Old Dominion is Virginia's "International University."
A
top 20 ranking for Old Dominion by Forbes magazine for the University's distance
learning program, TELETECHNET.
$ 50 million a year in faculty research funds.
Primary trade area population of approximately 68,000 (three mile radius).
Zoned to respond to strong market support for retail, residential and commercial
uses.
Access to University faculty and technology experts; high-skilled, low-cost
student labor pool; traditional University research; libraries; and other
campus facilities.
Places to work, live, shop and relax.
Housing for more than 1,200 residents in proximity to the University and to
retail business.
67 acres of land for development.
Bordered by Hampton Boulevard, artery for 42,000 vehicles daily.
Anchored by a state-of-art Convocation Center.
Striking architecture.
High-profile public safety program and facilities.
Endorsed by neighborhood organizations: West Highland Park Civic League, Larchmont-Edgewater
Civic League, First Baptist Church of Lambert's Point, Lambert's Point Civic
League and Greater Norfolk Corporation.
MARKET PROFILE
Unique Market Characteristics
- Old Dominion University is a major institution of higher education and
the source of an estimated $600 million in annual economic impact on Norfolk,
Virginia. Yet it lacks modern, attractive and well-organized shopping, dining,
entertainment and housing options located in the convenient vicinity of
its campus.
- Old Dominion University is an institution considered to be a national
leader in the application of high technology to higher education. It is
also committed to extending this technology into the supporting residential,
retail and entertainment amenities created within the University Village.
Such interconnectivity will make the Village truly the Village of the 21st
Century and a model of national significance.
Market Statistics
- Primary trade-area population of approximately 68,000 people (three-mile
radius).
- Traffic count - approximately 42,000 vehicles a day and 11,000 pedestrian
crossing a day along Hampton Boulevard adjacent to University Village.
- Projected retail absorption in excess of 200,000 square feet during the
first five years of development.
- Projected apartment absorption of 700 to 750 beds during the first five
years of development.
Introduction
The University and its Real Estate Foundation, in conjunction with the city
of Norfolk and the Norfolk Redevelopment and Housing Authority, have recently
announced an ambitious urban redevelopment program that will expand and
upgrade the campus of the University and enhance the City of Norfolk. The
program involves the acquisition of approximately 67 additional acres of
land located on the eastside of Hampton Boulevard. The acquired properties
are between 38th Street and 47th Street from Hampton Boulevard to Killam
Avenue. This area constitutes nine city blocks. A phased redevelopment will
transform this area into an attractive center of activity named University
Village. Included will be a convocation center seating up to 10,000, office
and research facilities, restaurants, shopping and residential areas as
well as other amenities and commercial services. The environment created
will be attractive not only to the University community but to the public
as well. This program has been in the planning stages for more than five
years and enjoys broad public support, both politically and among neighboring
civic associations and property owners.
University Village will be developed in accordance with the University Village
Master Plan, which has been adopted by the Norfolk City Council as part of
the approved Hampton Boulevard Redevelopment Plan. The Master Plan and collateral
Design and Development Guidelines will ensure controlled development that
is consistent with public safety, high-quality aesthetic standards and the
University's campus-planning objectives.
Real Estate Development Opportunities
Old Dominion University has opened its 10,000 seat convocation center "The
Ted" and two parking garages for approximately 2,000 vehicles as the
first phase of development within University Village.
Through its Real Estate Foundation and affiliations between the Foundation
and private sector developers, the University also anticipates the development
of the initial phases of residential, retail and commercial improvements during
the same time frame. Future phases are under development.
Role of the
Real Estate Foundation
The Old Dominion University Real Estate Foundation
is a 501-C(3) not-for-profit corporation. However,
it is permitted greatest flexibility than the University
under both U.S. Internal Revenue Service and Commonwealth
of Virginia regulations. Its primary purpose will
be to serve as a conduit for business relationships
with the private sector. In particular, the Foundation
will acquire and retain ownership of all non-University
property within the Village. Property required for
development of each for profit component of the Village
will be appraised for fair market value based upon
the proposed improvement and made available to the
developer via a long-term ground lease. Project financing,
development and operation of each improvement will
then be the responsibility of the developer.
ODU Contact:
Julie R. Adie, Director of Real Estate Development
jadie@odu.edu
RISE
CENTER
The Research and Innovation to Support Empowerment (RISE) project is intricately
linked to the Division of Research and Technology in that RISE Center activities
are underpinned by technology and research. Also, the division of research
and technology provides a critical interface between Norfolk State University
(NSU) and the Enterprise and Empowerment Foundation (E2F) that oversees the
RISE project.
The RISE Center Technology Park is strategically located on the campus of
the Norfolk State University at Norfolk, Virginia.
Located adjacent to the Norfolk State University Research and Innovation
to Support Empowerment (RISE) Center, which will serve as an intergenerational,
multipurpose education and research facility that will enable and promote
innovative applied technology development, business incubation and economic
development activities.
The RISE Center Technology Park will serve as the hub for a digital village
that will facilitate digital opportunities in this region. Through private/public
partnerships, the potential growth for this project is unlimited.
The RISE Center Technology Park will accommodate access to high capacity
telecommunication infrastructure, which will expand the ability to collaborate
on scientific research, establish and/or enhance innovative educational programs,
and be a positive agent for economic development of the Southeast region of
the United States and beyond.
With access to leading edge, research communities in the fields of bio-medicine,
bio-technology, bio-informatics, telemedicine, and numerous other emerging
technologies, this facility will serve as a gateway to the digital revolution.
Through collaboration with Tier 1 research universities and connectivity
to the next generation Internet, the RISE Center Technology Park will help
to bridge the digital divide that exists in this country.
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