NORFOLK
Two years in the planning, the Wachovia Center, a $160 million project city officials hope will trigger downtown development eastward, received its ceremonial blessing Wednesday.
Planned as a mixed-use facility to work, shop and live, city and business luminaries lined up midday to tout the planned center off Monticello Avenue at Charlotte Street in a groundbreaking event. The 22-story facility will include 250,000 square-feet of top-of-the-line Class A office space, another 50,000 square feet of retail shopping, 162 apartments and 1,850 parking spaces in two garages.
The center is now 70 percent leased, officials said. Besides Wachovia, which provided the financing to complete the center, tenants include S.L. Nusbaum Realty Co., which is handling leasing of the building; Goodman & Co., an accounting firm; Willcox & Savage P.C., a law firm; and LTD Management Co. LLC, a hotel development and management company that is moving from Chesapeake.
As part of the project, the city is taking down the Monticello garage and will build a new larger parking facility, having 750 more spaces. The garage will be paid for with parking fees. As part of its capital improvement budget for next fiscal year, Norfolk has budgeted $4.7 million for infrastructure associated with the Wachovia Center.
Roderick S. Woolard, director of development for the city, said in a written statement that the project should generate $58 million in direct tax and parking revenues and $2.7 million in indirect revenues from employee and resident purchases over the next decade.
Alan B. Nusbaum, chairman of the board at S.L. Nusbaum, said the center's location near Scope and Chrysler Hall is significant.
"We're thrilled to be in the center of business action and cultural activity in Norfolk," he said Wednesday.
At the formal groundbreaking, Norfolk Mayor Paul Fraim said the center is an investment for the city because it is unifying downtown's core and encouraging development in the St. Paul's quadrant of the city, which sits on the eastern tier of downtown.
"This is certainly a competitive economy we're in, and there aren't any first-class office buildings being planned," Fraim said. "The fact that this one is moving forward here in Norfolk validates what we're doing here."
The Wachovia Center is scheduled to open during the summer of 2010.
Jennifer Jiggetts, (757) 446-2643, Jennifer.Jiggetts@pilotonline.com
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rebuttal
You know what else went overbudget... the daily ridership by about 53%, the projected preconstruction number being 9,100 and most recent posted average being 14,000!
Don't get too worked up about the coming Blight Rail
Was in Charlotte last week doing some consulting. The blight rail there was budgeted at around $230M. There were over $200M in overruns. You read right. Over budget by over $200M! Local taxes have to make up the difference. All over the radio, news, and conversation on the street. Politicians all pointing fingers at each other. People are MAD. The other issue you hear is noise. These things are LOUD. People who own property along the route are complaining that their property values are falling due to all of the noise, congestion, and pollution. There is increased traffic congestion due to the at grade street crossings and a dramatic increase in diesel fumes due to diesel powered vehicles (delivery vans, trash trucks, etc) sitting in traffic at the crossings. By all accounts, the thing is a disaster!
Stop Hating
Look for an apartment shortage not excess! Lets not misunderstand the economic impact light rail is going to have on the region. Those who would consider living in a downtown environment will only be reassured by the option of light rail right outside their door, not to mention what students and young working adults will do to the surrounding area. The entire downtown is about to explode, complemented by Craney island, and ODU's exponential growth, and if va beach follows thru with a light rail connection thru town center, both areas will flurrish! 21st century growth is on the horizon! Dont be mad that town center has a healthy competition...which is good for the whole region.
PF Changs?
What, you want Norfolk to look like Virginia Beach with it's Disney-esque fake looking downtown lined with chain restaurants?
Looking Forward to the Center
Now hout 'bout opening a PF Chang's on the first floor?
Good job norfolk
Should be a beautiful addition to our beautiful city.
The banks...
The banks always have the big shiny buildings, yet pay poor returns on savings. If only I could get the 29% that credit card companies (banks) get. Boy is there a ton of apartments going in, and I bet every one will be priced to the max. Even though some of the inventory will be used by homeowners who are getting foreclosed on, I bet we end up with an apartment excess. I also like how these projects have the "to live, work and shop" type visions.