Block 2 Tower (Proposed)

[mintscraft56]

Hey! Look what I found! This looks more like it! Maybe town center, Virginia beach will grow to this extent? Or....only in a dream world.....?
A town center this size would compete with downtown Norfolk or, work together with it to make a better area. 

Edited August 9, 2022 by mintscraft56

[HRVA]

34 minutes ago, mintscraft56 said:

Hey! Look what I found! This looks more like it! Maybe town center, Virginia beach will grow to this extent? Or....only in a dream world.....?
A town center this size would compete with downtown Norfolk or, work together with it to make a better area. 

This is probably 2010ish conceptual. The company that put this together is now essentially Saunders Crouse Architects & they are still very active in the region’s urban developments if you want to look them up. 

[baobabs727]

Exactly. 

MEH!

I have been listening to and reading those A/H  conference calls for several years now, and this was the strangest, most bizarre, most verbose, most convoluted one I’ve ever heard. It felt like they were putting on a big show whilst saying absolutely nothing. Totally on purpose, imho.  Total bull.  And no one asked any good, probing development questions. Never seen that before either.  If any of the callers had done their homework, they would’ve known about the recent Pilot  article covering City Council’s vote to extend the option on block two …and Divaris’ recent pronouncement re: TC office occupancy @98%. WTH?

Just consider Armada Hoffler, for the time being, in HR, to be primarily a multi-family developer. They just follow the money. I get it, but They are being greedy with that block and are using their local, insider connections to Council to allow them to persist in this charade. Meanwhile, the City loses. 
 

 

[urbanvb]

Maybe they’re  “afraid” of development across the street at Pembroke Place. To be sure there is room enough for both to exist, to expand and build. I just don’t get it.

[vdogg]

11 hours ago, urbanvb said:

Maybe they’re  “afraid” of development across the street at Pembroke Place. To be sure there is room enough for both to exist, to expand and build. I just don’t get it.

I'm hoping that Pembroke eats all their lunch and their snacks too. There was definitely an office tower planned in later phases at Pembroke, I say they walk up to all those tenants who want to expand now and make them an offer. I'm over Armada Hoffler. Time to stop allowing them to take up valuable land.

[varider]

Pembroke Square office tower ftw 

[urbanlife]

On 8/10/2022 at 5:30 AM, vdogg said:

I'm hoping that Pembroke eats all their lunch and their snacks too. There was definitely an office tower planned in later phases at Pembroke, I say they walk up to all those tenants who want to expand now and make them an offer. I'm over Armada Hoffler. Time to stop allowing them to take up valuable land.

Who does Armada Hoffler think they are? Taco Bell?

[vdogg]

On 2/13/2022 at 7:27 PM, metalman said:

https://seekingalpha.com/amp/article/4486111-armada-hoffler-properties-inc-ahh-ceo-lou-haddad-on-q4-2021-results-earnings-call-transcript
 

found this meeting transcript from 3 days ago about Q4 2021 earnings. A couple paragraphs of note-

 

2022 has come and gone. I believe the block 2 option expires this year. I do NOT support another renewal. City council needs to cut ties and find another developer.

[vdogg]

So, going over the last earnings call just to see if I can divine anything from the tea leaves, and it sure does feel like they just plan on sitting on this block in perpetuity. No real sense of urgency. I think it's time for council to make their own move...

"Sure. Yes, I think there's no shortage of opportunities out there, as you would imagine. And so we're seeing a lot of deal flow. To Lou's point back on the redevelopment, we are happy to collect rent and watch construction prices kind of stabilize or come down. That helps, obviously, the yield and helps our business case. In terms of ground-up development, here in Town Center, we have, as you know, Rob, an opportunity for a site here show the opportunity arises to develop a mixed-use building. We've been calling that parcel our block."

[vdogg]

Something’s brewing…

https://www.pilotonline.com/inside-business/vp-ib-divaris-merger-0417-20230410-swhi522qfvbcfco3sfztn6myqy-story.html

Divaris has been busy with projects both locally and in other parts of the country, including several new development initiatives in the works in Virginia Beach’s Town Center, hotel development projects at the Oceanfront and an entertainment-oriented project in Virginia Beach.

“Several of these projects are in the process of being finalized and will be announced over the next several months,” he said.

 

[baobabs727]

2 hours ago, vdogg said:

Something’s brewing…

https://www.pilotonline.com/inside-business/vp-ib-divaris-merger-0417-20230410-swhi522qfvbcfco3sfztn6myqy-story.html

Divaris has been busy with projects both locally and in other parts of the country, including several new development initiatives in the works in Virginia Beach’s Town Center, hotel development projects at the Oceanfront and an entertainment-oriented project in Virginia Beach.

“Several of these projects are in the process of being finalized and will be announced over the next several months,” he said.

 

Gerald Divaris is one of my personal heroes. Bar none. In fact, my grand debut of sorts here on this board was centered around my meeting with Gerald in his office at One Columbus Center in the Spring of 2005.  It was such a joy to share my reportage of that auspicious event with everyone here. I was certainly not worthy (!!), that’s for sure, but nevertheless,  that amazing, visionary dynamo of a man responded to an unsolicited email that I had sent to him and invited me up for an hour long discussion “in the clouds.”  His presentation included props and easel! He seemed to spare me no detail and even revealed tons of yet-to-be announced retailers, some of which never came to fruition because Taubman erected anti-competitive roadblocks in his path. I corresponded with him and one of his Chiefs for many years thereafter, and always enjoyed his sheer brilliance and unbridled joie de vivre.  

[varider]

Wow. They really want to get our hopes up!“Several” new developments in TC?! What a teaser. This + the Convention Center proposal = an interesting day around here 

[urbanlife]

Hopefully a cluster of residential towers.

[baobabs727]

KPMG at A/H Tower. This was an important "get." New to the market and a major player, nationally.  Man, A/H loves that 98% occupancy at A/H Tower. Keep squeezing them in there and shuffling the deck and there will be no Block 2 Tower in sight. When is their option up again?  OH YES, 30 April 2024. EMAIL VB City Council! 

https://armadahoffler.com/recent-news/big-four-accounting-firm-inks-deal-at-armada-hoffler-tower-in-virginia-beach/

 

[baobabs727]

I don't know why I even bother......A/H Q3 24 CC.... We almost do not exist in this call (and by name we literally do not exist... And even by passing, cryptic reference it's not positive), and yet there's an option to be renewed next month. Or not.  I think everyone is on the same page here...nothing will happen there anytime soon.  Meanwhile their growth markets receive a fair bit of attention.

https://www.insidermonkey.com/blog/armada-hoffler-properties-inc-nyseahh-q4-2023-earnings-call-transcript-1263945/#q-and-a-session

 

Edited February 25 by baobabs727

[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. 

[urbanvb]

Another 3 years of kicking the can down the road.

[urbanlife]

5 hours ago, urbanvb said:

Another 3 years of kicking the can down the road.

Basically, it's the just in case a company comes along wanting to build a new tower then they have a site to use rather than letting another developer get the opportunity to build it.

[baobabs727]

Assholes

[baobabs727]

I watched the mtg. Laughable. Zero questions.