Bay Tower (Under Construction)

[vdogg]

Okay, finally watched the video (signal is terrible out here). The height issue is dead as a doornail, this whole thing now revolves around Beach access, and Westminster says they're just going to build around it. This is a done deal, moving on...

[baobabs727]

4 hours ago, vdogg said:

It appears that said amendment would be related to issues unrelated to height and that the height issue, at least as far as the judge is concerned, is DOA (if I'm reading correctly). It took almost a year for this lawsuit to be settled. If it takes another year for the amendment, the building may be well under construction by the time there's a decision for that. I think that the odds of this building rising as originally intended have risen significantly, I'm giving it 70/30 now.

I agree. Having lost on all counts including  height, the opposition has moved on to the issue of relocated beach access and the super majority Council vote required to relocate said beach access. Of course they are seizing on the point that there are only eight councilpersons available/eligible to vote on such a move given various self-proclaimed conflicts of interest.  

[vdogg]

Things moving very quickly now. It appears that yesterday (yes, on the same day), the city and development authority approved the issuance of bonds in the amount of $110 million, in support of the medical care facility. It seems that this facility is now very close to construction.

[vdogg]

It appears that construction is either currently underway, or starting very shortly. Can anyone verify the status of this project? Is there equipment on site?

https://www.wcbay.com/news-events/expansion-faq

[vdogg]

Not wasting any time...

[vdogg]

Have good news and bad news. Good news is that construction of the taller tower is scheduled to begin this Summer. The bad news is that the Nimbys have thrown yet another wrench in the works... 

 

 

[Lluck002]

17 hours ago, vdogg said:

Have good news and bad news. Good news that construction of the taller tower is scheduled to begin this Summer. The bad news is that the Nimbys have thrown yet another wrench in the works... 

 

 

It’s my understanding that Zoning Ordinance allows this development by-right, correct? So legally, idk how the Supreme Court could do anything to block it. 

[Qdeathstar]

It is unlikely to get blocked, but because there is some risk of that they can’t get the money for the project so they have to wait.

[vdogg]

2 hours ago, Lluck002 said:

It’s my understanding that Zoning Ordinance allows this development by-right, correct? So legally, idk how the Supreme Court could do anything to block it. 

Honestly, I feel like this is a Hail Mary that has zero chance of success, bit this is also Virginia Beach. Wouldn't be the first time we've snatched defeat from the jaws of victory. Only time will tell.

[HRVA]

2 hours ago, Lluck002 said:

It’s my understanding that Zoning Ordinance allows this development by-right, correct? So legally, idk how the Supreme Court could do anything to block it. 

I don’t think I would call it by-right as it required Council’s approval but it has been approved. There was lawsuit over the approval but I believe that’s what they are referencing was thrown out. There was also an issue over relocating the public beach access that required a supermajority that couldn’t be reached due to the number of abstentions. Any word on if they figured that out?

[vdogg]

9 minutes ago, HRVA said:

I don’t think I would call it by-right as it required Council’s approval but it has been approved. There was lawsuit over the approval but I believe that’s what they are referencing was thrown out. There was also an issue over relocating the public beach access that required a supermajority that couldn’t be reached due to the number of abstentions. Any word on if they figured that out?

Yeah, they're not relocating it. They figured out a way to build around it.

[vdogg]

This case associated with this project has not moved since January, which considering that the lawyers for Westminster expected to have this wrapped up by June, does not bode well. Changing the status of this project to on hold and unpinning until we get further information.

[vdogg]

Still no word on progress of the lawsuit, but a new animation was recently released showing the expansion.

 

[BFG]

I really, really want them to build this project. This has the look VB needs moving forward, and I wish they could build 30 more developments like this along Shore Drive, Atlantic, and Pacific.

Wouldn't mind seeing a few in OV as well.

[HRVA]

Virginia Supreme Court denies hearing appeal challenging expansion of VB senior living community

Wavy update on the project and lawsuit: “Back in January, Westminster Canterbury on Chesapeake Bay’s CEO Ben Unkle was forced to stop construction of the next phase of work until legal matters were resolved.” No word on an updated timeline for construction to start again. 

