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HRVA

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  1. HRVA
    Lidl purchased the site last August but they can be pretty slow to develop. After their initial launch in the US, they’ve really slowed their pace. There’s quite a few sites they had purchased and later abandoned plans but those were all acquired years prior to this one. Hopefully they’ve figured their strategy out and that’s not the case here but time will tell.
  2. HRVA
    Between the Target getting approved at Wards Corner and the former Kmart at Norview going to Planning Commission next month, Norfolk is chipping away at some of its biggest blocks of retail vacancies.
  3. HRVA
    More details on the BRT study and opportunity to provide feedback. I know some folks working on this and they’re desperate to get good feedback so please take a couple minutes to do so. https://www.connectingchesapeake.com/blog/spring2024?
  4. HRVA
    This is exciting. Funny Bone’s current space feels tired. And the draftcade concept sounds great, essentially what Circuit is downtown. it will be great to have that option rather than dealing with the kids at Apex. With over a year’s notice, AH has plenty of time to line up a new user for the current space. Anyone know how much retail the redeveloped Pembroke Square will have, exclusive of the existing tenants?
  5. HRVA
    Milestone for the HRBT expansion today. Mary the TBM punched through the North Island. https://www.facebook.com/share/v/Wr2VvJwQB4zSedBX/?mibextid=w8EBqM&startTimeMs=1000
  6. HRVA
    Virginia Beach Development Authority just voted to renew Armada Hoffler’s option for three years. City Council still has to approve it. Interesting detail is Armada Hoffler is paying the real estate taxes on it.
  7. HRVA
    Unless there’s actual names behind the proposal, I have to assume this is all conceptual. I will wait to see if there’s any additional details to come out but I’m pessimistic about a substantial redevelopment happening anytime soon.
  8. HRVA

    1500 Monticello Ave

    HRVA replied to vdogg's topic in Norfolk

    Yea that’s unfortunately what I was expecting. It’s mind blowing they couldn’t make this project work even during the surge in demand and low interest rates during the pandemic. It would be a massive disappointment if this is approved.
  9. HRVA

    1500 Monticello Ave

    HRVA replied to vdogg's topic in Norfolk

    Don’t get excited but the property is on the City Council’s pending land use report as having a pre-submittal meeting. The only detail is ‘rezoning-remove conditions’ which could mean anything but something to watch. https://www.norfolk.gov/DocumentCenter/View/85963/Pending-Land-Use-Report
  10. HRVA

