The Virginian-Pilot
©
NORFOLK
One of the city's oldest office towers is up for sale.
Norfolk's Redevelopment and Housing Authority has put its 13-story headquarters building on Granby Street on the market, with the hope of using sale proceeds to pay for construction of a new office building off Ballentine Boulevard.
The new $12 million building would be three-fifths the size of the current tower, which officials said was too big for the agency's 300 employees.
The current headquarters also needs work on its heating and cooling systems, and officials said that would be expensive for the housing agency.
A 2008 appraisal of the downtown tower put its value as a shell for a mixed-use or residential remodel at $6million. Authority officials said they hope to make more than that.
In recent years they've heard from half a dozen developers interested in converting the building to apartments or condominiums.
Once a deal is made, construction will begin on the agency's new office.
"The main linchpin in this project is selling this building and what price we'll get," Chief Executive Officer Shurl Montgomery said.
The housing agency is giving its broker, CB Richard Ellis, one year to sell the Royster Building. If it doesn't sell - or if offers are considered too low - the agency will likely put expansion plans on hold for the near future, Montgomery said.
When the Royster fertilizer company built the tower around 1912, it was one of the tallest buildings downtown. The agency purchased it in 1977 and argued that moving employees to the city's center would enliven Granby Street and encourage growth downtown.
"We were by ourselves down here," said Jim Gehman, the authority's chief development director.
In the years since, the housing agency has seen the construction of the Dominion Enterprises building across the street and MacArthur Center as well as a surge of restaurants along Granby.
Now, officials say a move might have the same effect on Ballentine Boulevard. The area around the operations center is largely residential, with the redeveloped neighborhood of Broad Creek down the street.
Broad Creek also is slated to become home to a new Kroc Community Center, but shops and restaurants haven't been drawn to the area despite the residential revival.
"This could be a stimulus to drive commercial interest and retail interest near Broad Creek," Montgomery said. "There's a lot of things happening in that corridor."
Meghan Hoyer, (757) 446-2293, meghan.hoyer@pilotonline.com
Delicious
Digg
Reddit
Facebook
Twitter
Google
Yahoo
sounds
like they want to waste more taxpayers money for a shiny new building on the ltr line, an unneeded bulding, in these times they should be trying to cut spending not waste, all taxpayer funded agencies should be under watchdog for waste, fraud, etc So what do they do? manage the projects, how about they downsize, move headquarters to one of the projects where they can be proud to work among the peoples homes they manage
If I may, I'd like to
If I may, I'd like to summarize a portion of this article..they're saying: since we moved in, a whole bunch of businesses have move in too! I mean look - DE built a building right across the street! Gosh if we move to Ballentine the same thing will happen there (as if private businesses are following them?).
Also lets consider Broad Creek.. perhaps the reason why businesses/shops haven't moved in is because you only "fixed" the corner of Ballentine and Vbeach Blvd. The ghetto still exists and it's RIGHT THERE!
Sorry for being so pessimistic but it's a bit silly to think that wherever gov't goes, private business follows. I agree that this building is ancient. I had to deliver some paperwork there some time ago and was very surprised. The financ
Cont'd..The financials do
Cont'd..The financials do not look great - sell for 6 or 8mm or whatever they can get, then build a 12mm building? How about renovating one of those schools you're closing? (one which is right off of Ballentine if I'm not mistaken)..I think if you did that you could, say, sell for 6mm, take that 6mm and renovate for perhaps 3-4mm and then reallocate the rest.
Just a thought.
Return proceeds to the taxpayers
Sell the building and return the profits to the taxpayers who funded the building to start with and have been paying for it ever sense.
make that since
make that since
Business Incubator
Perhaps consider turning the building into a business incubator. There are plenty of federal grants available to help make it possible.
Why do they need a building?
Why not rent some office space and have good flexibility in the future to expand or decrease staffing levels? Plenty of space around for 300 people in this town. Also not have to deal with manageing and upkeep of a building and being able to focus on work. Or is this new building project a way to fund and justify the 300 staff? One does not use federal redevelopment funding for ones own office building does one?
what a load of 'kroc' of a 'royster' idea this is.....
And the comments are going to 'Roll' in for what? They are going to take your property anyway for the sake of a train set or NSU,ODU, OR IOU! And in their defense, they have a Battleship in their bathtub with NO water to float it!! 'Laughfawk' is the Never ending Joke on us! Can't build a new building? Heck we'll just sell a paid for one and 'move on up to the upper east side'! I have a 10 year old truck, Wait...I'll sell it and buy a new ford 4x4 diesel loaded! Don't need it, but the city property taxes will go to a good cause..HA!
The Royster building is a
The Royster building is a unique and beautiful part of Downtown Norfolk, but not so unique that it can't be appraised.
Why no sale price?
Stand by for the sweet heart deal...
I have a better idea.
I have a better idea. Disband the Norfolk’s Redvelopment and Housing Authority altogether. Then there would be no need for either building.