[baobabs727]

Excellent news.

[vdogg]

Man, if we can get this back under construction, 2023 is shaping up to be a stunning year for construction in Virginia Beach. Still going to keep the status of this project on hold until we hear from the developer on how they plan to move forward.

[vdogg]

https://www.mcknightsseniorliving.com/home/news/business-daily-news/250-million-ccrc-expansion-no-longer-on-hold-thanks-to-state-supreme-court/

"“With no more surrounding land and no other developable parcels near our flagship campus, it is important to us that we develop this adjacent parcel optimally. We only get one chance,” Unkle said. “Going vertical unlocked the best value and affordability for future residents in all parts of our campus.”

 

The height of the project, he added, “was driven not by the panoramic views. Rather, the height was required to make the newest tower thinner to help, not hurt, water and sky views for all the people surrounding the new tower.” 

 

The delay, Unkle said, means that future residents of Westminster–Canterbury on Chesapeake Bay will need to pay higher prices than had the organization been permitted to begin construction when the project was first approved."

 

The tower is no longer officially on hold, however, I seriously doubt that we're going to see any significant movement on site until after the holidays. Do not expect to see heavy equipment again until likely January or February.

[vdogg]

A new site plan for the independent living Tower (the tall one) was submitted today. We're probably at least a few months from them beginning construction on that. 

[vdogg]

Taking a quick stroll through the floors it looks like they're 30-40% sold at this time. They need to reach 70% to begin construction. They've said sales are *brisk. I believe they started marketing for the tower in October. At that pace they may be able to begin construction late summer/early fall. Hearing rumors that the medical building has been abandoned (7-story one) and they're just focusing on the independent living tower. Can't confirm yet though.

https://sightmap.com/embed/jlw09djgw2y/

[vdogg]

Actually, I can confirm it...

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-westminster-canterbury-on-chesapeake-bay-va-idr-rev-bonds-at-bb-outlook-stable-17-02-2023

"The affirmation of the 'BB+' reflects Fitch's view of WCCB's forward-looking financial and operating risk profile that considers the full scope of management's growth strategy, including plans to materially increase the OG's leverage in support of a campus expansion project for a new 225-unit independent living tower.

 

WCCB's balance sheet, debt service coverage, and adjusted net operating margin (NOMA) still reflect metrics that are investment grade, and stronger than the current rating suggests. While Fitch expects recent revisions to WCCB's capital spending plans, which no longer include the construction of a new AL/MC tower, to be less of a financial burden on future operations, Fitch believes the rating still better reflects WCCB's future financial profile once WCCB proceeds with its independent living (IL) tower construction project and related financing.

 

Management's expansion plans include the construction of a new 225-unit IL tower. Litigation challenging the height and density of the independent living tower was successfully resolved and management is proceeding with pre-sales in anticipation of an approximately $447 million debt issuance once a 70% pre-sales threshold is reached."

[vdogg]

Westminster submitted their updated plan on March 20th. May be a bit closer to construction than I initially believed. 

[vdogg]

Looks like we'll start seeing this rise soon.

[vdogg]

These people are STILL crying about this tower... It's over, move on. 

https://www.13newsnow.com/article/news/local/mycity/virginia-beach/opposition-grows-as-westminster-canterburys-22-story-tower-gets-approval/291-b82899c5-0f10-4741-af12-d7361662ac70

"VIRGINIA BEACH, Va. — A company that manages a senior living community in Virginia Beach is moving forward with a new 22-story tower on Shore Drive. Tuesday night, Virginia Beach City Council voted 9-1 to approve Westminster-Canterbury's request to move the public beach access point."

 

"Now, neighbors are voicing some of the same concerns they had three years ago. 

Residents told 13News Now the proposed building will just be too tall in comparison to the surrounding area. It would be the third-tallest building in Virginia Beach. 

But their concerns don't stop there. 

They fear the building will increase traffic and reduce the value of their homes. "

[vdogg]

Construction has recommenced.