is definitely slowing. It's not some media conspiracy, it's happening. We're at the tail end of a very long economic expansion, we should've already had a recession by now tbh. It's very unlikely that this recession will be as deep as the last one but it's definitely something to take into consideration when considering future office market needs.

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I think the media hype comes more from viewer interpretations. You hear recession and you think of what we went through in 2008. That said, the last jobs report was much lower, so we could be headed for a recession. And honestly, that just simply means a slowdown in spending that lasts a few months. I don’t think it’ll be like 2008, but I do think it’ll be lean times  

Not to get too political, but if we lose military funding for the wall, it will hurt us quite a bit. 

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On 9/11/2019 at 9:50 AM, BFG said:

I think the media hype comes more from viewer interpretations. You hear recession and you think of what we went through in 2008. That said, the last jobs report was much lower, so we could be headed for a recession. And honestly, that just simply means a slowdown in spending that lasts a few months. I don’t think it’ll be like 2008, but I do think it’ll be lean times  

Not to get too political, but if we lose military funding for the wall, it will hurt us quite a bit. 

The last crash was more of a national recession from an over inflated housing market. This one will come from a combination of things and be more business related rather than housing. One factor is with how poor Trump has been handling trade, another major factor will be Brexit, if that one happens, that could send a shockwave through the economy that could further fuel a recession. For most people in the US, I don't think it will be as bad as 2008, but we will probably see a slow down in hiring with a number of big layoffs happening.

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On 9/10/2019 at 11:09 AM, vdogg said:

Been a while since we’ve heard anything on this and I’m getting concerned. I’m really hoping we can get this off the ground before the economy falters again. There’s already signs of a slowdown and if things progress too far it’ll be a long time before we get this tower.  :(

Jared is no longer responding to my inquiries. Take it for what you will lol. 

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7 minutes ago, baobabs727 said:

Jared is no longer responding to my inquiries. Take it for what you will lol. 

Let’s hope that just means he’s busy. Tower is still being marketed on HL’s site, and I have a feeling that they will do everything they can to get this tower across the finish line. It’s just taking longer than expected.

The one thing I absolutely don’t want is something reduced in height to some stubby little mid rise because the market isn’t there. I’d rather them wait till market conditions are right for a signature tower than settle for less. If that means it takes a few more years then so be it.

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1 minute ago, vdogg said:

Let’s hope that just means he’s busy. Tower is still being marketed on HL’s site, and I have a feeling that they will do everything they can to get this tower across the finish line. It’s just taking longer than expected.

I would tend to agree with you. Sometimes "they" will stop responding when things are getting close to being announced. Also when things have gone wrong.

Or he's just busy.

I will say, however, that  email number three was in July, email number four  was early September. No responses. For reference, emails one and two were responded to rather quickly. 

Anyway, I'm going to leave him alone now and hope for the best along with the rest of you 

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  • 1 month later...
  • 1 month later...
1 hour ago, Asdfjkl; said:

The availability of the Norfolk Southern building has likely delayed the proposed Gateway Tower as one of the companies was in discussions for space there. Furthermore, the uncertainity of the development timeline caused another major occupant to at least temporarily focus elsewhere.  

That is quite unfortunate, but at least we have our answer.

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Do we know officially if this project is stalled, or is this UP speculation? When the announcement came about NS moving I immediately thought about the effects it would have on future office tower construction. Hate to see Gateway postponed or cancelled, but also would hate an empty NS tower. Maybe Sentara can be the Gateway savior?

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7 hours ago, carolinaboy said:

Do we know officially if this project is stalled, or is this UP speculation? When the announcement came about NS moving I immediately thought about the effects it would have on future office tower construction. Hate to see Gateway postponed or cancelled, but also would hate an empty NS tower. Maybe Sentara can be the Gateway savior?

Information that I have heard lines up with what's been posted. It has indeed been affected by the loss of a potential tenant, but the developer is very much commited to seeing the project through. It may take longer than any of us initially hoped, but I do believe we'll eventually get a tower out of this. Remember, both the Hilton and Harbor's Edge phase 2 were originally supposed to get underway all the way back in 2008. They eventually happened, but took some time. I wouldn't be planning this tower's funeral just yet.

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  • 1 month later...

With the news about Towne Bank and another tenant occupying the entire Norfolk Southern building, that takes all the potential office space off the market and plunges vacancy back into single digits. I have to believe we'll start seeing some movement on this project this year. I read an article the other day that in some cities they're actually starting to build spec office space again, I wonder if something like that is possible here?

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32 minutes ago, vdogg said:

With the news about Towne Bank and another tenant occupying the entire Norfolk Southern building, that takes all the potential office space off the market and plunges vacancy back into single digits. I have to believe will start seeing some movement on this project this year. I read an article the other day that in some cities they're actually starting to build spec office space again, I wonder if something like that is possible here?

Unless they can find an investor that’s willing to throw a bunch of cash in to get it going, they’re going to need significant pre-leasing before a bank will consider financing it. Only larger scale spec office going on locally is at Summit Pointe, which Dollar Tree is developing with all cash. 

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  • 1 year later...

Huh. 

So in the original, we had a single building fronting St Paul’s, and about half of the parcel along the interstate was shown undeveloped (presumably a future development site). 

This takes up the whole lot with several odd shaped buildings. It’s a strange site plan. It doesn’t command the St Paul’s streetscape. It’s not an urban downtown site plan. Quite campus-like, really. I’m confused by it, especially noting its site, proximity to the LRT, etc.  On the plus side, it looks like the parking is at least a little less obvious.

I’m not even bothered by the height reduction tbh. 

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This thing is.  Say what?! I just looked for these last night and didn’t find them. Good for you, but my god you’ve given me heartburn . 

I’m sorry, I’m not going to even debate this one lmao. It’s not worth my energy. I swear  I’m “resigning” from this  place lol. ;) Jk. But it does seem, without meaning to insult anyone, that some of you just want anything to go anywhere—rn.  That’s really not what this place is about. Ymmv
 

edit: I just wrote to Jared Chalk for confirmation. He was once my neighbor. Doesn’t mean he’ll respond, but anyway. 

Edited by baobabs727
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