Jump to content

Norfolk Development 2


vdogg

Recommended Posts


40 minutes ago, lil-bear said:

So an expansion of the HQ means what? Addition of a few more floors on top? That would be cool!

This is great news, but 165 employees doesn't sound like enough to build more floors. I'm sure they can fit them all in the Norfolk Southern building as is. 

Link to comment
Share on other sites

3 hours ago, NFKjeff said:

That sounds right. So I guess the $8.2M investment by NS would represent the "substantial relocation packages" offered to the employees.

That and a reconfiguration of cubicles to squeeze more workstations into the floor plan.  And maybe an extra coffee maker in the break room.  

Link to comment
Share on other sites

3 minutes ago, lammius said:

That and a reconfiguration of cubicles to squeeze more workstations into the floor plan.  And maybe an extra coffee maker in the break room.  

Pretty much, but it does have the effect of dropping the vacancy rate even further into the single digits after ADP moves here. DT Norfolk is going to be a very different place in a years time.

Link to comment
Share on other sites

A few notes from today's State of the City address:

-Movement Mortgage is the mortgage firm headed to Military Circle. That's another 550 jobs for Norfolk, but it looks like they're simply relocating from the VB office that's off Lynnhaven Pkwy.

-Outlet mall breaks ground in May

-Waterside Live! is 90% leased, and tenants will be announced next month.

-More than 5,000 new jobs are expected for Norfolk! :o

 

 

ETA: http://pilotonline.com/news/government/local/mayor-fraim-s-last-state-of-the-city-includes-military/article_ba0b6f48-7310-5705-88a7-6c461f8258fc.html

Edited by BFG
Needed to add a link.
Link to comment
Share on other sites

Movement Mortgage is moving the 550 from VB as well as eventually adding up to 200+ new jobs depending on the market. 

5000 jobs holy cow thats a boost for the economy. Wonder where the other 2500 are coming from? 

Does anyome know where I can watch the whole address? If you have a link too that'd be helpfully thank you

Link to comment
Share on other sites

I've always wondered why the people that comment at the Pilot are such an incredibly pessimistic group. A simple comment like "Norfolk is on a roll - let's keep it up!" has one upvote and five downvotes. Mind-boggling. 

Edit: I found the link to the transcription of Mayor Fraim's full speach. 

http://www.norfolk.gov/DocumentCenter/View/24678

Edited by Helium3
Link to comment
Share on other sites

Here's a rendering for the new Movement Mortgage site at Military Circle (courtesy Inside Business). I really hope this spurs a major redevelopment of that area, something like what Hampton Town Center did. 

military.jpg

Edited by BFG
Link to comment
Share on other sites

LOL.... I still see J C Penney, but it is an improvement. There was a recent article in the pilot about IKEA someday opening in Hampton Roads. I think that the Military Circle property would be a good choice! Save the theater, put in a street grid, and add IKEA and there you go the start of a town center type development.

Link to comment
Share on other sites

On 3/19/2016 at 9:42 PM, Urbanlooker said:

Movement Mortgage is moving the 550 from VB as well as eventually adding up to 200+ new jobs depending on the market. 

5000 jobs holy cow thats a boost for the economy. Wonder where the other 2500 are coming from? 

Does anyome know where I can watch the whole address? If you have a link too that'd be helpfully thank you

If the city had been a little more accommodating (sp/) DT Norfolk could have had the tower that was recently built in VB and the jobs too.

Link to comment
Share on other sites

  • 1 month later...
  • 2 weeks later...
  • 6 months later...
47 minutes ago, mistermetaj said:

Buddy is at it again. No renderings or plans yet, and should take a few years to develop. Said he wants to build from scratch and hasn't determined if it'll have office space or retail.

Norfolk developer Gadams buys properties near Chrysler Museum for apartments and retail

 

Positive development. Infill. I would assume the building and parking structure will essentially occupy that entire block transforming it from separate buildings and surface parking lots into a completely urban block. Six or seven floors will be great.

 

Side benefit: maybe the city agency and the accounting firm relocate their offices into downtown proper in a couple of years.

Link to comment
Share on other sites

Looks like Richmond's Monument Company is finally starting to push into Norfolk. With Buddy Gadams focusing on Downtown, it's nice to hear that a company is so interested in redeveloping forgotten historic buildings in Ghent.

http://pilotonline.com/business/real-estate/richmond-developers-monument-cos-gobbling-up-properties-near-ghent-in/article_7f0b2348-0027-5ff5-9938-6d9de6984804.html

Link to comment
Share on other sites

  • 1 month later...

Took the liberty of taking photos of the upcoming construction sites in Fort Norfolk from the FNP garage. This will be a great vantage point to watch construction for all of the sites.

20170128_172607.jpg

20170128_172543.jpg

20170128_172610.jpg

20170128_172648.jpg

20170128_172514.jpg

20170128_172539.jpg

20170128_172505.jpg

Sites included: River Tower, Tarrants Bay, CHKD tower, and currently under construction Sentara expansion. 

  • Like 2
Link to comment
Share on other sites

  • 3 weeks later...

I was wondering...between Military Circle, Downtown+Fort Norfolk and the Northampton Blvd Corridor, which area do you think will receive the most private investment $$ over the next...5 years? Will they compete with each other for $$?

Right now, the major projects slated for or near completion in DT/FN have got to be worth in excessive of $275M. That doesn't include the potential remaking of the waterfront by Cordish, and/or by others. Plus additional office towers are likely given the falling vacancy rates and rising rents.

For NH Blvd, between IKEA, the Simon Premium Outlets and the Simon/Nusbaum adjacent parcel, approx. $210M will be invested.  Plus there's evidently been a ton of new interest in land around the airport and down the Blvd on both sides...so you could be looking at easily doubling or tripling that amt. in years to come.

MC is kind of a question mark, although it clearly has tremendous potential for $100's of millions of future investment.  The city appears intent on controlling redevelopment of the mall and has already made some adjustments for new office space.

My best guess is that NH Blvd actually has a chance at exceeding Downtown in new development over the near to mid term. The location is primo, and IKEA and the Outlets will be a major attracting element for other investors across the nation. Of course, that doesn't mean that Downtown won't boom, as well!  I suspect that it will.  I just hope that talk of sea level change and redistribution of economic wealth won't slow it down.

Edited by baobabs727
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.