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Va. Beach Town Center project 2

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On a slightly different shift I found a transcript of a shareholders meeting or something.   A question and answer are specifically about Main St Tower and the block 9 project from a David Rogers to Lou Haddad.  I don't have page #'s, but it's about 1/3rd of the way down on my phone.

http://seekingalpha.com/article/3994585-armada-hoffler-properties-ahh-ceo-louis-haddad-q2-2016-results-earnings-call-transcript

Edited by metalman

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Don't think I've ever seen this. This person works for Divaris and knows what they're talking about.  It's from last year but still relevant.

Interesting perspective re: the retenanting of Town Center to make room for new tenants and to align others with like kind. Cool how they'll have remade the first floor of the old Columbus office building into retail to complete that block and to complement what has popped up across the street.  

http://www.vabeachtowncenter.com/town-talk/2016/08/town-center-retenanting-plan/

 

Edited by baobabs727

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Haven’t seen this image before. Tallest building in the forefront on the left is what is currently the Clark Nexsen tower. Would’ve loved it if they had kept that height. :cry:

Loving the density on the other side of VB Blvd though. Hope they stick with that.

 

 

6308AF8D-B209-43AE-AB0B-9FA6D7F83C38.jpeg

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2 hours ago, vdogg said:

Haven’t seen this image before. Tallest building in the forefront on the left is what is currently the Clark Nexsen tower. Would’ve loved it if they had kept that height. :cry:

Loving the density on the other side of VB Blvd though. Hope they stick with that.

 

 

6308AF8D-B209-43AE-AB0B-9FA6D7F83C38.jpeg

On the flip side, this rendering is missing the Westin tower, which is taller than anything shown in this image. In fact, in this image, I think the AH Tower is taller than what became the CN tower.. but the CB appears taller due to perspective.

With that said, it's nice to see some momentum picking up over the last year or so in Town Center after a few years of a stall.

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There is a touring lego display around Town Center thru the end of the month.  They have amazing renditions of historic American government building and monuments.  They have this map and quiz to find each.  There are also other random displays in the Westin lobby and  fountain plaza...so far that I saw.  I loved it, my kids loved it.  

 

image.jpg

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From ABC store to this!  Don’t worry, I’m pretty sure it was training.  We saw them getting the ladder into place and it looked like firefighters were taking turns climbing up and down.  

    The Williams Sonoma and Pottery Barn were cool too.  And because they have the same parent company the bathroom hallway connects both stores from the inside!  My 4 y.o. thought that was the coolest thing...and the samples in W.S.  :)

F752F284-600E-495B-8A74-E0B1546C0C6D.jpeg

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This was on the most recent development authority docket.

CLOSED SESSION
PROSPECTIVE BUSINESS OR INDUSTRY: Discussion concerning a prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made of the business’ or industry’s interest in locating or expanding its facilities in the community, pursuant to Va. Code § 2.2-3711(A)(5). (Town Center)

They had a similar closed session in December. Closed sessions are unusual with regards to Town Center and it has me wondering if they’re in discussions with a tenant for the block 2 office tower. :huh:

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Very interesting indeed. It would seem an existing business wouldn’t require a closed end session. It’s really about time for another tower to go up. ^_^

Another thought is perhaps it’s for redevelopment of Columbus Village.

Edited by urbanvb

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My first time seeing this. This parcel is in a very desirable location and if I’m not mistaken was to become a main station for light rail. Once this is gone it just adds another nail in the coffin for light rail in Virginia Beach.

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Not necessarily. The station was supposed to be where regal is.  So long as they maintain ownership of the right way, light rail still a possibility. 

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Considering, Virginia Beach ownes the right of way, they should make use of it, while we wait for the possibility of lightrail. Parhaps a linear park with a bike trail, or somthing. Right now, that property is just a monument to the lack of progress in transportation at the beach.

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From the Armada Hoffler conference call earlier this month, it appears the Premier is doing very well (already 92% leased) and the company as a whole is rolling in cash with clear sailing ahead. Stay tuned for major development announcements later this summer...

Louis Haddad

Let's see. I can't give you too much more. The 2 I was referring to specifically are definitely infill urban areas, definitely have an office component, definitely have a retail component. And at least one will end up with a residential component. And as -- that's our model. The mixed-use, the walkability, the idea that your car doesn't have to move very much at all, has served us well for a number of years. It's served us well in Baltimore, it's served us well in Virginia Beach. And so we're pushing really hard. I'd give these 2 better than 50-50. And like I said before, there is several right behind that, that are waiting to take their place. So I'm pretty confident we'll be able to make some announcements before the next quarter.”

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An interesting article from 11/2018 on the history & future of VBTC featuring Lou Haddad. Touches on the need for improved public transportation in the city/region if we ever hope to be anything other than what we are now.

https://www.google.com/amp/s/www.13newsnow.com/amp/article/news/local/mycity/virginia-beach/whats-next-for-virginia-beachs-town-center/291-616057599

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Gather Workspaces leased 28,547 square feet of office space in the Divaris-leased and -managed Town Center Block 3 building located at 249 Central Park Ave. in the Town Center of Virginia Beach.

The press release mentions that office space in Town Center is now 98% leased. Hopefully this provides some motivation to move forward with the new tower. 

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I was so excited! I thought this was going to information about block 2 tower being posted on the docket... :(:cry:

The problem with a new office tower is that it’s impossible to build spec nowadays. Even with space in the area totally sold out, they HAVE to have an anchor tenant in order to get financing. There’s no way around it. 

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looks like we may get an announcement of what is next for town center later this year. From Armada Hofler's Q4 earnings call today. 

CEO Louis Haddad said:

"On the redevelopment front renovations continuing the Town Center of Virginia Beach with all construction scheduled for completion this year at the Cosmopolitan apartments, Columbus village and Apex Entertainment. We anticipate returns in excess of our ground-up developments on the new investments in these properties.

Beyond the engagements nearing completion and recently announced projects we are evaluating multiple new opportunities in these and other neighboring areas. Well, nothing has been finalized our expectation is that at least one of these new engagements will be ready to announce later this year."

Link to the full meeting transcript: https://www.google.com/amp/s/seekingalpha.com/amp/article/4322055-armada-hoffler-properties-inc-ahh-ceo-louis-haddad-on-q4-2019-results-earnings-call

 

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On 12/12/2019 at 11:12 AM, 23320 said:

Gather Workspaces leased 28,547 square feet of office space in the Divaris-leased and -managed Town Center Block 3 building located at 249 Central Park Ave. in the Town Center of Virginia Beach.

The press release mentions that office space in Town Center is now 98% leased. Hopefully this provides some motivation to move forward with the new tower. 

It looks like tenant build-out for Gather has begun.

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IMG_6615.thumb.jpg.3fc0b1880418e5bc3c8866fdf8de3ec8.jpg

 

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