Ocean Beach Club Progress

[vdogg]

http://www.vboceanbeachclub.com/press-office/release.cfm

Raising the bar at the Oceanfront Proposed complex would add high-end rooms to strip

BY JON W. GLASS THE VIRGINIAN-PILOT

VIRGINIA BEACH

[vdogg]

[rusthebuss]

Maybe this weekend I will go and take some pics of this and the oceanfront!

[soloextreme]

Bruce Thompson and his company have done a great job. I need to go check it out. Can't wait for the following towers to come.

[rusthebuss]

How nice are these Hotels?

[vdogg]

How nice are these Hotels?

<{POST_SNAPBACK}>

They are not hotels they are upscale luxury condos (ala Florida style) and are very nice. They're trying to transform the whole north end that way but I don't know how much they'll be able to do with all the stuff going on with Oceana.

[rusthebuss]

They are not hotels they are upscale luxury condos (ala Florida style) and are very nice. They're trying to transform the whole north end that way but I don't know how much they'll be able to do with all the stuff going on with Oceana.

<{POST_SNAPBACK}>

If the state fights to keep this open I'm going to be pissed. Thats a waste of state tax dollars for something that is uncertain!

[vdogg]

Centered in the developing North End of Virginia Beach, the fabulous *Ocean Beach Club* is a contemporary beach resort with a Key West motif that will encompass nearly two blocks of Atlantic Avenue in Virginia Beach when completed! Phase I, a 19-story tower, is located on the oceanfront with one-, two-, and three-bedroom units......Full article

[hoobo]

I just want to make one comment. The Ocean Beach Club is not in the North End; it's in North Beach. The North End is the residential area north of 42nd St. The Resort Strip is divided into South Beach and North Beach roughly by 21st/22nd streets.

[vdogg]

There is an absolutely excellent front page article in this weeks insidebiz on the progress of OBC (with a great pic too). As soon as it's online, i'll post it. Some highlights

-2 more phases, 200 rooms each.

-old thunderbird lodge to be torn down to make way for next to phases.

-lodge to be demolished 3rd quarter of 2006.

-Next phase will connect to the newest building at all levels.

-The parking garage for this project (discussed in Va. Beach photos) is of course already under construction.

-entire project complete by 2009 with a total cost of $160 million.

[urbanvb]

There is an absolutely excellent front page article in this weeks insidebiz on the progress of OBC (with a great pic too). As soon as it's online, i'll post it. Some highlights

-2 more phases, 200 rooms each.

-old thunderbird lodge to be torn down to make way for next to phases.

-lodge to be demolished 3rd quarter of 2006.

-Next phase will connect to the newest building at all levels.

-The parking garage for this project (discussed in Va. Beach photos) is of course already under construction.

-entire project complete by 2009 with a total cost of $160 million.

sounds very nice. look forward to seeing that.

[vdogg]

There is an absolutely excellent front page article in this weeks insidebiz on the progress of OBC (with a great pic too). As soon as it's online, i'll post it. Some highlights

-2 more phases, 200 rooms each.

-old thunderbird lodge to be torn down to make way for next to phases.

-lodge to be demolished 3rd quarter of 2006.

-Next phase will connect to the newest building at all levels.

-The parking garage for this project (discussed in Va. Beach photos) is of course already under construction.

-entire project complete by 2009 with a total cost of $160 million.

Here's the article I was referring to. Ocean Beach Club

[lil-bear]

Hopefully when more density is achieved at the oceanfront, maybe light rail will be extended with a connection to TC of course!!!

[Padman]

This is an impressive project. Has anyone heard anything about the Mayflower? Ocean views there will be blocked pretty significantly.

I'm a big fan of placing some high rise residential structures on the blocks between Pacific and Atlantic, and staggering them so that they are not blocked by the Atlantic Avenue hotels. That would do a great deal to make the beach more of a year-round destination and neighborhood, attract better retail, and improve the vista along Pacific Avenue, which has not shared prosperity with Atlantic Avenue in the past.

I am not so hopeful that redevelopment running east-west from the new convention center to the oceanfront will be such an easy sell (the Navy not withstanding). As a developer where would you rather be: One block from the ocean or in the middle of a somewhat lower income market area? I see an unnatural market being planned in the "Old Beach" area, which might be better off for the most part as a relatively low density neighborhood for now. Some mixed use--fine. Besides, the people who wait on tables and such need a place to live.

Any thoughts?

[Telmnstr]

The people who wait on tables are priced out of the Hampton Roads housing market for a while (I don't count IO/negamort loans as affording a house).

It will be interesting to see if this type of condo development will be able to attract the investors that the other markets attract. I think the developer might be be a bit late. It's important that the project get underway sooner than later, so the developer finishes it and can't back out when the investors (people buying Condos) run.

I believe Bruce Thompson is a sore name with many over the 31st street issue. Citizens property was siezed, voters voted and council ignored, taxpayer money was used to help the rich get richer. I believe the city should stay out of it and private entities should put up the capital for private projects, but I have a feeling that many on this board will disagree.

[hoobo]

The people who wait on tables are priced out of the Hampton Roads housing market for a while (I don't count IO/negamort loans as affording a house).

It will be interesting to see if this type of condo development will be able to attract the investors that the other markets attract. I think the developer might be be a bit late. It's important that the project get underway sooner than later, so the developer finishes it and can't back out when the investors (people buying Condos) run.

