NORFOLK
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OPPORTUNITY ZONE PROSPECTUS
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 1 WELCOME
For 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
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 THE CITY OF NORFOLK HAS 16 QUALIFIEDNorfolk OPPORTUNITY Opportunity Zones ZONES
Willoughby With 16 zones, Norfolk has the most of any municipality in the state of Virginia. West Ocean View
Pinewell
Cottage Line
Bayview Northside
East Ocean View Glennwood Crossroads Park Hewitt 65.02 11 Oakdale Farms/ Farms Denby Park South Bayview Camellia Norfolk Roosevelt Area Gardens Crossing Monticello North Bel-Aire Village Camellia Acres North Titustown Wards Corner Meadowbrook Larrymore Camellia Shores Oakwood Lawns Meadowbrook Saratoga/ Oakmont East Lynne Lochhaven River Cottage Road Park Waters Front North Suburban 57.01Partrea Edge Acres The Gardens Algonquin Chesapeake Gardens/ Tanners Creek East Lake Bolling Mamie Homes Braywood Whitehurst Talbot Brook Manor Meadowbrook West Glengariff Park Woods Coronado/ Inglenook St. Andrews Cromwell Farms/ Park Bromley Wellington Ellsworth Roland Crescent Oaks River Park Sewells Shadywood Point Greenhill Gardens Farms East Azalea Acres/ Larchmont/ Belvedere Norvella Azalea Lakes Edgewater Lakewood Norview Heights Brandon Place Idlewood/ Norview Sandy Heights Highland Heights Park Lafayette Shores HOA ODU Colonial Place/ Village26 Lamberts Riverview Greenwood/Elmhurst Point Lafayette/ 25 Winona Kensington/ Foxhall Park East Old Dominion Sherwood Place Fairmount Forest 27 Villa Fairmount Estabrook 29 Heights Park River 68 West Ballentine Oaks Ghent Place Coleman Place
Lindenwood/ Olde Barraud Park/ Cottage Heights Huntersville Norfolk Lake Taylor Ghent Ghent Industrial Neighborhood Square Hunters Square 70.01 35.01 Bruces Park Crown Point Hollywood Homes/ League Janaf Park Maple Hall Roberts Village Attucks/ Barberton Bowling Youngs Broad Church Street Green Terrace Creek Military 41 Calvert Broad Newtown Shores Circle Square Creek South Freemason Street Spartan Poplar Halls 69.01 Area Association Downtown 42 Central Village Middle Norfolk Brambleton Towne Glenrock Stonebridge Ingleside Tidewater South Arch Waverly on Gardens Brambleton Broad Creek 47 Chesterfield 48 Heights Grandy Easton Village Elizabeth Forest Park River Forest Shores/ Wayside Manor/ Easton Place Campostella Woodbine Heights
Pleasant 50 Point Campostella Beacon Light/ Oak Leaf Berkley Forest Diggs Town Census Tracts
0 2,500 5,000 10,000 Feet
This map for graphic purposes only Prepared by Department City of Planning May 2018 ¹ ¹ 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 3 NORFOLK
YOUR CITY FOR OPPORTUNITY
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 NORFOLK BY THE RANKINGS
One of the three most Citizen A Best City for Global Trade Engaged Communities Global Trade Magazine 2016 in the U.S. Public Technology Institute 2018
Top 10 Mid-sized American America’s Favorite City Cities of the Future for Travel + Leisure 2018 Connectivity Financial Times 2016
Top U.S. Metro for Excellence in Economic Millennial Growth Development Planning Time Magazine 2017 American Planning Association 2016
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 5 COMPETITIVENORFOLK ADVANTAGES
LARGEST NAVAL STATION IN THE WORLD THE PORT OF VIRGINIA
Direct economic impact of the Navy in the region Natural deep water harbor on the U.S. East Coast exceeds $13.4 billion per year soon to be the deepest REGION’S CULTURAL HUB GEOGRAPHIC CENTER 1.7 MILLION POP NORFOLK
Awe inspiring museums, art education, live Less than a 30 minute drive to Norfolk’s six neigh- performances, and cultural venues boring cities; center of region’s transit network
JOBS CENTER OF THE REGION REGION’S EDUCATIONAL HUB
Several institutions of higher learning, and well Highest average compensation and second highest trained military members transitioning to civilian number of jobs in the region life annually
MULTI-MODAL CONNECTIVITY MEDICAL HUB OF THE REGION
