Va. Beach Town Center project 2

[vdogg]

Just curious, but if Ah can't get the Taco Bell land I wonder what their chances are of getting the land that Wachovia sits on right across from the Westin? That would create an amazing gateway to have another 30-40 story tower there. Also, the put up an new sign for shops at town center. It is now all blue instead of having that red at top. Nothing big, just interesting to see some movement, however little, on this project. The leasing agent is Sl Nusbaum, I wonder if tomj would be allowed to give us a status update on this?

[Glassoul]

Fairly recent too, as opposed to the usual Pilot pics for developments. You can see the huge amount of progress made in Studio 56 already, as well as the tremendous amount of space between Sadler and Independence for more retail. Looks much more spacious from the air.

So crazy to see that. I remember when I was doing my psuedo-internship at Painewebber (now UBS) at the Columbus building and all of that was trees and grass. Only the Taco-Bell and VP building were there. Now, the VP building is about to give way.

[vdogg]

But the Beacon Building is almost sold. City officials are negotiating the deal, and it is very close to fruition, said Mark Wawner, the city's project manager for Town Center. They expect to nail down the details within a month, then present it to the City Council for approval.

Bruce Bradley, publisher of The Pilot, declined to comment and, so far, there are no public details.

The Beacon site - about 1.3 acres - is assessed by the city at $2.2 million, but it is almost certain to sell for more than that. Eventually, city officials plan to tear down the building and replace it with another office tower.

I was just thinking about this. I wonder if AH is waiting till the completion of this transaction to actually "announce" the 2nd office tower? It would make sense. With phase 3 nearing completion it's about time for them to announce the next step. I'm going to be watching the planning docket very closely for this item to pop up.

[RJWGMU]

I was just thinking about this. I wonder if AH is waiting till the completion of this transaction to actually "announce" the 2nd office tower? It would make sense. With phase 3 nearing completion it's about time for them to announce the next step. I'm going to be watching the planning docket very closely for this item to pop up.

Yeah, that is probably the case. I was on the VBTC website earlier and it hasn't changed in regards to tower two. Any idea when the completion of the deal will come?

[vdogg]

Yeah, that is probably the case. I was on the VBTC website earlier and it hasn't changed in regards to tower two. Any idea when the completion of the deal will come?

The city said within the next month which should put us at the end of April or the beginning of May.

[metalman]

TC website has a new retailer "coming soon" - Blanc

Does anyone know what that is?

[urbanvb]

^ been wondering that myself. It will located across the street from California Pizza Kitchen.

[vaceltic]

Lets start a naming pool. I have $5 on Express (cause thats all I can afford).

[urbanvb]

I'm thinking its another locally owned retailer since most nationally known retailers seem to be ignoring the center.

[burt]

TC website has a new retailer "coming soon" - Blanc

Does anyone know what that is?

Maybe it is the CB5 organization's really upscale restaurant BLANC BLEU that has been announced for the Power Plant at Richmond on the James. It was announced in October but never lifted so much as a hammer; maybe they gave up on Richmond and decided on VBTC.

[vdogg]

Well, it's not listed under the dining section, it's listed under the shopping section so it is definately a retail outlet of some sort.

DINING & ENTERTAINMENT:

[*]

[burt]

That's quite an impressive list of dining and shopping options.

What's new with The Sadler Center? It should be close to completion judging from the last pix I saw. And isn't a mid-rise condo building going up across from the theatre?

[wrldcoupe4]

Perhaps Mont blanc?

[vdogg]

That's quite an impressive list of dining and shopping options.

What's new with The Sadler Center? It should be close to completion judging from the last pix I saw. And isn't a mid-rise condo building going up across from the theatre?

Not much other that it opens in November. Here is a link to progress pics from the midrise. Studio 56 Progress

[richyb83]

What a HUGE, great looking project!!! Is there anything that this Town Center does not have? It looks like it's got it all!! Excellent location how this was integrated into the urban fabric of the CBD. 11 miles from downtown Norfolk; 11 miles from the oceanfront. The Westin tower sure is impressive.

