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1N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLK
OPPORTUNITY ZONE PROSPECTUS
®
2 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
WELCOMEFor more than 300 years, Norfolk has served as the cultural and economic heart of Hampton Roads, mixing ideas, connecting people, creating new experiences and new businesses, and powering the growth of a region that is home to 1.75 million people and a real GDP approaching $84 billion. One of America’s oldest global trade destinations, Norfolk has been transformed into a global center for international security and coastal resilience. We are home to Naval Station Norfolk, the world’s largest naval base, and NATO’s only headquarters in North America. We also serve as a national leader in health care, transportation, higher education, and visual and performing arts.
Norfolk is investing in transformative projects that will enhance our assets, foster inclusive economic growth, and develop talented and motivated residents. In 2018, we launched the transformation of the St. Paul’s Area, which will reshape three public housing communities that encompass more than 200 acres near our thriving downtown. Investments in the people, physical infrastructure, and anchor institutions that are native to this area are helping us to attract new businesses and entrepreneurs that will drive regional productivity and growth.
The neighborhoods of the St. Paul’s Area are just one example of the 16 qualified opportunity zones, the most of any city or county in the Commonwealth of Virginia, that we hope you will consider for investment. This in-depth prospectus is a guide to each of these investable districts and the assets, businesses, neighborhoods, and institutions that are making Norfolk the coastal community of the future.
Join us as we write our next chapter!
Mayor Kenneth C. Alexander
3N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
BayviewNorthside
Foxhall
DowntownNorfolk
Ingleside
East Ocean View
Larchmont/ Edgewater
Poplar Halls
FairmountPark
Lake Taylor
Roosevelt Area
Colonial Place/Riverview
Estabrook
Willoughby
NorviewHeights
Wards Corner
Norfolk Industrial
Park
ParkPlace
WestOceanView
WellingtonOaks
BallentinePlace
Oakdale Farms/Denby Park South
Bayview
SuburbanAcres
LarrymoreLawns
RolandPark
Coleman Place
Lochhaven
Camellia Shores
West Ghent
RiverPoint
Norview
Algonquin
Janaf
Glenrock
Bromley
Campostella
TalbotPark
Kensington/Old Dominion
ElizabethPark
LambertsPoint Lafayette/
Winona
Glengariff
Beacon Light/ Berkley
Crown Point
NorthCamellia
AcresTitustown
Pinewell
Highland Park
WoodbineCampostellaHeights
MilitaryCircle
BrucesPark
BroadCreek
Chesterfield Heights
RiverOaks
Hollywood Homes/ Maple Hall
GlennwoodPark
GreenhillFarms
Cottage Line
Norvella Heights
NewtownSouth
Brandon Place
Sewells Gardens
EastonForest
OldeHuntersville
Belvedere
Cromwell Farms/Ellsworth
North Meadowbrook
Shadywood East
Sherwood Forest
GhentSquare
Saratoga/ East Lynne
Azalea Acres/ Azalea Lakes
ODU Village
HewittFarms
VillaHeights
Central Brambleton
MonticelloVillage
Lindenwood/Barraud Park/
Cottage Heights
Coronado/ Inglenook
The Gardens
RiverFront
Idlewood/ Sandy Heights
Stonebridge
PleasantPoint
Meadowbrook
Partrea
River Forest Shores/ Wayside Manor/
Easton Place
SouthBrambleton
Chesapeake Gardens/ Mamie Homes
Youngs Terrace
Waters Edge
MiddleTowneArch
Roberts Village
GrandyVillage
DiggsTown
CamelliaGardens
Tidewater Gardens
Attucks/ BarbertonChurch Street
East Fairmount
BowlingGreen
Freemason Street Area Association
Park Crescent
St. Andrews
SpartanVillage
Oak LeafForest
Bolling Brook
Broad Creek
ShoresCalvert Square
Hunters Square
NorfolkCrossing
Waverly onBroad Creek
Bel-Aire
Cottage Road Park
Meadowbrook Woods
OakmontNorth
Greenwood/Elmhurst
Oakwood
Crossroads
Lakewood
Ghent Neighborhood
League
LakeWhitehurst
West
Tanners Creek East
Lafayette Shores HOA
Braywood Manor
26
50
68
69.01
29
47
25
57.01
27
70.01
65.02
42
48
11
35.01
41
¹ ¹This map for graphic purposes onlyPrepared by Department City of Planning
May 2018
0 5,000 10,0002,500Feet
Census Tracts
Norfolk Opportunity ZonesTHE CITY OF NORFOLK HAS 16
QUALIFIED OPPORTUNITY ZONESWith 16 zones, Norfolk has the most of any municipality
in the state of Virginia.
