Norfolk Development 2

[ronsmytheiii]

Someone would redo the giant brick building across the street from wells Fargo, reminds me of the Berry Burk in Richmond:

[mikeas]

There really aren't many large buildings left for apartment conversion in downtown. The warehouse next to PETA over in the Fort Norfolk/Atlantic City area, the leaning tower on Granby St, and a couple upstairs areas on Granby (such as above AJ Gators) are all I can think of. Ghent has some opportunities along the rail tracks...

[ronsmytheiii]

There really aren't many large buildings left for apartment conversion in downtown. The warehouse next to PETA over in the Fort Norfolk/Atlantic City area, the leaning tower on Granby St, and a couple upstairs areas on Granby (such as above AJ Gators) are all I can think of. Ghent has some opportunities along the rail tracks...

Edit better one:

Edited December 2, 2009 by ronsmytheiii

[mikeas]

Edit better one:

That place is already full of condos, I know someone that lives there.

[urbanlife]

Well I would guess that they are looking at any building that either has a high vacancy rate right now or buildings that have the upper floors abandoned. Just off initial guess of the area from when I lived there, I would say any of the other buildings on the same block that are not using their upper floors. Then maybe the old Trader building that is at Plume and Granby, as well as the old hotel building that sits behind it on City Hall.

Though looking at the map of downtown and their current stock of old buildings (which is limited,) I would say it will be hard for them to get to 1000-1500 units purely off of renovating older buildings...though it would mean that alot of useless upper space in buildings right now could soon be home to apartments (which they should already be.) I would almost guess that after a while of doing renovation projects that they might start looking into building new as well...which if they were looking for opportunity spots for redevelopment, I would say on Granby just north of Brambleton...but either way, that is still far out and they would need the initial redevelopments to work first.

[Telmnstr]

You don't know how happy this makes me, lol.

Affordable apartments in downtown Norfolk? Amazing.

Our downtown is growing at a substantial rate.

How many people on this board consider $1400 doable, and easy, for an apartment in downtown Norfolk?

I mean, given your income now. Not if you managed to get an upper tier management position at Norfolk Southern.

[mikeas]

How many people on this board consider $1400 doable, and easy, for an apartment in downtown Norfolk?

I mean, given your income now. Not if you managed to get an upper tier management position at Norfolk Southern.

I consider it do-able but I personally wouldn't pay more than about $1200 for any rental and it would have to include some amenities such as a gym and/or pool area.

My ideal urban living environment would be owning a whole building and living on the entire top floor with my own roof top patio and hot tub. The downstairs tenants rent would be enough to pay the mortgage....

[Telmnstr]

Well I would guess that they are looking at any building that either has a high vacancy rate right now or buildings that have the upper floors abandoned. Just off initial guess of the area from when I lived there, I would say any of the other buildings on the

Much of the office space seems to be empty on Granby street. So I guess you could convert it to housing, but parking is a mess down here (probably the reason that all the office space is empty).

Truth be told, we just don't need so much high end housing. If they did two bedroom apartments for $900/month, that are nice, then granby would be full of life.

Let's recap.

There are a good number of condos in 388 Bousch Street for rent, all the time.

411 Granby is offering free rent to try to attract customers. Marathon, who is managing that mess, also has commercial space street level on Granby where they are begging people to rent (with retarded terms attached).

My building only has 3 or 4 of 35 empty, but I know at least 2 more that will empty soon (I'm not on Granby, though).

How many are open in the Hague?

I know the Freemason Harbor condos are all over craigs trying to attract commercial tenants. Of course, they are offering the office space at rates lower than what the residential people have to pay (psf)

Heck, my coworker is PO'ed because he found out that his destroyed from the storm apartment in ghent, they are offering the bigger apartments for $125/mo less than what he is paying. He's working to break lease.

No idea what the occupancy of freemason at belmont is. The one on Bute seems pretty occupied. They leave lights on in the bigger buildings which makes it hard to guess. The illegals finishing up the units probably left the lights on.

For whatever reason, apartment complexes seem to sell well. Build it and sell it off to some REIT or other investment group. They seem to buy them sometimes at rates well above the actual income seems to suggest. We need more foreclosures of the large complexes.

