Seventy Eight at St. Paul's (Approved)

[HRVA]

49 minutes ago, NFKjeff said:

Any new images, info, behind the paywall?

 

This rendering was shared here back in April but it’s what was in the article. 

Edited June 3, 2022 by HRVA

[baobabs727]

City approval granted. Norfolk will bear 100% of the cost to build the parking garage and will allocate to 287 spaces for Bruce Smith’s project whilst keeping the rest for Scope & Chrysler Hall. The City sold the property for around 16% of its appraised value. 

https://news.yahoo.com/norfolk-approves-former-nfl-player-202500307.html

[HRVA]

4 hours ago, baobabs727 said:

City approval granted. Norfolk will bear 100% of the cost to build the parking garage and will allocate to 287 spaces for Bruce Smith’s project whilst keeping the rest for Scope & Chrysler Hall. The City sold the property for around 16% of its appraised value. 

https://news.yahoo.com/norfolk-approves-former-nfl-player-202500307.html

Geez what an absolute steal for Smith. It’s probably worth 3x the assessment with approvals in place - especially since they don’t have to pay for the garage. He’s getting that site for probably less than 5% of its value. 

[baobabs727]

8 hours ago, HRVA said:

Geez what an absolute steal for Smith. It’s probably worth 3x the assessment with approvals in place - especially since they don’t have to pay for the garage. He’s getting that site for probably less than 5% of its value. 

Yes, and this on the back of the bad optics of "choosing" potentially the very most expensive (public dollars) of the three plans to revitalize MC.  As someone who has had a ton of personal and financial ties to Norfolk over the years, this decision to essentially give away the farm here to a favorite native son disappoints me. Norfolk is not a wealthy city by any means. I won't run down their proverbial laundry list of financial woes, but Norfolk has several other longstanding issues which shall require substantial public investment to ameliorate.  Ironic that VB City Council is infinitely more responsible with their many public dollars than is Norfolk with their scant public dollars.  Wild.

[Norf Native]

Is there any update on this project?  It’s been a while.  

[mintscraft56]

14 hours ago, Norf Native said:

Is there any update on this project?  It’s been a while.  

Your right....its been way to quiet on this. Im getting worried.

[vdogg]

Miraculously, it appears that this project is still alive. Leasing activity began in September, and was most recently updated January 11th.

https://www.crexi.com/lease/properties/699017/virginia-698-st-pauls-blvd

[mintscraft56]

On 1/23/2024 at 10:18 AM, vdogg said:

Miraculously, it appears that this project is still alive. Leasing activity began in September, and was most recently updated January 11th.

https://www.crexi.com/lease/properties/699017/virginia-698-st-pauls-blvd

Its not amazingly surprising. The project was approved and I guess it seems projects like this like to keep the behind the scenes mess quiet before they get into motion. Hopefully this is built. I dont mind if they added some extra height too.