4 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKYOUR CITY FOR OPPORTUNITY
5N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKBY THE RANKINGS
One of the three most CitizenEngaged Communities
in the U.S.Public Technology Institute 2018
Top 10 Mid-sized American Cities of the Future for
ConnectivityFinancial Times 2016
Top U.S. Metro forMillennial Growth
Time Magazine 2017
A Best City for Global TradeGlobal Trade Magazine 2016
America’s Favorite CityTravel + Leisure 2018
Excellence in EconomicDevelopment Planning
American Planning Association 2016
6 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKCOMPETITIVE ADVANTAGES
Direct economic impact of the Navy in the region exceeds $13.4 billion per year
Natural deep water harbor on the U.S. East Coastsoon to be the deepest
Awe inspiring museums, art education, live performances, and cultural venues
Less than a 30 minute drive to Norfolk’s six neigh-boring cities; center of region’s transit network
Highest average compensation and second highest number of jobs in the region
Several institutions of higher learning, and well trained military members transitioning to civilian
life annually
Norfolk is the catalyst for future transitoriented development in the region
One of Virginia’s five level 1 trauma centers and the only children’s and heart hospital in the region
LARGEST NAVAL STATION IN THE WORLD
REGION’S CULTURAL HUB
JOBS CENTER OF THE REGION
MULTI-MODAL CONNECTIVITY
THE PORT OF VIRGINIA
GEOGRAPHIC CENTER 1.7 MILLION POP
REGION’S EDUCATIONAL HUB
MEDICAL HUB OF THE REGION
NORFOLK
7N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKBY THE NUMBERS
8 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKSTRATEGIC LOCATION
Centrally located along the East Coast of the United States, Hampton Roads provides businesses easy access to major North American markets
LOCATION
55% U.S. Population are within 750 miles
130 Million Consumers within one day’s drive
66 SQ Miles
144 Miles Shoreline (lakes, rivers, bay)
90% Class A occupancy rates (approx.)
2,700,000 Visitors in 2017 (OmniNet)
5% FY2018 Sales Tax Revenue increased over FY2017
10% FY2018 Hotel & Meals Tax Revenue increase
over FY2017
PEOPLE
250,000 Norfolk residents
30.7 Median Age Norfolk residents*
1.7 Million Regional population
45,000 College students in Norfolk (approx.)
100,000 College Students in Region (approx.)
28% Downtown population growth since 2010
4,486 People per square mile*
46% Residents never married*
31% Total single people*
50% Birthplace in Virginia*
7% Population foreign born (citizens and non-citizens)*
*According to the most recent demographics data available from Esri Estimates for 2018, and U.S. Census Bureau American Community Survey 2013-2017
Six of the ten largest population centers
in the U.S.A. are located within 750 miles
(1206 kms) of Hampton Roads. New York,
NY; Chicago, IL; Philadelphia, PA; Detroit,
MI; Indianapolis, IN and Jacksonville, FL500 spherical miles
H Philadelphia
H Washington, DC
H Raleigh, NC
H Charlotte, NC
H Atlanta, GA
H New York City
Richmond, VAH
H Boston, MA
H Jacksonville
250 spherical miles
NORFOLKH
9N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKECONOMY
Second largest city population in Virginia
NORFOLK CITY STATS
Sources: BEA, QWI, Weldon Cooper, VEC, US Census Quarterly Workforce Indicators
y, VA
30.7
$45,971$25,138
KEY FACTS
2.4Avg Household
Size
0.3%Total Population
7,371Businesses
315,306Daytime Population
$216,806Median Home Value
Employment
159,064Total Employees
58%
23%
18%
White Collar
Blue Collar
Services
250,000
Median Age
2010-18 PopulationGrowth Rate
Median Household Income
Per Capita Income
10 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMOMENTUM IN PAST 5 YEARS
IKEA 350 JOBS
OPTIMA HEALTH 400 JOBS
ADP 2,100 JOBS
THE MAIN 350 JOBS
GLASS LIGHT HOTEL 70 JOBS
MOVEMENT MORTGAGE 750 JOBS
WATERSIDE DISTRICT 800 JOBS
NORFOLK PREMIUM OUTLETS 1,000 JOBS
In the midst of a stagnant economy, Norfolk has seen significant job growth
11N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMSA EMPLOYMENT PROFILE
Total Nonfarm Employment (Thousands)Virginia Beach, Norfolk, Newport News, VA NC
9.8%10.7%
3.8%
6.4% 16.9%
Finance, Insurance and Real Estate
Leisure and Hospitality
Health Care, Social Assistance
and Educational Services
Professional and Business Services
Other Services
(except government and government enterprises)
% of Change 2010-2017
12 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKBY THE ASSETS
13N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMILITARY ASSETS
HOME TO THE LARGEST NAVAL STATION IN THE WORLDThe Hampton Roads area is home to one of the world’s largest populations ofmilitary personnel, with approximately 83,000 active duty military personnel.
