The Virginian-Pilot
©
HAMPTON
The developers of Peninsula Town Center announced more than 50 retailers and restaurants that plan to open in the new outdoor mixed-use mall.
Most of the new tenants have existing locations elsewhere in Hampton Roads, but there are a few newbies in the bunch, including Delia's, a clothing and accessories store targeting girls ages 12 to 19, and Shoe Woo, which sells the footwear of Jones Apparel Group Inc. brands, such as Anne Klein, Jones New York, Bandolino, Nine West, Enzo Angiolini and Rachel Roy.
New eateries include the first Hampton Roads locations of Frank Beamer's American Grill, named for the Virginia Tech football coach; Midlothian eatery Q Barbeque; and restaurant chains Huey's Diner, The Wine Loft, Bensi Ristorante Italiano and Kenji Fusion.
Peninsula Town Center was built on the site of the now-demolished Coliseum Mall, replacing the traditional enclosed shopping center off Mercury Boulevard with a 1.1 million-square-foot landscape of retail, residential and office space.
Macy's and JCPenney department stores, discounter Target and bookseller Barnes & Noble have opened as the center's anchors, along with a few chain and local restaurants.
A grand opening for the center is scheduled for March 11.
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Can we get a new name besides "Town" something?
Town Center is already being used.
???
Taxpayers did not fund the Peninsula Towncenter. The only cost to the city was infrastructure. The 0.5 fee is not a tax and non of the money comes back to the city. It is a user fee to keep the towncenter looking as nice as it does today. You have a choice to shop there or not. I am happy to see this development in Hampton. I can now spend my money in my own city.
here you go, fee is used to defray the cost of those bonds.
"About three years ago, the City Council approved a Community Development Authority to issue bonds for public costs and oversight of special taxes. The .5 percent facilities charge which went into effect at the start of the year is part of the revenue stream being used to raise funds to defray the cost of those bonds, totaling $92.5 million, said Vincent Mastracco Jr., an attorney with the Norfolk office of Kaufman & Canoles. The law firm is helping oversee the redevelopment process at the town center"
""Basically, with the CDA that was put in place, the property owner — Mall Properties — agreed to tax itself," said Gilliland.
"The revenue from that taxation can then be used to repay bonds set up to redevelop the property, so you get the redevelopment you want, but don't place a debt burden on the citizens at large," he said."
all from the Newport News, Daily Press.
Do like the response from Gilliland, "Gilliland's response to complaints: "If you don't like it, don't shop there."". You think someone thinks they have a captive audience? You either spent the money on gas, or shop here.
If you are need of a nap, here is the info Community Development Authority,
http://w
Taxpayers did not fund the Peninsula Towncenter, no fee is taxed
That 0.5 percent fee is taxed along with your purchase. So it is a taxable fee, nice. It is my understand that this fee is used to pay off the bonds. Do you know something that says it applies to public space to keep it looking nice? I posted this at another site.."Was googling to see just what an average mall revenue is. Couldn't find current data but did find that Patrick Henry Mall in 2000 was making $364 per sq feet. I think the mall is 667,000 sq feet. If this mall charged that small fee of 0.5 percent on retail purchases the money coming in would be (364) (667,000) x 0.5 percent = $1,213940 per year, times 30 years = 36,418,200." Someone else posted "The Peninsula Town Center has a total area of 1.1 million.
364x1,100,000x 0.5% = $2,002,000 per year, over 30 years this equals $60,060,000.". If this is correct, maybe my decimal point is off, this is a lot of grass cutting money going straight to the owners and not Hampton. This doesn't include the tax of this money collected over the 30 years.
Town Center
It's sad that City Council and developers can spend millions of dollars of taxpayers money yet cannot give deserving city employees not one penny of an increase on their paychecks. Now there is a hiring freeze in effect citywide
Unlike Southside malls the Stores here charge a fee
The 0.5 percent charge.
• All the stores that will open in Peninsula Town Center in Hampton will include an extra 0.5 percent charge on purchases.
• Customers started seeing the charge on their receipts Jan. 1.
• The charge was approved by the City Council in 2006 to help pay for the development.
And now, you know the rest of the story.
YEA
So excited to see this in Hampton!! I lived there for years and grew tired of 1970s chain eateries. Very excited about a closer Bo Essentials!!! Great soaps and lotions. Currently I drive from the beach to Newport News to the store. So happy to see that they are opening one closer. Now if they would only come to the south side!