Va. Beach firm expands office-retail project

By Josh Brown
The Virginian-Pilot
© February 25, 2011

VIRGINIA BEACH

A developer is moving forward on plans to build a 53,000-square-foot office and retail project on the corner of Laskin and Birdneck roads near the Oceanfront.

JTM Development Corp., a Virginia Beach firm headed by John Mamoudis, originally planned to build a 31,300-square-foot office building on a 1.6-acre parcel where a gas station had stood for decades.

"We're making a mixed-use center out of it, tourist-related, capturing some of the Oceanfront activity," Mamoudis said Thursday.

The firm retooled the project after reaching a deal recently to buy a 1.9-acre parcel adjacent to the gas station lot, he said.

The new plans call for a 44,500-square-foot, three-story building with retail on the first floor and office space on the upper stories. The developer also plans to build a separate 8,500-square-foot building designed to house an upscale restaurant.

"I kept hearing about the need for retail at this location," Mamoudis said. "The new plan is a much better use than just a typical office structure."

The $10 million project - called The Seasons at Birdneck Point - is set to be completed by June 2012, he said. The company bought the original gas station parcel in 2009 for $1.6 million.

JTM has hired two real estate brokerage firms - Thalhimer/Cushman & Wakefield and Harvey Lindsay Commercial Real Estate - to market the retail and office project to potential tenants. Troy Parker, a commercial real estate broker with Thalhimer, said that project has no firm tenants yet.

Josh Brown, (757) 446-2318, josh.brown@pilotonline.com

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$1.6 million

Submitted by A_R_Med on Fri, 02/25/2011 at 7:53 am.

Someone should take notice - this is about 1000 feet from the old Hardees property on Laskin that the City "had to purchase" for $15 million if my memory serves me correctly and about the same size land? I know there were nuance to the deal that allegedly kept the City from being sued. But it sure gives you an idea of the either corrupt or incompetant practices going on around here. Where's the Navy in this? Same flight plan?