Direct economic impact of the Navy in the region exceeds $13.4 billion per year.
The military currently has 64 ships homeported in the area and 36 aircraft squadrons. They also have a variety of Navy Special Forces and support units. We celebrated the 100th anniversary of Norfolk’s Naval Base in 2017.
Allied Command Transformation is the only NATO headquarters in North America and is an essential symbol and instrument of the Trans Atlantic link. Allied Command Transformation concentrates on Warfare Development. It is about adapting NATO’s military capacity to the constantly changing environment.
14 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKINTERNATIONAL COMMERCE ASSETS
NORFOLK INTERNATIONAL AIRPORT (ORF)
ORF has kept up with the brisk pace of the air cargo industry by housing one of the most efficient air cargo facilities in the state of Virginia. Approximately 60 million pounds of air cargo are presently shipped in and out of the airport. All cargo airlines serving ORF include FedEx, Mountain Air, and United Parcel Service. They are supported by a large network of forwarders and customs brokers specializing in air freight.
IMPORT/EXPORT
The Port of Virginia handles over 81 million tons of cargo, generates $60 billion of economic activity annually, and provides employment in port related industries for 343,000 Virginians.
FOREIGN TRADE ZONE #20
Virginia is the best choice for FTZ activities due to our strategic mid Atlantic location. Companies locating in FTZ 20 can benefit from advanced distribution networks; easy and reliable access to shipping channels, highways, railways, and airways.
VIRGINIA’S WORLD CLASS INFRASTRUCTURE
SPACE, PORT, DISTRIBUTION, RAIL, ROAD, AIR
NORFOLK INTERNATIONAL TERMINALS EXPANSION
By late 2020, 60 Rail Mounted Gantry Cranes will be in place and $375 million expansion will be complete. NIT Phase II will be complete in 2030.
THE PORT OF VIRGINIA
Dredging will be complete in early 2025 making Virginia home to the deepest port on the East Coast to serve the world’s ultra large container vessels. In 2019, the rail yard expansion will be complete along with the $320 Million expansion of Virginia International Gateway VIG doubling the capacity of the existing operation.
14
15N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMULTI-MODAL TRANSPORTATION ASSETS
Norfolk is a Major Multi-Modal Hub on the East Coast
Norfolk is served by Amtrak, light rail, and two commercial rail lines (CSX and Norfolk Southern). Amtrak provides daily service to the Northeast Corridor via Richmond, Washington D.C., New York City, and Boston.
Norfolk International Airport (ORF) is the primary airport serving Hampton Roads and northeast North Carolina. $100 million in improvements are underway.
In partnership with the City of Norfolk, Hampton Roads Transit embarked on the environmental review process (DEIS) to evaluate a possible extension of high capacity transit to the Tide. Potential future connections include the Military Circle/Military Highway area and JANAF Shopping Center, Sentara Leigh Hospital, Norfolk International Airport, and Naval Station Norfolk.
The Cruise Industry has expanded its stops in Norfolk and draws consumers from Maryland to North Carolina for international travel.
Micro Mobility projects include in-line scooters, e-scooters, bike lanes, and Pace Bike Share.
15
More than $4.5 billion in funded transportation projects are underway in Hampton Roads.