    Norfolk Off-Topic

    HRVA replied to vdogg's topic in Norfolk

    Richmond didn’t have the massive urban renewal/clear cutting of their urban landscape that Norfolk did. They also benefit from being the clear CBD in the region where each city down here seems to have their version of one, even if Norfolk is the main one. There were a lot of vacant buildings though as the flight to suburbia happened there like everywhere else but a lot of it has been repurposed more recently. I love visiting Richmond and very nearly made it my home ~15 years ago. Always exciting to see what is going on in their neck of the woods. I’m sure you’ll do well there and I’ll be curious to see your perspective once you’ve settled in.
  11. HRVA
    I doubt they would sell it. Controlling these properties is part of their anticompetitive strategy, as evidenced by the Sears building purchase. But they are indeed actively working on plans for the BB&B site, so that would be my guess or it could just be prep for utility work or something else mundane and unrelated. Divaris’s marketing seems to indicate the plan for BB&B is similar to what was done with FYE and Barnes and Noble, subdivide the box into smaller spaces. I’m sure it will be successful but it’ll tie that site up for the foreseeable future.
  12. HRVA
    The Giants control the San Jose market and won’t cede that territory to the A’s, even though the A’s previously ceded it to them. It was one of the areas the A’s considered relocating to. I agree with 32 teams - at least give it a decent amount of time before expanding any further. I’d rather see 32 with realigned divisions though. Either 4 divisions of 8 teams or 8 with 4.
  13. HRVA
    From the WAVY article: Phase 1: Aviva Pembroke, a senior living community. Located at the corner of Jeanne Street and Constitution Drive. It’s expected to open in the winter of 2024. Phase 2: Tempo by Hilton, a hotel. Construction is expected to start in early 2025. The hotel could open late 2026. Phase 3: Luxury apartments. The redevelopment is expected to be finished by 2027. No clear timeline for when phase 3 will start but with a 2027 completion I would say no earlier than late this year but more likely sometime next year. The demo is a complicated one both in size and how much isn’t being demoed so I would expect this stage to take the better part of the rest of the year. Updated hotel rendering added to the WAVY article:
  14. HRVA
    Demolition has begun: https://www.wavy.com/news/local-news/virginia-beach/roof-to-get-ripped-off-at-former-pembroke-mall-to-make-room-for-living-spaces/amp/ https://www.wtkr.com/news/in-the-community/virginia-beach/watch-pembroke-mall-getting-demolished-for-redevelopment-project
  15. HRVA
    I’m confident using the word never. Summit Pointe currently has ZERO actual retailers. It’s a mix of restaurants and salon services. Dollar Tree’s motivation was they needed this type of environment to attract talent/employees. Other developers/investors have taken note and they’re building suburban style developments directly across the street. They’re not buying in.
  16. HRVA
    VBTC will always reign supreme over Summit Pointe simply because of the fundamentals that backed its development. Summit Pointe wasn’t built on those fundamentals - no investor would have touched this proposal. And it will never attract the unique national tenant mix of VBTC. I’m okay with that and appreciate the local mix that SP has leaned on. They are two very different developments.
  17. HRVA
    Northgate Commerce Park has really exploded the past ~5 years starting with Amazon. This particular building is now 50% taller than originally proposed with capacity nearly doubled. Karis also has another facility planned south of Downtown Suffolk. More details on the Northgate project: https://freezpak.com/2024/03/14/freezpak-logistics-saoud-development-karis-cold-and-lb-realty-advisors-new-location-norfolk-va-port/
  18. HRVA
    City Council just had a presentation for a multipurpose facility at Summit Pointe…for over $300 million. I don’t see that happening. They’ve also thrown around the idea of a hockey arena at Greenbrier Mall but they don’t control any of that site so it’s purely conceptual. https://www.cityofchesapeake.net/DocumentCenter/View/17331/3-12-24-WS-MASTER
  19. HRVA
    The City of Chesapeake has contributed significant capital into Summit Pointe, including a share of the initial parking garage and commitments for road improvements beyond the site. I don’t have the exact number as it’s been awhile since I looked into it but it is certainly in the high 8 figures. But compared to VB Town Center, I’m fairly certain Chesapeake’s share of the costs are lower so I agree with you. AH has made it very clear that they have a competitive advantage at Town Center and any new supply they build would be cannibalistic. Competition is needed there badly and their acquisition at Pembroke Square was clearly anticompetitive.
  20. HRVA
    Renderings for the next phase, block 4. AC Hotel with 156 rooms and an apartment building with 125 units and first floor commercial. This will complete this initial blocks of Summit Pointe, other than the restaurant pad between First Watch and Union Taco.
  21. HRVA
    Pure speculation on my part for my own entertainment. But there is a history.
  22. HRVA
    Address is 400 Waterside Drive. Not the best name but it’ll change as soon as Bonaventure buys it. I’m predicting Attain Downtown South.
  23. HRVA
    I am more familiar with the market in Hampton Roads but I was surprised the projected numbers weren’t higher. Here’s the sold prices from Zillow for the project you mentioned. Seems like they’ll easily be in the range from the article.
  24. HRVA
    Developer can change without a referendum but the Pamunkey’s options on the property always made it unlikely that would happen. They really need to start construction this year. The lottery board won’t issue their license until construction is nearly complete and the license has to be issued within 5 years of the referendum so November 2025 is their deadline.
  25. HRVA
    The apartments will be at the former Mitsubishi site (401 Volvo Pkwy). The project is approved, site is cleared and I believe site work recently began. It’s been discussed in the Chesapeake thread but it is just another suburban apartment complex. As for this article, they like to keep Summit Pointe in the news even when there’s nothing to report on. It’s done well but there is no indication of when the next block will begin construction and comments from real estate industry publications say they are waiting.
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