[vdogg]

The new tower now has its own thread. Post in the Tower Two thread.

[RJWGMU]

So block 9 is happening now again? Do we know if it will be a midrise block or will it be low like the other two small blocks?

[vdogg]

So block 9 is happening now again? Do we know if it will be a midrise block or will it be low like the other two small blocks?

Looks like a midrise block at least. retail on the bottom 2 floors but the article also said residential or office above. If it turns into residential and office it stands a chance to be a substantial building. I'm hoping for at least the height of the Cosmo in that location. BTW, block 9 was never scrapped, just put on hold.

[urbanvb]

Last I heard block 9 was smallish like the Cheesecake Factory block but hoping it might grow.

Edited April 25, 2007 by urbanvb

[RJWGMU]

All of this news is great! If you can remember, with the original pitch there never was a "Phase IV" plan, or even talk of it... Not only that, but Phase III was not supposed to start for another couple of years if I am not mistaken... Now, the fact that Phase 3 is almost done, Phase 4 is set to begin, and it includes properties which had been listed as "Future Development" (Pilot Building, where the PAC and Studio 56 are, the parking lot of Columbus One), is very good and exciting news... Once City Walk gets going (HOPEFULLY SOON!!) the area will be VERY urban and will likely jump across the Blvd, eliminating the gas station hopefully at both ends of the mall and some of the parking lots around there!!

[vdogg]

Phase III update

Warning! .pdf file

This is the phase III agreement that was updated June of last year. As you can see, they don't technically have to commence construction on block 9 until 2012. Thank God it appears that they may be pushing that up a bit. I would expect a Phase IV agreement to be on the agenda in short order.

[vdogg]

[vdogg]

PHASE I:

Block 4 254,000 SF Office Tower 469,000 SF Parking Garage (1284 spaces) 18,000 SF Hampton University 67,000 SF surrounding Office 42,000 SF surrounding Retail 850,000 SF Total SF for Block 4 Block 5 18,000 SF Towne Bank 100,000 SF Hilton Garden Inn (176 rooms) 118,000 SF Total SF for Block 5

• 968,000 SF Total SF for Phase I
  $83 million AH investment for Phase I
  $29 million public investment
  
  

PHASE II:

Block 10 416,000 SF Apartment Building (10 stories, 341 units) 292,000 SF Public Parking Garage (4 stories, 856 spaces) 20,000 SF Plaza Level 48,000 SF surrounding Retail 776,000 SF Total SF for Block 10 Block 12 88,000 SF Galyan's 199,000 SF Public Parking Garage (574 spaces) 18,000 SF surrounding Retail 305,000 SF Total SF for Block 12 Block 3 97,500 SF 3-story Retail & office above Block 8 49,000 SF 2-story with Mezzanine Retail & Entertainment 20,800 SF Public Plaza

• 1,227,500 SF Total for Phase II
  $90 million AH investment for Phase II
  $26 million public investment
  
  

• 2,195,500 SF Total for Phases I and II
  $173 million AH investment for Phases I and II
  $ 55 million public investment
  
  

ADDITIONAL PHASES

Block 9 80,000 SF

Block 7 837,000 SF

Block 11 1,200,000 SF

2,117,000 SF total for additional phases 4,312,500 SF total under development all phases

$300 million projected total investment for all phases

Block 11 has an insane amount of developement coming.

Keep in mind, this info is a bit dated and doesn't account for the additional office tower on the Beacon land, only the one on block 11.

[urbanvb]

If I am remember correctly block 11 was the one with the large retail parcel (remember Parisian?). Still hoping we can get a large retailer in the center.

Edited April 26, 2007 by urbanvb

[urbanvb]

Overall, I think TC has done well and exceeded expectations especially office leasing. The rate of building it out has increased and is going forward fairly quickly. Now ff they can only get the retail component to come together. While it is a nice place to choose from its many restaurants the retail is still lagging.

Edited April 26, 2007 by urbanvb