16
NORFOLKWORKFORCE ASSETS
JOBS CENTER OF THE REGIONHighest average compensation and second highest number of jobs in the region
HIGHLY SKILLED LABOR FORCE
Department of Defense spending supports 40 percent of total regional employment. More than 7,000 service members transition out of the military annually in the Hampton Roads region, providing the city with a highly skilled labor force.
WORKFORCE DEVELOPMENT PIPELINE
Norfolk has a foundation of higher education institutions that can support a workforce development pipeline. Old Dominion University, Norfolk State University, Eastern Virginia Medical School, Virginia Wesleyan College, and Tidewater Community College provide a diverse set of programs that can equip Norfolk residents with the skills they need to engage in growing and emerging industries.
CONCENTRATION OF HIGH WAGE JOBS
Norfolk’s status as a hub for industries, like professional services and finance, is reflected in an average wage of $50,926. This is higher than the Hampton Roads region and slightly higher than the Commonwealth and the nation.
HIGHEST JOB DENSITY
With 4,548 jobs per square mile, Norfolk also has the highest job density in the region.
REGION’S JOB CENTER
191,212 of the MSA’s jobs are located in Norfolk, the most of any city in the region.
17N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKEDUCATION HUB ASSETS
OUR MSA HAS MORE THAN 90,000 STUDENTS ATTENDINGHIGHER ED INSTITUTIONS
Annual economic impact reported in 2017 was $1.2 Billion, up 21.4% from 2012. 9,208 applicants for 564 spots in the medical and health professions educational 2017-2018 programs.
More than 24,500 students. Rigorous academics, an energetic residential community in Norfolk, and initiatives that contribute $2.6 billion annually to Virginia’s economy. Establishing a downtown presence in 2019.
NSU has a new strategic master plan for 2019-2025. A downtown incubator opened in April of 2019. The student enrollment is 4,700.
Coastal Virginia’s premier university of the liberal arts and sciences. The University annually enrolls approximately 1,500 students in undergraduate, graduate, and online programs.
14th largest public two-year community college in the U.S. Largest undergraduate African American enrollment in Virginia higher education and 10th largest associate degree producer among two-year colleges for African American students.
18 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMEDICAL HUB OF THE REGION
Norfolk Medical/Healthcare Catalytic Investment Underway
SENTARA NORFOLK GENERAL HOSPITAL
The $199 million modernization project at Sentara Norfolk General Hospital will add a new helipad on the roof, add three floors each to two existing wings, expand the emergency department, expand and modernize 18 operating rooms, replace a 48-bed ward-style Special Care Nursery with a state-of-the-art unit and consolidate the hospital’s 54 ICU beds on two floors.
CHILDREN’S HOSPITAL OF THE KINGS’S DAUGHTERS
The $224 million new psychiatric medical facility is under development. CHKD is developing a medical psychiatric unit for patients who require acute medical and psychiatric resources and support.
EASTERN VIRGINIA MEDICAL SCHOOL
The $80 million, 11 story tower New Education and Academic Administrative Building is currently under construction and expected to be completed in 2020.
SENTARA LEIGH ORTHOPEDIC MEDICAL OFFICE BUILDING
The $29 Million, 50,000 SF medical office building is to be completed by 2020.
SENTARA LEIGH CANCER CENTER
The $93.5 million Sentara Cancer Center will bring together expert care teams from Sentara Medical Group, Eastern Virginia Medical School, Virginia Oncology Associates, and other community physicians to provide compassionate, personalized cancer care. Centralized outpatient oncology services in one state-of-the-art cancer center will provide patients and their families access to a single location for multiple appointments and treatments in a healing environment. The Sentara Cancer Center is scheduled to open in 2020.
19N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKCULTURAL ASSETS
Norfolk is the arts, culture and entertainment hub inthe Hampton Roads region and home to:
Chrysler Museum of Art
Chrysler Glass Studio
Norfolk Botanical Garden
Virginia Zoological Park
The Governor’s School for the Arts
The Virginia Arts Festival
Virginia Symphony Orchestra
Virginia Stage Company
Virginia Ballet Company
Hermitage Museum
Festevents
Half Moone Cruise Center
Battleship Wisconsin
NEON Arts District
20 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKMOMENTUM
What’s Next
FIBER RING NETWORK
GATEWAY TOWER
VIRGINIA OFFSHORE WIND TECH DESTINATIONS
PAMUNKEY INDIAN RESORT CASINO
The planned state-of-the-art, energy-efficient office building will feature best in class technology integration to support a collaborative and healthy building environment. The project will feature the latest site and building resiliency solutions as part of a mixed use, master planned site.
