New
Investment 2003 promises to be an exciting year on
the retail front
Downtown
Norfolk's renaissance shines brightly especially in
the
retail category.
The MacArthur
Center, the result of a $300 million public/
private
partnership with the City and Taubman Properties has
served as
a catalyst for entreprenural ventures in and around
the Granby Street District. Since the mall's
opening, over 60 restaurants have opened,
serving
as the
design standard for the region's urban storefront
renewal.
Waterside Marriott Hotel and Conference Center also
sold for $20 million and will
undergo renovations. Mixed use development opportunities
still exist
in
the popular and quickly expanding Granby
District.
Military
Circle Mall was purchased recently for $51.5 million
by Thor
Equities. Thor Equities has plans to reinvest $20
million, expanding and revitalizing it and renovating
the 208-room Doubletree Hotel. Walmart announced expansion
plans from the existing into a 200,000 sq. ft. Supercenter.
The expansion is expected to be complete by fall of
2004. Military Highway also saw construction of New
Millennium Shopping Complex. The JANAF Shopping Center
is home to the Walmart SuperCenter and the Montgomery
Ward box is in the process of being redeveloped,
interior walls have been removed and retail spaces
to fit a single or multiple tenants are being marketed.
Neighborhood
Commercial Corridors
Berkley/Campostella
Home to the largest concentration of shipbuilding
and repair businesses in the Hampton Roads. The Berkley
Shopping Center site is to be a grocery-anchored shopping
center to serve this revitalized community.
Greater
Downtown/Church Street/Fort Norfolk - Atlantic City
Numerous opportunities exist including mixed use.
Ghent
This upscale boutique retail districts boasts 400,000
sq. ft. of retail spaces and artsy lofts. Recent investment
included renovations to properties east f Granby Street.
Plans call for a new retail center on 21st Street,
and at 20th and Granby.
Lafayette/Fairmont
Park
This is a strategic component in the "Come Home
to Norfolk" housing initiative.
Little
Creek East
Revitalization of existing centers and new construction
is underway in anticipation of $250 million East Beach
residential development.
Five
Points - Riverview
A successful revitalization effort is underway as
an international theme restaurant base and the Virginia
Zoological Park's new 24 million investment, Okavango
Delta, and African theme exhibit.
Wards
Corner
Market data indicates opportunity to increase capture
rates by over $18 million annually which would support
in excess of a 90,000 sq. ft. destination or neighborhood
retail.
Farm Fresh Supermarkets recently invested $4 million
in improvements.
Norfolk
wants new residents and businesses. Through our "Come
Home To Norfolk" campaign, we have identified
14 neighborhood commercial development corridors where
you just might find a good fit for your family and
business. Improvement programs to improve commercial
areas include:
- Tax Abatement Program
- Small Area Aesthetic Matching Grant Program
- Aesthetic Improvement Grant Pool
- Pedestrian Commercial Overlay Zones Tax and Grant
Benefits
- Tax and Grant Benefits
- Concentrated Development Zone Incentives
- Public infrastructures, amenities, Tax Increment
Financing Zones, Revolving Loan Funds
Several Norfolk sites offer full market penetration
adjacent to regional destinations served by an extensive
freeway network.
Neighborhood
Retail Districts
- East Little Creek Road
- Riverview Village Corridor/35th Street Commercial
Area
- Wards Corner
- Colley Avenue/21st Street
- Five Points
- Fairmont Park
- Southside Norfolk
