Wells Fargo Center Progress

[vdogg]

I guess 1 thing you can say about VB's desire to outdo Norfolk is that the competition should make them both grow considerably in the future. I'm sure both cities will do whatever they can to bring in new business so they can build new buildings. Norfolk is clearly the leader, but VB may just push them somewhat.

I was really hoping it wouldn't turn into a competition thing because honestly I see it hurting rather than helping us. Initially Divaris pitched TC as an uptown, meaning it would be a mostly residential downtown with some office. He was even adamant that TC was not direct competition to downtown. Now it seems that tune has changed somewhat and I don't know why. It also doesn't seem that Wachovia center and this other new tower would be direct competition even if they wanted to. Most of the tenants in negotiation with Wachovia Center will likely commit and the tower will likely be nearly fully leased by the time construction starts. I would expect the new tower at TC would actually be more competion for filling the vacant office space left behind in Bank of America.

[vdogg]

Looks like Wachovia center is moving ahead with rezoning. Warning! .pdf file

link

[Glassoul]

.... and I don't know why.

Because you can't sell people on the idea of building a downtown. Imagine it is 1999 and you announce that, "hey guys, we're going to construct downtown VB at the intersection of independence and vb blvd, and we're going to use tens of millions of your tax dollars to do it! Well, of course it'll be in competition with downtown Norfolk, the region shares the same population base and companies, so we'll just scavenge each others' resources. And just to show you how serious we are and how successful we can be at this, we'll move our corporate headquarters from Chesapeake to VB to kickstart things."

For a mostly suburbanite population, even the word 'downtown' has negative connotations. It would have not gone over real well. It's downtown by stealth, lol.

[urbanlife]

Because you can't sell people on the idea of building a downtown. Imagine it is 1999 and you announce that, "hey guys, we're going to construct downtown VB at the intersection of independence and vb blvd, and we're going to use tens of millions of your tax dollars to do it! Well, of course it'll be in competition with downtown Norfolk, the region shares the same population base and companies, so we'll just scavenge each others' resources. And just to show you how serious we are and how successful we can be at this, we'll move our corporate headquarters from Chesapeake to VB to kickstart things."

For a mostly suburbanite population, even the word 'downtown' has negative connotations. It would have not gone over real well. It's downtown by stealth, lol.

downtown by stealth, I like that term. Basically each section will have its own name and over time VB will probably start referring to the whole area as City Center or something.

[vdogg]

Wachovia Center to set standard

The story goes like this.

Office vacancy rates in downtown Norfolk fall below 10 percent. Developers rush in to fill the void with new office space.

Two years and a ground- breaking later, a new office tower graces the skyline of Norfolk. Tenants leave a building that is two or three decades old for the new space.

It happened in 2002. Tenants fled the Bank of America building in downtown Norfolk for the newly minted 150 West Main Street office tower, a joint venture between the city of Norfolk and the investors. The city financed the parking garage. The investors, a limited liability company made up of Robert Stanton and Tom Robinson of Robinson Development, saw the opportunity for a new building downtown after office vacancy rates had dropped below 10 percent.

Eventually, the investors sold 150 West Main Street to the St. Joe

[vdogg]

Wachovia Center rezoning goes before council tommorrow May 1st.

Warning! .pdf file

[ace707]

According to the overview on the first page, there are condos instead of apartments. Could be a typo or maybe the condo market is on the upswing.

[vdogg]

According to the overview on the first page, there are condos instead of apartments. Could be a typo or maybe the condo market is on the upswing.

I'm pretty sure that's a typo. I don't think the markets on that much of an upswing. You probably wouldn't see condos come back until Granby is completely filled.

[Sky06]

That's a helluva typo!

[wrldcoupe4]

I think this project was in Southeast Real Estate Business under the mixed-use highlight. It was on the front cover.

[vdogg]

Thanks Coupe. Yeah, they have a blurb about the project at the bottom of this page.

[vdogg]

Looks like they've finally, officially, started the process. Wachovia center itself goes up for "preliminary review" before the design review committee on june 11th.

[scm]

Thanks Coupe. Yeah, they have a blurb about the project at the bottom of this page.

Did you notice that another project highlighted by that piece, Brookhaven Place, is a project of the same company that is redeveloping the Norcom site in P'Town?

Have to give it to the Portsmouth ED -- they are attracting major national players (Sembler, LPC) to their projects, not just giving them over to Dan Hoffler to do Town Center 4.0 and revisions (like Oyster Point, Harbourview).... That has to have the old boy network pissed (just look at the letter to the editor in today's VP and you will see what I mean).

[vdogg]

It seems that more and more national players are trying to enter our market as the region gains more prominence. I see this as a huge benefit because it offers us the opportunity to spice things up a bit from the bland, boring, everything must be cream/off-white/white, architecture that permeates this area. Hopefully Hoffler and company sees this as a direct challenge and steps the quality of their developments up in response.

[NSUREDD]

Is this still on schedule? What is the timeline?

[vdogg]

Is this still on schedule? What is the timeline?

LOL, patience. It's not even time to break ground yet. Demolition isn't scheduled until March. They are working through the design review and planning process now. This is very much an active project and yes it's still on schedule.

[vaceltic]

New rendering of Wachovia Center provided in the link below.

Norfolk Development Update

[vdogg]

Thoughts?

[vaceltic]

I liked the crown and the sleeker design on the previous rendering but I will withhold judgement until I can see the frontside of the building.

[cpeakesqr]

What happened??? It looks like the original design was mostly swallowed by a giant concrete monster!!! Still... looks better than the Motel 6, ohh I mean Hilton.

[brikkman]

Its cool, however, I would not say signature......

I do not like the lower part of the development, looks more like 380BUSH (if that's the correct place I'm referring to)...I do not care for that portion. How about a dirty brick look like the building across the street from where its being built.

[lil-bear]

I liked the original rendering better. This looks 2nd rate.

[erdogs]

Thoughts? Not much comes to mind. I guess it's in keeping with Norfolks look. When this and the Hilton gets built it will hardly be noticable. It's kind of like adding a few wharehouses in an office park.

[mikeas]

Whats wrong with colors?

[vaceltic]

I think the red brick on the apartments should be gray. That will just stand out waay too much next to Chrysler Hall, Scope, and the Wachovia Center. Bleh!