You can only push people so far. At some point everyone will be house poor, paying insane prices for rent, and all the other businesses will suffer (except Walmart.) Eventually they will figure out that relocating to other areas makes more sense. I think this is a huge issue for norfolk. It's a poor city. Building overpriced junk in it isn't going to bring it up, especially without jobs. Well priced housing would help revive the city more, but that isn't really American.

The incomes haven't gone up enough to support so much high end rental housing. Unlike buying a house on a teaser rate loan, renters actually have to pay the rent.

Edited December 2, 2009 by Telmnstr

[mlsimons]

The illegals finishing up the units probably left the lights on.

racist?

[varider]

How many people on this board consider $1400 doable, and easy, for an apartment in downtown Norfolk?

I mean, given your income now. Not if you managed to get an upper tier management position at Norfolk Southern.

The apartments start at $800.

[varider]

Edit better one:

Yeah, there's even a sign on there that says "2 more condos" or "1 condo left," or something of that sort.

1000-1500 is a lot of housing units. There really isn't that many old buildings to be renovated.

Nonetheless, this is great news for downtown Norfolk. 1. No more bums asking me for money or to use my cell phone or to buy them some cigs. 2. "Workfoce housing" = increased activity = more retail opportunities.

[vdogg]

Anybody know what the heck this is? It just kind of snuck up on the city council agenda and I don't recall seeing this go through planning. Seems substantial. The last time something got in there without us knowing was for Wachovia Center so I have high hopes.

1.

WATER’S EDGE BY CLARK NEXSEN, for the following applications on property fronting 1,287 feet, more or less, along the eastern line of Campostella Road, beginning 125 feet, more or less, from the northern line of Arlington Avenue and extending northwardly; premises numbered 350 Campostella Road:

a.

To amend the General Plan of Norfolk, 1992 from medium density residential to high density residential.

b.

To amend the Zoning Ordinance of the City of Norfolk, 1992 to create the Water’s Edge Apartments Residential Planned Development District (PD-R) Water’s Edge.

c.

For a Change of Zoning from C-2 (Corridor Commercial) district to PD-R Water’s Edge (Water’s Edge Apartments Residential Planned Development) district. The purpose of the rezoning is to allow for a multiple-family development

[vdogg]

Nevermind. This is not on the city council agenda this is actually on the planning commission agenda. Come Dec 17th we should hopefully get more details.

[varider]

Hmm.. Sounds promising!

But what's accounting for this building boooom that we are seeing in the city of Norfolk?

And you would think we were overbuilding, but vacancies are dropping!

edit: Oh that's right across the Campostella Bridge! Isn't that mostly industrial?

Does any one know what constitutes"High density"zoning.?

Would the Belmont be considered "High density"?

Edited December 2, 2009 by varider

[vdogg]

I wouldn't say mostly industrial. There's some stores and businesses in that area as well. It really depends on what their redevelopment plan is. That location will offer some great views so I'm hoping whatever they do it'll have some height. I'll settle for something midrise though just as long as it's urban. We don't need any suburban crap that close to downtown. Keep in mind that right on the other side of that bridge is a light rail station. I wonder if that entered their calculations at all.

Does any one know what constitutes"High density"zoning.?

Would the Belmont be considered "High density"?

Belmont, 388 Boush, The Row at Ghent, and 201 Twenty-One are all high density developments. That's why i'm thinking it'll be something on the midrise and urban side.

[varider]

I wouldn't say mostly industrial. There's some stores and businesses in that area as well. It really depends on what their redevelopment plan is. That location will offer some great views so I'm hoping whatever they do it'll have some height. I'll settle for something midrise though just as long as it's urban. We don't need any suburban crap that close to downtown. Keep in mind that right on the other side of that bridge is a light rail station. I wonder if that entered their calculations at all.

Belmont, 388 Boush, The Row at Ghent, and 201 Twenty-One are all high density developments. That's why i'm thinking it'll be something on the midrise and urban side.

I was just thinking about the LR station. Numerous bus routes cross the Campostella Bridge heading towards Cedar Grove + Downtown so if one didn't want to walk or ride a bike over the bridge they could hop on the bus and transfer to rail for free.

And thanks, I always thought they were medium density, but I guesss not.

Exciting things happening around these parts, lol.