Five Southside cities will be connected by 100 miles of fiber-optic connections from two trans-Atlantic cables, the Marea (Spain), and Brusa (Brazil).
Our coast is uniquely positioned to become the leading location in the mid-Atlantic for offshore energy. Our supply chain is engaged and a demonstration project is underway.
Several Downtown office campuses are under development. Pictured is Assembly, which will occupy three historic former department stores.
This proposed project consists of a four-diamond 500 room hotel, 3-5 on-site restaurants, a 750-seat entertainment facility, and luxury Spa along a waterfront promenade. Employment estimates are approximately 3,500 new direct jobs, 2,900 indirect jobs to be created and 4,000 -5,000 construction jobs.
NORFOLK ] $700+ Million Project
21N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
NORFOLKINVEST IN NORFOLK: INVESTABLE
DISTRICTS & OPPORTUNITIES
21
22 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
THE CITY OF NORFOLK HAS 16QUALIFIED OPPORTUNITY ZONES
Within these 16 QOZs, the City and its partners have identified
9 total high priority and immediately investable opportunities.
With 16 zones, Norfolk has the most of any municipality in the state of Virginia. Norfolk has strategically categorized its zones into investable districts detailed with demographic and statistical information to resonate with any investor’s risk profile.
St. Paul’s District 41,42,48 (35.01)
Commercial Corridor District (Military Circle) 68, 69.01, 70.01
Collegiate/Education District (ODU/NSU) 25, 26, 47
Residential Historical District 27, 29
Port District 11
Norfolk’s remaining stand alone QOZs highlight additional investable opportunities spanning both commercial and residential categories.
East Ocean View 65.02
Little Creek/Wards Corner 57.01
Berkley 50
23N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
hiking car-altglobe-asiaTotal Population:
4,600230 Acre Land
Area70% of Land is
Publicly OwnedExceptional Regional
Interstate Access
ST. PAUL’S DISTRICTCensus Tracts 41,42,48 (35.01)
24 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
ST. PAUL’S DISTRICTCensus Tracts 41,42,48 (35.01)
KEY FACTS
] Address: Multiple projects within 3 census tracts (41, 42, 48)
] Project Size: 230+ Acre Site
] Project Cost: $1B (Phase 1 Cost $450M)
] Zoning: Special Zoning District
] Adjacent to Downtown, Norfolk’s strongest real estate market
] Within a half-mile of 4 light rail stations
] Majority of the land is already publicly owned by the housing authority or the city
OPPORTUNITIES
] The Saint Paul’s area contains three public housing communities with 4,600 residents and 2,200 children.
] The City has invested $83M in site infrastructure costs, $3.5M annually for the People First Human Services Transformation and with the Housing Authority, is the recipient of a $30M Choice Neighborhoods Initiative Implementation Grant.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
POTENTIAL PROJECT ST. PAUL’S TRANSFORMATION
25N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
ST. PAUL’S DISTRICTCensus Tracts 41,42,48 (35.01)
Key City-Owned Parcels Ready for Development:
] Former Police Station Site: Mixed-income development with market-rate and assisted homeownership townhouses
� Project Cost: $9M
] Red Carpet Site: Mixed-income senior building with 60 units in total
� Project Cost: $11M
] Tidewater Gardens (I & II): Mixed-income, mixed-use housing in townhomes, walk-ups, and elevator buildings
� Project Cost: $233M
An array of financing mechanisms are available to support strong market rate: LIHTC, REACH loans from VHDA, CHOICE funds, Housing Authority HOME funds and T/E Bonds in addition to voucher subsidized opportunities.
For more information, see the detailed St. Paul’s Prospectus
PHASE 1 – TIDEWATER GARDENS (BUILD READY SITES)
26 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COMMERCIAL CORRIDOR DISTRICTCensus Tracts 68, 69.01, 70.01
hospital car-altCITYDaytime Population:
54,255Over $1.7B in
Commercial/Industrial Assessed Real Estate
70% of Employeesin the District Work in
Healthcare or Retail
Annual Average Daily Traffic:
45k-60k
Comprising three census tracts, Norfolk’s Commercial Corridor District highlights the Military Highway Retail Corridor and serves as the connecting artery to I-64 and I-264.