Norfolk is the catalyst for future transit One of Virginia’s five level 1 trauma centers and oriented development in the region the only children’s and heart hospital in the region
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 NORFOLK
BY THE NUMBERS
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 7 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 H Boston, MA 130 Million Consumers within one day’s drive 66 SQ Miles 144 Miles Shoreline (lakes, rivers, bay) H New York City 90% Class A occupancy rates (approx.) 2,700,000 Visitors in 2017 (OmniNet) H Philadelphia 5% FY2018 Sales Tax Revenue increased over FY2017 10% FY2018 Hotel & Meals Tax Revenue increase Washington, DC H over FY2017
Richmond, VA H PEOPLE H NORFOLK 250,000 Norfolk residents 30.7 Median Age Norfolk residents* Raleigh, NC H 1.7 Million Regional population
H Charlotte, NC 45,000 College students in Norfolk (approx.) 100,000 College Students in Region (approx.) 250 spherical miles 28% Downtown population growth since 2010 4,486 People per square mile* H Atlanta, GA Six of the ten largest population centers 46% Residents never married* in the U.S.A. are located within 750 miles (1206 kms) of Hampton Roads. New York, 31% Total single people* NY; Chicago, IL; Philadelphia, PA; Detroit, 50% Birthplace in Virginia* 500 spherical miles MI; Indianapolis, IN and Jacksonville, FL 7% Population foreign born (citizens and non-citizens)* H Jacksonville *According to the most recent demographics data available from Esri Estimates for 2018, and U.S. Census Bureau American Community Survey 2013-2017
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 NORFOLKECONOMY
Second largest city population in Virginia
y, VA 159,064 Total Employees
58% White Collar 30.7 23% Blue Collar Median Age
18% Services Employment KEY FACTS
250,000 $216,806 NORFOLK Total Population Median Home Value 0.3% 2010-18 Population CITY STATS Growth Rate Sources: BEA, QWI, Weldon Cooper, VEC, US Census Quarterly Workforce Indicators 7,371 315,306 Businesses Daytime Population
$25,138 Per Capita Income $45,971 Median Household Income 2.4 Avg Household Size
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 9 NORFOLK MOMENTUM IN PAST 5 YEARS
In the midst of a stagnant economy, Norfolk has seen significant job growth IKEA 350 JOBS
OPTIMA HEALTH 400 JOBS THE MAIN 350 JOBS MOVEMENT MORTGAGE 750 JOBS
ADP 2,100 JOBS GLASS LIGHT HOTEL 70 JOBS WATERSIDE DISTRICT 800 JOBS
NORFOLK PREMIUM OUTLETS 1,000 JOBS
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 NORFOLKMSA EMPLOYMENT PROFILE
Total Nonfarm Employment (Thousands) Virginia Beach, Norfolk, Newport News, VA NC
3.8% Finance, Insurance and Real Estate
Professional and Business Services Leisure and Hospitality
10.7% % of Change 9.8% 2010-2017
Health Care, Social Other Services Assistance (except government and 6.4% 16.9% and Educational government enterprises) Services
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 11 NORFOLK
BY THE ASSETS
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 NORFOLKMILITARY ASSETS
HOME TO THE LARGEST NAVAL STATION IN THE WORLD The Hampton Roads area is home to one of the world’s largest populations of military 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.
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 13 INTERNATIONALNORFOLK 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 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 MULTI-MODALNORFOLK 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.
More than $4.5 billion in funded transportation projects are underway in Hampton Roads.
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 15 NORFOLKWORKFORCE ASSETS
JOBS CENTER OF THE REGION Highest 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.
16 NORFOLKEDUCATION HUB ASSETS
OUR MSA HAS MORE THAN 90,000 STUDENTS ATTENDING HIGHER 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.
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 17 MEDICALNORFOLK HUB OF THE REGION
Norfolk Medical/Healthcare Catalytic Investment Underway
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.