[ronsmytheiii]

Hmm, I put "Water's edge Norfolk" in google maps and it is in front of my Church! I am pretty sure someone messed up there

Anyhow, here is the real location discussed

Edited December 5, 2009 by ronsmytheiii

[varider]

I dont know if any of you saw the WAVY 10 piece on the Union Mission conversion, but "Ground floor retail" is a part of the "Rockefeller" project.

And I don't know if any of you have noticed, but the City re- did the entire Brooke St. streetscape and spruced up the parking deck over there. Retail could fit in nicely

Edited December 2, 2009 by varider

[mikeas]

Altdaily / 24sevencities.com interviewed the developer of the Rockefeller. Check it out.

http://www.24sevencities.com/features/news/news-profiles/make-way-for-the-rockefeller.html

Edited December 2, 2009 by mikeas

[varider]

These guys seem like very reputable, honest developers. I like them.

[ronsmytheiii]

http://hamptonroads.com/2009/12/five-historic-norfolk-buildings-one-vision-new-housing

n US Development is negotiating with developer Bobby Wright to purchase the 104-year-old Bankers Trust Building. The eight -story building, at 157 Granby St. at the corner of City Hall Avenue, has been vacant for years and is structurally deficient. It tilts slightly toward City Hall Avenue.

n It hopes to buy a vacant warehouse Wright owns at 519 Front St. in Fort Norfolk just west of downtown. Bryant said US Development might renovate the facility into an independent-living facility for the elderly. It is blocks away from Harbor's Edge, a retirement facility.

n The company has had preliminary talks with the Norfolk Redevelopment and Housing Authority about purchasing the organization's 12-story headquarters building, at 201 Granby St. across City Hall Avenue from the Bankers Trust Building.

The NRHA board has discussed selling its headquarters but has not made a decision. Fraim and other City Council members have urged the board to sell.

Edited December 3, 2009 by ronsmytheiii

[vdogg]

Union Mission is just the beginning

This is great news. I was gonna post some quotes from the article but my copy and paste seems to be malfunctioning.

[varider]

Union Mission is just the beginning

This is great news. I was gonna post some quotes from the article but my copy and paste seems to be malfunctioning.

I can't believe it.

This coupled with the retail recruiter could equal greatness for downtown retail and vibrancy. I mean 1500 housing units is almost doubling downtown capacity. If these guys are sucessful, I think downtown Norfolk is going to explode with an array of retail an restaurants that the city has never seen. There will be over 5000 housing units in downtown Norfolk in the next 10 years. That's huge jump from the 2600 that were there in 2007.

[varider]

Prioreschi said his company is interested in four properties in addition to the Union Mission:

• US Development is negotiating with developer Bobby Wright to purchase the 104-year-old Bankers Trust Building. The eight -story building, at 157 Granby St. at the corner of City Hall Avenue, has been vacant for years and is structurally deficient. It tilts slightly toward City Hall Avenue.
• It hopes to buy a vacant warehouse Wright owns at 519 Front St. in Fort Norfolk just west of downtown. Bryant said US Development might renovate the facility into an independent-living facility for the elderly. It is blocks away from Harbor's Edge, a retirement facility.
• The company has had preliminary talks with the Norfolk Redevelopment and Housing Authority about purchasing the organization's 12-story headquarters building, at 201 Granby St. across City Hall Avenue from the Bankers Trust Building.
• The NRHA board has discussed selling its headquarters but has not made a decision. Fraim and other City Council members have urged the board to sell

US Development officials say all of the apartments they would develop would be marketed toward middle-income renters. Downtown has plenty of upscale condominiums and some apartments but few places that workers making $45,000 or less can afford, city officials said.

"That's a market that's not being served downtown," Fraim said.

Sture Sigfred, who owns several downtown restaurants, said that, if successful,

US Development will change the nature of downtown.

"To have them downtown 24 hours, living, shopping and working, will bring a new vibrancy."

[vdogg]

The nature of these apartments and the fact that they will be targeted towards those making under 45,000 a year should help bring some young people downtown, which is sorely needed. I'm sorry, but this downtown as a retirement community thing is not working . They've been closing down clubs left and right. I'm hoping that adding some youth to the community will raise the profile of young professionals and their concerns.