Incentives
] Enterprise Zone
] Tourism Development Zone
] Brownfield Assessment Grant
27N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COMMERCIAL CORRIDOR DISTRICTCensus Tracts 68, 69.01, 70.01
ASSET MAP
1. JANAF SHOPPING CENTER
2. NORFOLK PREMIUM OUTLETS
3. IKEA
4. NORFOLK INTERNATIONAL AIRPORT
5. NORFOLK BOTANICAL GARDEN
6. SENTARA LEIGH HOSPITAL
7. SENTARA CANCER CAMPUS (complete 2020)
8. SENTARA ORTHROPEDIC MEDICAL CENTER (complete 2020)
9. MILITARY CIRCLE SHOPPING CENTER
10. VIRGINIA'S FIRST CONTINUOUS FLOW INTERSECTION
28 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COMMERCIAL CORRIDOR DISTRICTPotential Project: Military Circle Mall
KEY FACTS
] Address: 880 N Military Hwy
] Project Size: 75+ Acre Site
] Project Cost: TBD
] Zoning: C-C (Commercial)
] Highest Elevation Level in City of Norfolk
] Easy access to I-264/I-64
] Successful adaptive reuse of former JC Penny department store; fully leased 200,000 sq. ft. facility with approximately 1,000 full time employees
OPPORTUNITIES
] Potential for over 6,000 housing units and 16 million square feet of non-residential development within the entire Military Circle Corridor.
] The project is consistent with the City of Norfolk’s “Military Circle Vision Plan” calling for the “de-malling” of the Military Circle Mall and redeveloping as an open-air lifestyle center and mixed use development.
] The City has significant parcel control.
29N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSCensus Tracts 25, 26: Old Dominion University
book-readerbooks CART-ARROW-DOWNCITYFull Time Students:
24,571Over $681M in
Assessed R/E Value in Multifamily and Student Housing
$130M Spent in R&D for Medical,
IT, and Engineering Disciplines
Expenditures on Retail Goods: $22M
The collegiate/education districts include two of Norfolk's educational assets; Old Dominion University and Norfolk State University. The Old Dominion University district is located on two census tracts midway between downtown and Naval Station Norfolk.
30 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSCensus Tracts 25, 26: Old Dominion University
ASSET MAP
1. TED CONSTANT CONVOCATION CENTER
2. BARRY ART MUSEUM
3. ODU INNOVATION RESEARCH PARK
4. LAMBERT'S POINT NORFOLK SOUTHERN CORP
A NORTH COLLEY BUSINESS DISTRICT
B CHELSEA BUSINESS DISTRICT
C TECHNOLOGY ZONE
RAILROAD DISTRICT
ELIZABETH RIVER TRAIL
31N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSCensus Tract 47: Norfolk State University
DONATEbooks sack-dollarCITYFull Time Students:
4,706$25M in Assessed R/E Value in Multifamily
Housing
Over $250M in Assessed R/E Value in
Commercial/Industrial Properties
Annual Budget Expenditures: $5M
Norfolk State University (NSU) is a historically black college/university (HBCU). Through partnerships with the City, NSU recently opened a innovation center downtown to help underserved communities engage in entrepreneurship.
Incentives
] Technology Zone
] Enterprise Zone
] HUBZone
] Brownfield Assessment Grant
32 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSCensus Tract 47: Norfolk State University
ASSET MAP
1. HARBOR PARK
2. SCOPE
3. CHRYSLER HALL
4. AMTRAK STATION
5. DOWNTOWN TRANSIT CENTER
PROPOSED CASINO (at Harbor Park)
ELIZABETH RIVER TRAIL
LIGHT RAIL
33N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSPotential Project: The Railyard
THE RAILYARD AT LAMBERT’S POINTBirdseye view from east
05/13/2019
KEY FACTS
] Address: 2401 Hampton Blvd
] Project Size: 8+ Acres
] Project Cost: $20M
] Zoning: C-C (Commercial)
� Adaptive reuse and additional new construction
] Projected Completion: 2020
OPPORTUNITIES
] Potential for over 95,000 sq. ft. of mixed-use product with retail, office and entertainment uses.
] The City currently owns parcels involved in the footprint of the project area.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
34 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSPotential Project: IPConfigure
KEY FACTS
] Address: 2330 Bowdens Ferry Road
] Project Size: 4.47 acres
] Project Cost: $7M
] Zoning: Commercial
] Projected Completion: Summer of 2020
OPPORTUNITIES
] IPConfigure is a privately held veteran-owned R&D software company looking to expand.
