HRVA

Proposed nine-story building branded as 'The Blade' working through the rezoning process at the SE corner of Cleveland St & Aragona Blvd (currently a small mobile home park). Floors 1, 2, and 9 are described as retail, 3 through 6 as parking, and 7 and 8 as residential units. Bishard is the owner/developer. Accela Citizen Access - Record 2025-PCCC-00113 - 4873 CLEVELAND ST

I don’t believe this project is legit at all. The guy behind it owns a few small retail businesses but has no experience in real estate development, let alone a nine-figure project. Richmond metro should not worry.

https://www.facebook.com/share/p/19rJ6LqugL/?mibextid=wwXIfr

The guy pushing this doesn’t have the background for this kind of project. Big leap from retail tenant to leading a nine-figure project. My money is this is a teaser for a much smaller announcement.

Tear it down. If someone truly wanted to preserve it, they would have stepped up during the RFP process. I prefer the presumably 131 new ownership opportunities than maybe a coffee shop and a couple of Airbnbs.

Building permits for Shake Shack and First Watch have been issued. Site work is well underway.

This has shown up as a discussion topic on the ARB agenda for Monday’s meeting. No supporting documents in the agenda packet but I suspect it still hasn’t progressed. Anybody been by the site recently?

Considering the stagnant progress of the announced projects nearby, a tech manufacturer isn’t a terrible consolation prize. Hopefully they’re successful and outgrow this space just in time for redevelopment to be feasible for the site.

Assuming this is the same aircraft manufacturer, they’ve selected Greensboro. https://www.jetzero.aero/jetzero-selectsgreensborro-nc-for-factory

USAA is relocating/expanding within Greenbrier. They will be moving from their current location on Independence Parkway off of Battlefield Boulevard to the Cox Communications regional HQ on Crossways Boulevard. Per a Cox employee, once USAA moves in, Cox will be moving into USAA's current location. USAA to expand in Chesapeake, add 500+ jobs - Virginia Business

Governor Youngkin will be in town this morning for an Economic Development announcement codenamed Project Encore. It will be in District 2, the southern half of the city. Another six-figure grant is slated to be awarded to Armada Hoffler for the Trader Joe’s/Golf Galaxy project. https://www.yesvirginiabeach.com/_assets/Documents/AboutUs/VBDA/2025/VBDA-Special-Meeting-Letter-and-Agenda-June-2025.pdf ETA: It is an expansion of Acoustical Sheet Metal - adding 350 jobs and 250k SF in Innovation Park.

Not sure if any numbers have been put out but the original presentation called for 3,500+ parking spaces to be built and owned by the city and for the city the lease the land to the developer at market rates. I recall the city has estimated parking garages to cost $30k/space, so that would put the garages for this project at $100+ million. Presentation: https://www.wavy.com/wp-content/uploads/sites/3/2022/08/SMFP54277322081211010-1.pdf

The Planning Commission was given a presentation of the Central Beach Small Area Plan last week. Unfortunately there does not appear to be any video of the meeting. Aspirational as these plans typically are, hopefully it motivates City Council to act on the Capstone proposal, assuming it’s still on the table.

Seems they were just waiting until the State of the City to announce it: https://www.pilotonline.com/2025/05/02/rivers-casino-hotel/ “Rivers Casino Portsmouth will break ground this year on a new hotel two years after opening. Mayor Shannon Glover made the announcement Friday during the annual State of the City address, held in the casino. Rivers Casino Portsmouth General Manager Roy Corby said Friday that The Landing Hotel is expected to break ground this year, with completion expected by 2027.”

The original developer lost it in foreclosure. It (kind of) worked out as the eventual owner was able to buy it below replacement cost and offer lower lease rates but it wouldn’t have been built at those rents and the lender and developer lost a ton of money.