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Norfolk nonprofit awards $2M to small businesses to battle sea level rise
Norfolk-based nonprofit organization RISE announced Monday that up to $2 million will be allocated among five small businesses to advance the design of products to help coastal communities adapt to sea level rise and flooding. “Once again, RISE demonstrates the value of their unique model in providing economic development opportunities as solutions for Virginia to […]
ODU president retiring in 2021
Old Dominion University President John R. Broderick announced Monday that he will be retiring in summer 2021. ” I am proud of the many breakthroughs Old Dominion has achieved in the past 12 years, including more than $940 million in new or committed resources. I look forward to watching Old Dominion climb many more mountains, […]
Norfolk buys former Military Circle hotel for $2.4M
Less than a week after Norfolk announced its purchase of the Military Circle Shopping Mall for $11 million, the Norfolk Economic Development Authority (EDA) said Thursday it has also approved a plan for the city to purchase the former DoubleTree Hotel at Military Circle for $2.4 million. The hotel property was listed for sale for […]
Norfolk buys Military Circle Shopping Mall for $11M
The Norfolk Economic Development Authority (EDA) announced Friday it approved a plan for the city to purchase the Military Circle Shopping Mall for $11 million to redevelop the mall and surrounding area for mixed-use development. “The Military Circle corridor is the crossroads of the Hampton Roads region,” Norfolk Mayor Kenneth Cooper Alexander said in a […]
The Breeden Co. starts construction on $70M waterfront apartment complex
Virginia Beach-based real estate developers The Breeden Co. began construction this week on a $70 million waterfront apartment complex in the Fort Norfolk area. The Lofts at Front Street will include a 258-unit, five-story apartment complex with studio, one-, two- and three-bedroom units, an internal parking garage and a pedestrian walkway. Leasing will be available […]
TowneBank moving closer to Norfolk Southern Tower purchase
Suffolk-based TowneBank is moving closer to purchasing the 22-story Norfolk Southern Tower, reaching an agreement to purchase a nearby downtown Norfolk parking garage for $8.5 million. TowneBank hopes to close on the parking garage and the Norfolk Southern building this summer, TowneBank spokesperson Joel Rubin said Thursday. TowneBank’s headquarters will remain in Suffolk. No sales price [&hel[...]
$112M flood resilience project breaks ground in Norfolk
Gov. Ralph Northam and Norfolk Mayor Kenneth Cooper Alexander broke ground Friday on the Ohio Creek Watershed project, aimed at protecting two Norfolk neighborhoods from flooding due to sea-level rise. The project will include the new Resilience Park, which will connect the historic Grandy Village and Chesterfield Heights neighborhoods, as well as a flood berm, […]
Norfolk Southern moving Roanoke distribution center, locomotive shop to Pennsylvania
Norfolk-based Norfolk Southern Corp. (NS) is moving its Roanoke distribution center and locomotive shop operations to Pennsylvania, the company announced Tuesday, affecting a total of 104 employees in the Roanoke Valley area. The Fortune 500 rail transportation company will move those jobs and its associated work to Altoona, Pennsylvania, with 19 clerical positions eliminated. Roanoke’s [&he[...]
Two Va. hospitals ranked in nation’s top 100
Healthgrades has named its 2020 list of the top 250 hospitals in the United States, and two Virginia hospitals landed in the top 100. Inova Fairfax Hospital in Falls Church and Sentara Leigh Hospital in Norfolk are in the top 2% of the America’s Best Hospitals survey released Tuesday. Inova Fairfax was recognized as one […]
Alabama company buys Little Creek Marketplace in Norfolk
Birmingham, Alabama-based property management company Shannon Waltchack’s retail real estate fund, SWNC I LLC, has purchased the Little Creek Marketplace shopping center in Norfolk, S.L. Nusbaum Realty Co. announced Tuesday. The sale price of the transaction was not disclosed. The 49,000-square-foot retail center was 97% leased at the time of the sale to tenants including […]
Norfolk office building sells for $2M
A 15,000-square-foot office building in Norfolk sold for $2 million, real estate and investment management company Colliers International announced Feb. 3. Constructed in 2007, the two-story building is located directly off Military Highway at 5665 Lowery Road. The Janaf location of The Therapy Network is currently a tenant and APM Spine & Sports Physicians and […]
“Port host communities” receive revitalization funds
The General Assembly allocated $1 million in grants to redevelop port-related properties in Virginia’s “port host communities,” including Newport News, Norfolk and Portsmouth, Gov. Ralph Northam announced Tuesday. The goal of the funding is to enable timely redevelopment of port structures for economic development and employment growth, according to the Department of Housing and Community [&[...]