] Site provides enough space to lease 6500 sq. ft & 2100 sq. ft to another company to diversify revenue.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
35N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
COLLEGIATE/EDUCATION DISTRICTSPotential Project: Food Co-op and Indoor/Outdoor Market Space
KEY FACTS
] Address: 1605 E Brambleton Avenue
] Project Size: 1 acre
] Project Cost: TBD
] Zoning: Institutional Campus Use
OPPORTUNITIES
] Property is currently owned by the Norfolk Redevelopment Housing Authority.
] Site is zoned to accommodate multi- functional institutional uses.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
36 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
RESIDENTIAL HISTORIC DISTRICTCensus Tracts 27, 29
DONATE Money-bill-wavesack-dollarTotal Population:
6,837Household Average
Net Worth: $77k Annual Total
Expenditures: $33MAverage Disposable
Income: $32K
Comprised of two census tracts, The residential historic district is better known to the community as Park Place. The district is located two miles from downtown, minutes from U.S. Navy installations and encompasses the Virginia Zoological Park.
Incentives
] Tourism Development Zone
] Enterprise Zone
] Brownfield Assessment Grant
37N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
RESIDENTIAL HISTORIC DISTRICTCensus Tracts 27, 29
ASSET MAP
1. VIRGINIA ZOO
2. LAFAYETTE PARK
3. COLLEY VILLAGE SHOPPING CENTER
4. O'CONNORS BREWING COMPANY
A. 35TH ST. COMMERCIAL DISTRICT
B. RAILROAD DISTRICT
ELIZABETH RIVER TRAIL
38 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
RESIDENTIAL HISTORIC DISTRICTPotential Project: Armory Site
KEY FACTS
] Address: 746 E 29th Street
] Project Size: 1.72 acres
] Project Cost: TBD
] Zoning: Military Installation
OPPORTUNITIES
] Zoning is designated to support major single use and multiple-use military facilities.
] In addition to the QOZ, project is located in a HUB Zone.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
39N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
PORT DISTRICT Census Tract 11
DONATE Money-bill-waveUSER-HARD-HATTotal Population:
2,626 Employed Civilian Population: 1,074
Annual Total Expenditures: $46M
Average Disposable Income: $32K
The Port District is located minutes from the Port of Virginia, Norfolk International Terminals entrance yet tailored to a predominantly residential market.
40 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
PORT DISTRICT Census Tract 11
ASSET MAP
1. NORFOLK INTERNATIONAL TERMINALS
2. NAVAL STATION NORFOLK
3. JOINT FORCES STAFF COLLEGE
4. NORFOLK NEX
5. NATO ALLIED COMMAND TRANSFORMATION
41N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
EAST OCEAN VIEW Census Tract 65.02
East Beach is primarily a waterfront residential community located in the northeast section of the City of Norfolk along the Chesapeake Bay.
DONATE Money-bill-wavesackTotal Population:
3,222Household Average Net Worth: $905K
Annual Total Expenditures: $129M
Average Disposable Income: $79K
Incentives
] HUBZone
] Tourism Development Zone
] BrownField Assessment Grant
42 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
EAST OCEAN VIEW Census Tract 65.02
ASSET MAP
1. PINEWELL STATION
2. THE TERN
3. BAY OAKS PARK
4. VILLA MARINA
5. CHESAPEAKE BAY BEACHES
43N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
EAST OCEAN VIEW Potential Operating Business: Cova Brewing Company
KEY FACTS
] Address: 9529 Shore Drive
] Project Size: 3,324 Sq. Ft
] Project Cost: $750K
] Zoning: Commercial
OPPORTUNITIES
] Strategically located feet away from transformative new residential development.
] Unique Brewpub/Coffee House to be located in the East Beach market.
] In addition to the QOZ, project is located in a HUB and designated Tourism Zone.
44 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
LITTLE CREEK / WARDS CORNER DISTRICT Census Tract 57.01
The Little Creek/Wards Corner District features the Central Business Park. A 30-acre park overflowing with location perks. It’s close to I-64 and central to Norfolk International Terminals, Norfolk Naval Station and Little Creek Amphibious Base.