I believe Bruce Thompson is a sore name with many over the 31st street issue. Citizens property was siezed, voters voted and council ignored, taxpayer money was used to help the rich get richer. I believe the city should stay out of it and private entities should put up the capital for private projects, but I have a feeling that many on this board will disagree.

Start the project? They already finished the first building. The only thing holding back the rest of the Ocean Beach Club development is Oceana and its ever changing APZs.

Unless you're talking about waiters at One Fish Two Fish, waiters are priced out of every housing market. It's plain logic. If your Applebee's server could afford a house, I'd have three.

[Stunad]

Speaking of this project, I noticed that they have a crane out over there, but I couldn't get over to check it out before it got dark out. But I talked to a business man who's restaurant is over there and he said it's part of the garage that they're building. So it's nice to see them build that area up. And for all of you who hate the idea of revamping the Laskin Rd area...I've worked in that area for a few years and I'm glad that they're building it up. Let's face it, that area was an embarasment for the city. All it had was crappy hotels...less than upscale shopes, and a precious park that nobody used except for walking their dog. Now the area has a new Hilton with a public park that's used for concerts and events(heard anyone say "Save our park" anymore?), nice shopes, ocean beach club and it's growing campus, and new condos coming online on 30th and Baltic that would not be going up if it were not for these previously mentioned investments. This is a sore subject for many folks...but the area was a bit run down and now it's coming back. The property owners were compensated and only put up a stink for more cash, which they got. Just recently the city council approved the initial phaze of Laskin Rd overhauls and the area will be a great corridor / entrance to the beach. I'm tired of people complaining about the council and the 31st st projects...do they want a better city that developes and grows or do they want to keep all new projects out an hence keep the city in the 1970's? I can't answer that, but I'll tell you one thing...the city is better for what has been done on these projects. Sorry about the rant everyone...My blood boils over sometimes with this project.

[erdogs]

Speaking of this project, I noticed that they have a crane out over there, but I couldn't get over to check it out before it got dark out. But I talked to a business man who's restaurant is over there and he said it's part of the garage that they're building. So it's nice to see them build that area up. And for all of you who hate the idea of revamping the Laskin Rd area...I've worked in that area for a few years and I'm glad that they're building it up. Let's face it, that area was an embarasment for the city. All it had was crappy hotels...less than upscale shopes, and a precious park that nobody used except for walking their dog. Now the area has a new Hilton with a public park that's used for concerts and events(heard anyone say "Save our park" anymore?), nice shopes, ocean beach club and it's growing campus, and new condos coming online on 30th and Baltic that would not be going up if it were not for these previously mentioned investments. This is a sore subject for many folks...but the area was a bit run down and now it's coming back. The property owners were compensated and only put up a stink for more cash, which they got. Just recently the city council approved the initial phaze of Laskin Rd overhauls and the area will be a great corridor / entrance to the beach. I'm tired of people complaining about the council and the 31st st projects...do they want a better city that developes and grows or do they want to keep all new projects out an hence keep the city in the 1970's? I can't answer that, but I'll tell you one thing...the city is better for what has been done on these projects. Sorry about the rant everyone...My blood boils over sometimes with this project.

People are afraid of change, especially if you have lived in an area for a long time. I think most of those complainers are pretty happy now, mainly because they think it was all dou to them.

[Stunad]

The other day I drove by the construction site for the OBC garage, and man is it coming along. It appears to be atleast 4 stories as of the other day and it seems as if they're piecing this thing together in a "prefab" fashion. I wish I had a digital cam to document things for everybody...but I guess that is life.

[Telmnstr]

Earlier in this thread someone said the OBC is a Condo development, but judging by the website it is indeed a Hotel for the first building. A hotel makes quite a bit more sense. If there is a building of condos being planned, I would wager $10 it won't be built now. At least not for a good 10 years.

[erdogs]

Earlier in this thread someone said the OBC is a Condo development, but judging by the website it is indeed a Hotel for the first building. A hotel makes quite a bit more sense. If there is a building of condos being planned, I would wager $10 it won't be built now. At least not for a good 10 years.

Could you elaborate more on your thinking?

[metalman]

One tower is to be a timeshare...or is that the hotel you speak of?

[Telmnstr]

Could you elaborate more on your thinking?

I went to the website for the Oceanfront Beach Club, and it said nothing of buying a unit. It had forms to rent rooms.

In terms of my thinking as far as condos, there are so many condos coming on the various markets there aren't going to be enough buyers. I believe Miami has had 10,000 condo sales in the last 10 years, and there is 20,000 more under construction now with 20,000 more in the pipeline. That is insane. And if you read the reports from people that live near them the ones that are completed are nearly dark at night. People don't live in them. They were camping out for 24 hours to get in line to buy one so they could resell it to the GF (Greater fool) for $80k profit the next day.

I believe there is some 4,000+ condos coming on the market in Hampton Roads... probably none below $250K. That is a steep price for an apartment with no storage space, no garage and no yard.... along with monthly condo dues which can add up quickly (they are more than it would cost to have a landscaping company take care of a residential house + the HOA fees in a hood).

It's just my thoughts, but from the other sites I read often it sounds like condos and RE in general is over the peak and ready for bust. It's been a crazy ride, but the pendulum is swinging the other way. Don't worry, there will be another mania in the future, someday.

[willy]

There is a bid out for Phase II of the Ocean Beach Club. It consists of a 127,396 sq. ft. 19 story tower. S.B. Ballard is the GC.

[urbanvb]

This is off topic but has anyone seen a new hotel going up about midpoint on Atlantic Ave? Looks like a huge one.