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1500 Monticello Ave


vdogg

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  • 6 months later...
  • vdogg unpinned this topic
  • 2 weeks later...

I think this project, at least in it's current iteration, is dead. I drove by the lot today, the lot is overgrown and the coming soon signs are no longer there. I'm going to try to find out what happened if I can.

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  • 2 months later...
  • 3 weeks later...

Is the land for sale or the project itself for sale? Very confused by this. It looks like an "investment opportunity" brochure. The renderings in there are more detailed than what was previously released. Strange. I hope the city is intent on making sure whatever goes there stays within the urban character of the district. It would be disappointing to not see this on go through.

" Two city blocks comprising approximately 2.13 acres
" Zoned G-1 Granby/Monticello Corridor Mixed-Use
" Fully entitled for 300+ multifamily units plus ground-floor retail
" Shovel-ready with planning and design concepts available

" Numerous amenities in Ghent and Downtown Norfolk
" Healthy, consistent retail and multifamily growth and absorption

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  • 2 weeks later...

https://pilotonline.com/news/local/that-big-patch-of-dirt-off-monticello-avenue-in-norfolk/article_5dfdb22c-65cb-5b0c-bae5-658e872434e0.html

"Haller said financing problems this summer stemmed in part from national investors who see Hampton Roads as a “secondary, tertiary” market.

“I don’t think they understood Norfolk,” he said."

This just p**ses me off. :angry: $42 million is not a big haul in this area. We routinely have major projects worth several times that built around here. The fact they could still say this about Norfolk, in 2017 no less...., I mean, wtf?

I mean, how about they look across the street at even larger projects that are 100% leased? Man this has me heated, and people wonder why we have a chip on our shoulder. :lol:

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Geez. Makes you wonder how Taubman built MacArthur Center,  in the middle of a then-struggling downtown, at nearly $300 million.......in the 1990's no less!?!?!?!

But then again, we can all name several projects in the region which didn't come to fruition… (Granby tower, Dome site project, etc., and only for example ). Some of them failed because of financing, while others were never explained. Was it always the same stigma from the outside stifling our growth? 

P.S.  I have a feeling that somebody here had something to do with this  story getting written. (It wasn't me.) Good work somebody.  Eye-opening & informative to be sure. 

Edited by baobabs727
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A secondary market. That hurts lol...

I don't like it, but I get it. Norfolk did a lot of status quo stuff over the years, while taking chances here and there (MacArthur). Hopefully, the investors will look at what's happened in the last 3 years and see this isn't the Norfolk of 30 years ago. 

Glad to see it's still on the table, at least. 

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  • 6 months later...
  • 4 months later...

It would be stupid, in this economy, to abandon this project. There is currently an apartment boom in this area. How these investors don't think we can support a project of this magnitude, when we've supported far larger in the past, is beyond me.

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41 minutes ago, vdogg said:

It would be stupid, in this economy, to abandon this project. There is currently an apartment boom in this area. How these investors don't think we can support a project of this magnitude, when we've supported far larger in the past, is beyond me.

Exactly! Sadly, a couple of industry folks have told me that some financiers out there view us as a ...gulp...tertiary market! Ugh.

1 hour ago, cwilm79 said:

Looks like same owner as the last few years, still on their website as "Active Project". Hopefully it gets more active.

http://www.concordeastridge.com/active-projects

Thanks.

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  • 4 weeks later...
2 hours ago, cwilm79 said:

Drove by Friday, looked like chainlink fence was being taken down.........hopefully that means finally moving forward?

Could just be they're removing the fence because it's an eyesore. Maybe the city told them to take it down.

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