The Spectrum at Willoughby Point

[Weaver24]

I don't want to disappoint anyone but this has been said many times...and I will say it again.

Another failed project in the city of Norfolk. I see that Virginia Beach get their buildings/projects built quick like the Westin...but not in Norfolk. I wonder what commercial development they will build....payday loan/cash advance, flea market, beauty supply, and a dollar store.

[okinawatyphoon]

I don't want to disappoint anyone but this has been said many times...and I will say it again.

Another failed project in the city of Norfolk. I see that Virginia Beach get their buildings/projects built quick like the Westin...but not in Norfolk. I wonder what commercial development they will build....payday loan/cash advance, flea market, beauty supply, and a dollar store.

[vtfan18]

I don't want to disappoint anyone but this has been said many times...and I will say it again.

Another failed project in the city of Norfolk. I see that Virginia Beach get their buildings/projects built quick like the Westin...but not in Norfolk. I wonder what commercial development they will build....payday loan/cash advance, flea market, beauty supply, and a dollar store.

[scm]

But keep in mind, TC is part of a master plan carried out by one developer.

[urbanfan]

Actually what really killed the spectrum was the City itself. Had the city not raised concerns over the water tower and put the project on hold, it would have been already 2/3 built if not almost finished. However, with the project on hold and no end in site to the political massaging to get the water tower approved lenders had a chance to review the project during a time when lenders are starting to balk at taking risks. The city shot itself in the foot over this one.

[rusthebuss]

Actually this was a mixed use project. There was planned retail and some small office space. The office space i'm not entirely sure of but the retail I am sure of.

[vtfan18]

Actually what really killed the spectrum was the City itself. Had the city not raised concerns over the water tower and put the project on hold, it would have been already 2/3 built if not almost finished. However, with the project on hold and no end in site to the political massaging to get the water tower approved lenders had a chance to review the project during a time when lenders are starting to balk at taking risks. The city shot itself in the foot over this one.

[scm]

Actually this was a mixed use project. There was planned retail and some small office space. The office space i'm not entirely sure of but the retail I am sure of.

[scm]

Actually what really killed the spectrum was the City itself. Had the city not raised concerns over the water tower and put the project on hold, it would have been already 2/3 built if not almost finished.

[Telmnstr]

I don't want to disappoint anyone but this has been said many times...and I will say it again.

Another failed project in the city of Norfolk. I see that Virginia Beach get their buildings/projects built quick like the Westin...but not in Norfolk. I wonder what commercial development they will build....payday loan/cash advance, flea market, beauty supply, and a dollar store.

[urbanfan]

Frankly, I am happy we live in a city that demands enough water pressure to fight potential fires associated with a planned development. Just imagine if these $500K plus places would have been built, a fire starts, and there isn't enough fire main pressure to fight 750K sq. ft. of fire. There wasn't "political massaging" involved -- it was the fire department not signing off on this until they knew there would be the water pressure they would need. This is the end of the fire line -- the previous development was a cinder block motel. New, much larger development requires more water pressure.

"Shooting itself in the foot" would have been approving this BEFORE the developer had a reasonable mitigation plan.

[Sky06]

I officially close this topic. Now, to other business. See P-town.

[Chesapeake Pirate]

Have heard the possibility that this condo project is not completely dead and is being re-thought and re-designed. It may come back to life as a three phase deal, first involving apartments, then a hotel, and last, some condos.

[vdogg]

Have heard the possibility that this condo project is not completely dead and is being re-thought and re-designed. It may come back to life as a three phase deal, first involving apartments, then a hotel, and last, some condos.

[rusthebuss]

There has been people on site for that last couple of weeks. It doesn't seem they are taking equipment away.

[spiker3]

Sad but not unexpected

Stalled Norfolk Project Faces Foreclosure

The unfinished $200 million condominium project Spectrum at Willoughby Point is facing foreclosure.

The Futura Group LLC stopped work on the project a year ago. Now Wachovia Bank plans to foreclose on the Ocean View property by the end of the month, Rick Gregor, a managing partner with Futura, said Thursday.

"Essentially they want out of the deal," Gregor said. "It's a bad day for everyone. It was a dream project, one of best pieces of land in Norfolk."