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Va. Beach Towncenter project

vdogg

By vdogg
in Virginia Beach

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hoobo Burg

hoobo

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The "kiddie" lot just seems so small for any sizeable development to occur on and for Mr. Divaris to report an annoucement is forthcoming to me means something significant will be built - hopefully on the larger block.

I was under the impression that the kiddie lot no longer exists, that it is now part of the PAC lot. In one of the multitude of PAC articles, the Pilot said a 3-story office/restaurant building would be built on the same lot as the PAC with the two buildings forming an L and a plaza in the empty corner. The street dividing the two lots was said to have been removed from the drawing board. Essentially, the TC plan diagram is out of date. The PAC is to back onto Independence. I think this is even mentioned in the PAC thread. In fact, on the Westin thread, pictures show the PAC foundation being placed on the so-called kiddie lot. The kiddie lot is no more.

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  • 3 weeks later...
urbanvb City

urbanvb

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As promised here are a few updates on TC.

Sonoma Wine Bar recently opened for business.

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Things are starting to look good at the Cosmo. Some of the fencing has been taken down. Landscaping is going

in and construction is ongoing inside the building. This the north side of the building. I was told by one shop

owner that Atlanta Bread Co is going to be located on this corner and an upscale ladies handbag shop is going nearby also.

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The southern side.

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The eastern side.

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Seems I recall in an old rendering that a restaurant was to go here on the southeastern corner but I don't know if this is still to be.

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Looks like the clubhouse has been built, at least on the outside. I bet the views from up there are pretty neat.

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A peak inside one of the halls into the Cosmo. Quite elegant indeed.

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Sorry about the fence.

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More TC pics.

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I heard Brook Bros is relocating to the bottom floor behind the Cheescake Factory.

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That's all for now folks.

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hoobo Burg

hoobo

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From all the construction pics, either here or on the Westin thread, the PAC sits in the middle of its parcel. On the eastern end of the parcel (about 13,000 sqft of land), construction is supposed to commence on a 40,000 sqft office/retail building later next year. The western portion along Independence, which is slightly larger than the eastern portion, will remain unbuilt. I assume if the PAC reaches capacity it could be expanded otherwise it will become another commercial property. The only forbidden uses for the western portion are sporting goods store or health club. Page 115/199 of the Phase agreement on the City's website shows the revised master plan.

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vdogg Megalopolis

vdogg

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Anyone know what the hold up for cosmopolitan is? They were supposed to be ready for occupancy in October but I drive by and see that the interior still has a long way to go. Anyone have a revised schedule as to when this building is supposed to open. It'll be great once we can finally get some residents in that area, it'll give the place a real synergy that may spawn other developments. :)

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urbanvb City

urbanvb

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Anyone know what the hold up for cosmopolitan is? They were supposed to be ready for occupancy in October but I drive by and see that the interior still has a long way to go. Anyone have a revised schedule as to when this building is supposed to open. It'll be great once we can finally get some residents in that area, it'll give the place a real synergy that may spawn other developments. :)

They are running a bit behind schedule as mentioned and I was told they should start receiving residents in December.. hopefully soon.

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vdogg Megalopolis

vdogg

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Also, here is the revised master plan that hoobo is referring to.

masterplanrevised.jpg

As you can tell block 9 has indeed been changed as others were referring too and is on the kiddie lot between the Westin and the Cosmo. It is labelled "residential above retail". That makes me really excited since Mr. Divaris eluded to a big announcement coming for that block in the near future. Makes me wonder what it could be. :)

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rusthebuss Metropolis

rusthebuss

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Do you guys think this could possibly be another tower? When I see "residential above retail" and Mr. Divaris says "something big" I think multistory. I would be happy with just a midrise in that location but we'll see. :)

That would be nice! I wonder how our region will look in 20-30 years

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urbanvb City

urbanvb

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Do you guys think this could possibly be another tower? When I see "residential above retail" and Mr. Divaris says "something big" I think multistory. I would be happy with just a midrise in that location but we'll see. :)

A midrise would be ideal in that location. Also, there is a ton of retail waiting to happen in the TC. Even the Westin has lots of sq feet for retail on the ground floor. Is the new schematic available online somewhere?

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vdogg Megalopolis

vdogg

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A midrise would be ideal in that location. Also, there is a ton of retail waiting to happen in the TC. Even the Westin has lots of sq feet for retail on the ground floor. Is the new schematic available online somewhere?

If you look a few post up hoobo had posted a link to the development agreement. On page 115 in the new schematic (it is indeed new because I have the old ones saved and it looks quite different from those). Other than that no. And it is taking them forever on the new site but perhaps they're waiting until they get their renderings finalized before putting anything up.

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hoobo Burg

hoobo

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A midrise would be ideal in that location. Also, there is a ton of retail waiting to happen in the TC. Even the Westin has lots of sq feet for retail on the ground floor. Is the new schematic available online somewhere?

As far as I can see from the Phase 3 agreement and presentation (VB City TC page), Block 9 will be a 3-story structure like Block 3 (Cheesecake and Keegan's) except that the top 2 floors will be residences not offices. The squarefootage listed in the presentation is comparable to that of Block 3. Also, at the end of the agreement is a table of TIF projections. Block 9's TIF projections are far lower than Blocks 4 (AH Tower), 7 (Westin), and 10 (Cosmo) and more in line with that of Blocks 3 and 12 (Dick's). I tried using the find tool in pdf, but it didn't seem to work and I'm not reading 199 pages. I don't understand why Block 11 has such low projections. Is the second office tower not a done deal?

One last thing, the TIF projections show City View as generating revenue in Fiscal Year 08-09 with a significant jump in 09-10. Is that the construction timeline for that project?

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vdogg Megalopolis

vdogg

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As far as I can see from the Phase 3 agreement and presentation (VB City TC page), Block 9 will be a 3-story structure like Block 3 (Cheesecake and Keegan's) except that the top 2 floors will be residences not offices. The squarefootage listed in the presentation is comparable to that of Block 3. Also, at the end of the agreement is a table of TIF projections. Block 9's TIF projections are far lower than Blocks 4 (AH Tower), 7 (Westin), and 10 (Cosmo) and more in line with that of Blocks 3 and 12 (Dick's). I tried using the find tool in pdf, but it didn't seem to work and I'm not reading 199 pages. I don't understand why Block 11 has such low projections. Is the second office tower not a done deal?

One last thing, the TIF projections show City View as generating revenue in Fiscal Year 08-09 with a significant jump in 09-10. Is that the construction timeline for that project?

Phase A will be completed in 08-09 and additional phases will come online in 09-10 which accounts for this jump. Construction of phase A starts this summer. As far as block 11, Mr. Divaris indicated that it would be a 23 story tower and that he already has prospective tenants lined up. Construction is slated to begin the 2nd to 3rd quarter of 06 if I remember correctly but could come sooner based on tenant demand. By contract, they are legally obligated to build a 2nd office tower on block 11, council is adamant about that. In that sense it is a done deal. As far as timetables go, timetables are never a done deal, so who knows?

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