DONATE Money-bill-waveCITYDaytime Population:
Over 50k$337M in Assessed
Value in Commercial/ Industrial R/E
Annual Total Expenditures: $64M
Annual Average Daily Traffic: 29k
Incentives
] HUBZone
] Enterprise Zone
] Brownfield Assessment Grant
45N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
LITTLE CREEK / WARDS CORNER DISTRICT Census Tract 57.01
ASSET MAP
1. CENTRAL BUSINESS PARK
2. NORFOLK POLICE 3RD PATROL
3. SOUTHERN SHOPPING CENTER
4. NORTHSIDE PARK
46 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
LITTLE CREEK / WARDS CORNER DISTRICT Potential Project: Office Development
KEY FACTS
] Address: 7661 Central Business Park Drive
] Project Size: 3.42 acres
] Project Cost: TBD
] Zoning: Business and Commerce Park
OPPORTUNITIES
] Property is currently owned by the City of Norfolk Economic Development.
] Site is zoned to provide land that accommodates multi-tenant (business, research and office development).
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
47N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
BERKLEY Census Tract 50
Berkley is generally characterized by waterfront industrial uses, strip commercial and aging but well established residential neighborhoods. This area is in close proximity to downtown and has easy access to the interstate highway system.
DONATE Money-bill-wavebirthday-cakeTotal Population:
3,589Median Age 37.7 Annual Total
Expenditures: $64MAverage Disposable
Income: $33K
Incentives
] HUBZone
] Enterprise Zone
] Brownfield Assessment Grant
48 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
BERKLEY Census Tract 50
ASSET MAP
1. BAE SYSTEMS
2. NASSCO
3. COLONNA
4. SOUTHSIDE AQUATIC CENTER
5. MARINE HYDRAULICS INTERNATIONAL
49N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
BERKLEY Potential Project: Emmett Place Residential Waterfront
KEY FACTS
] Address: 335 Emmett Place
] Project Size: 9.59 acres
] Project Cost: TBD
] Zoning: Residential Planned Development
OPPORTUNITIES
] 5.6 acres of the total 9.59 is buildable land along the Berkley waterfront on the western side of Spotico Creek.
] Site is zoned to provide a residential community containing multi-family residential structures with amenities.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone.
] In addition to the QOZ, project is located in a HUB Zone and Enterprise Zone. The Commonwealth of Virginia has awarded grants for Brownfield assessment and remediations at this site.
50 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
CONTINUOUS OPPORTUNITIES
EXPERIENCE NORFOLK
] The largest collection of naval operations in the world that touch every branch of the armed services, and home to the future of global security – NATO Allied Command Transformation
] A city where the Chesapeake Bay meets the Atlantic Ocean
] The epic center of Hampton Roads
] A city at the forefront of global trade
] A city where an entrepreneur can create a start-up, scale their business, and achieve sustainable growth
] The commercial, financial, industrial, and retail center of the region
] A city fighting crime and becoming safer every day
] A city confronting the growing intensity of natural disasters that threaten social and economic stability by leading in coastal resilience and climate change mitigation
] A city where you can earn an industry recognized certification, PhD, or medical degree
] A city creating broadband networks, promoting cyber security, and connecting infrastructure and innovation to grow our economy
] A city leading the region in arts and culture, emerging as a national tourist destination
] A city transforming conditions of poverty to states of prosperity
] A vibrant city, a resilient city, a healthy city, and an economically thriving city of the future
-Mayor Kenneth C. Alexander
50 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
51N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S 51N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
Disclaimer: The use of the word “prospectus” for the purpose of the work contained herein is not to advertise about, endorse
or in any other way to promote or offer specific investment opportunities in cities OR OTHERWISE. The urban investment
prospectus is a template designed to help unify city leaders around a plan, to show what might occur in a city and to use as a
tool to promote the city and its plans. The prospectus has been prepared for discussion purposes only and not to induce any
one to enter into any agreement or transaction. For the avoidance of any doubt, the distribution of this prospectus does not
constitute an offer to sell or a solicitation of an offer to buy any assets or equity securities or any investment of any kind.
52 N O R F O L K V I R G I N I A - I N V E S T M E N T P R O S P E C T U S
] For additional information please contact:
] Sean Washington
] Opportunity Zone Lead / Senior Business Development Manager
] Department of Economic Development
] P: (757) 664-4333