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Pembroke Development

varider

By varider
in Virginia Beach

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varider Town

varider

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Out of curiosity, typically how much must a building be leased before it is built? I know Silverstein would just build and wait for tenants, but that how about normal developers? Or is Block 2 just waiting on financing?

Seeing as Wells Fargo in Norfolk is only about that much leased right now with construction almost over, I'd say that means it's just waiting for financing. It could be 100% leased by the tme it's built. Then on to Block 11 tower.

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ronsmytheiii Hamlet

ronsmytheiii

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Seeing as Wells Fargo in Norfolk is only about that much leased right now with construction almost over, I'd say that means it's just waiting for financing. It could be 100% leased by the tme it's built. Then on to Block 11 tower.

A word of caution on that assumption though, it was started early in the recession while the depths of the slump were unknown. Although if it is fully leased, it would be perplexing why it would not get financing, as that would be a slam dunk investment.

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ronsmytheiii Hamlet

ronsmytheiii

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Armada Hoffler has not had trouble finding financing for anything. Who would have though someone would finance a 500 foot condo/hotel tower in Va Beach? I know about the recession, but that won't last forever.

Well that is residential as opposed to office space.

However going back to the lower urban buildings, I might have been off in the number of floors. However I do believe that we should concentrate on the Central Village area next, as that is a big part of the urban fabric of the Pembroke implementation plan.

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varider Town

varider

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Yeah, the Central Village neighborhood is huge and will be where the majority of the medium density residential will be developed, I agree.

But the Pembroke Implementation Plan has been approved by City Council and a few alterations have been made and will be posted on the website soon.

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HarryVB Whistle-Stop

HarryVB

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Wow, so the Block 2 building where the Virginian Pilot building is, They downgraded from 24 stories to 22 stories to 20 to 14 stories. So long for the va beach skyline.. a 14 story Office tower?.. what the hell.. I wonder if the Aloft Hotel/Apartments will still be at 15 stories. or is that down grading to 5 stories..LOL.. I understand the downturn in the economy. but what are they thinking.. 14 story office tower. that is very tiny. My guess they are recreating the block 2 tower in block 11 hopefully..

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vdogg Megalopolis

vdogg

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Wow, so the Block 2 building where the Virginian Pilot building is, They downgraded from 24 stories to 22 stories to 20 to 14 stories. So long for the va beach skyline.. a 14 story Office tower?.. what the hell.. I wonder if the Aloft Hotel/Apartments will still be at 15 stories. or is that down grading to 5 stories..LOL.. I understand the downturn in the economy. but what are they thinking.. 14 story office tower.

You must've missed this part: "Block 2 - Planned 14 story office building on top of 6 stories of ground floor retail and a parking garage." 6+14=20. The entire structure will be 20 floors, Instead of the originally planned 22. This change happened all the way at the beginning of the year. That is a 2 story reduction and is hardly the end of days. There has been no reduction to aloft and there won't be considering they have already received financing for the building as is. As a matter of fact, The building on that lot was originally planned to be 6-stories. A little context and research would be a good idea before making such blanket statements...

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HarryVB Whistle-Stop

HarryVB

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OK I understand that part. But fill me in about the 6 story retail on ground floor.. I think there can only be one ground floor..lol.. Maybe 6 story retail ontop of a 14 story office tower which makes it qual at 20 stories.. but you cant have 6 story ground retail.. not sure if that is gonna look right. Is there any updated pictures of this tower.. and is it still going to be the gateway bank tower or B&M tower?. Bank and Market since its on the corner of Bank and Market Streets.. I surely Hope its the same exact rendering as before.. its a beautiful building for sure

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varider Town

varider

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OK I understand that part. But fill me in about the 6 story retail on ground floor.. I think there can only be one ground floor..lol.. Maybe 6 story retail ontop of a 14 story office tower which makes it qual at 20 stories.. but you cant have 6 story ground retail.. not sure if that is gonna look right. Is there any updated pictures of this tower.. and is it still going to be the gateway bank tower or B&M tower?. Bank and Market since its on the corner of Bank and Market Streets.. I surely Hope its the same exact rendering as before.. its a beautiful building for sure

Read the posts, dude!

It's one floor of retail, 5 floors of parking, 14 floors of office. What sense does 6 floor "ground floor" retail make?

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mistermetaj Hamlet

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You must've missed this part: "Block 2 - Planned 14 story office building on top of 6 stories of ground floor retail and a parking garage." 6+14=20. The entire structure will be 20 floors, Instead of the originally planned 22. This change happened all the way at the beginning of the year. That is a 2 story reduction and is hardly the end of days. There has been no reduction to aloft and there won't be considering they have already received financing for the building as is. As a matter of fact, The building on that lot was originally planned to be 6-stories. A little context and research would be a good idea before making such blanket statements...

There will probably be 1-2 floors for mechanical at the top as well. This tower will be a fine addition to TC.

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  • 4 weeks later...
mistermetaj Hamlet

mistermetaj

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http://hamptonroads.com/2009/12/college-plans-new-campus-town-center

Good addition to our developing "downtown."

The Convergence Center isn't Town Center, and that is where this college is going. I really wish the Virginia Pilot authors would get their facts correct. I guess having the general area is good enough for them, but come on, get the terminology right.

Anyway, nice addition to the area and even better it will be employing over 100 workers with a nice middle class salary.

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ronsmytheiii Hamlet

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As the Art Institutes group of schools looked for a Hampton Roads location, one stood out: Virginia Beach's Town Center. The site, with its proximity to restaurants and retail, beat out spots in Norfolk, Chesapeake, Suffolk and other areas to become home to a media design and culinary school, said Frank Covaleskie, southeast group vice president of Education Management Corp., which owns the schools.

The school, a branch of The Art Institute of Atlanta, is the 46th school in the group. Classes began last month in advertising; culinary arts management; fashion and retail management; Web design/interactive media; and four other programs. Sixty-three students are enrolled; tuition for a bachelor's degree runs about $90,000.

The school wants to be a partner in the community, President Marilyn Burstein said.

Work from 20 local artists was on display in a gallery. Almost all of the faculty were hired locally, Burstein said. The curriculum is designed to get students jobs.

Burstein was previously in leadership positions in the group's schools in Philadelphia, Pittsburgh and Charleston, S.C., where enrollment went from 57 in 2007 to nearly 700 last fall.

"If we see the same type of growth here that we saw in Charleston, I'll be extremely pleased," she said.

This is why Virginia Beach Town Center is the best, it might not have the the most offices, restaurants, retail,art, or education but it mixes all of them in a good ratio for sustainability.

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