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 EASTERN VIRGINIA MEDICAL SCHOOL Nursery with a state-of-the-art unit and The $80 million, 11 story tower New Education and Academic consolidate the hospital’s 54 ICU beds on Administrative Building is currently under construction and two floors. expected to be completed in 2020.
SENTARA LEIGH ORTHOPEDIC MEDICAL OFFICE BUILDING SENTARA LEIGH CANCER CENTER The $29 Million, 50,000 SF medical office The $93.5 million Sentara Cancer Center will bring together building is to be completed by 2020. 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.
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 NORFOLKCULTURAL ASSETS
Norfolk is the arts, culture and entertainment hub in the 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
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 19 NORFOLKMOMENTUM
What’s Next
GATEWAY TOWER PAMUNKEY INDIAN RESORT CASINO
]] $700+ Million Project NORFOLK
The planned state-of-the-art, energy-efficient office This proposed project consists of a four-diamond building will feature best in class technology integration 500 room hotel, 3-5 on-site restaurants, a 750-seat to support a collaborative and healthy building entertainment facility, and luxury Spa along a waterfront environment. The project will feature the latest site promenade. Employment estimates are approximately and building resiliency solutions as part of a mixed use, 3,500 new direct jobs, 2,900 indirect jobs to be created master planned site. and 4,000 -5,000 construction jobs.
FIBER RING NETWORK VIRGINIA OFFSHORE WIND TECH DESTINATIONS
Five Southside cities will be Our coast is uniquely positioned to Several Downtown office campuses connected by 100 miles of fiber-optic become the leading location in the are under development. Pictured is connections from two trans-Atlantic mid-Atlantic for offshore energy. Assembly, which will occupy three cables, the Marea (Spain), and Brusa Our supply chain is engaged and a historic former department stores. (Brazil). demonstration project is underway.
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 NORFOLK
INVEST IN NORFOLK: INVESTABLE DISTRICTS & OPPORTUNITIES
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 21 THE CITY OF NORFOLK HAS 16 QUALIFIED 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 Residential Historical District 27, 29 municipality in the state of Virginia. Norfolk has Port District 11 strategically categorized its zones into investable districts detailed with demographic and statistical Norfolk’s remaining stand alone QOZs highlight information to resonate with any investor’s risk profile. additional investable opportunities spanning both St. Paul’s District 41,42,48 (35.01) commercial and residential categories. Commercial Corridor District (Military Circle) East Ocean View 65.02 68, 69.01, 70.01 Little Creek/Wards Corner 57.01 Collegiate/Education District (ODU/NSU) 25, 26, 47 Berkley 50
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 ST. PAUL’S DISTRICT Census Tracts 41,42,48 (35.01)
globe-asia hiking car-alt
Total Population: 230 Acre Land 70% of Land is Exceptional Regional 4,600 Area Publicly Owned Interstate Access
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 23 ST. PAUL’S DISTRICT Census Tracts 41,42,48 (35.01)
POTENTIAL PROJECT ST. PAUL’S TRANSFORMATION
KEY FACTS OPPORTUNITIES ]] Address: Multiple projects within 3 census tracts ]] The Saint Paul’s area contains three public housing (41, 42, 48) communities with 4,600 residents and 2,200 ]] Project Size: 230+ Acre Site children. ]] Project Cost: $1B (Phase 1 Cost $450M) ]] The City has invested $83M in site infrastructure costs, $3.5M annually for the People First Human ]] Zoning: Special Zoning District Services Transformation and with the Housing ]] Adjacent to Downtown, Norfolk’s strongest real Authority, is the recipient of a $30M Choice estate market Neighborhoods Initiative Implementation Grant. ]] Within a half-mile of 4 light rail stations ]] In addition to the QOZ, project is located in a HUB ]] Majority of the land is already publicly owned by the Zone and Enterprise Zone. The Commonwealth housing authority or the city of Virginia has awarded grants for Brownfield assessment and remediations at this site.
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 DISTRICT Census Tracts 41,42,48 (35.01)
PHASE 1 – TIDEWATER GARDENS (BUILD READY SITES)
Key City-Owned Parcels Ready for Development: An array of financing mechanisms are available to ]] Former Police Station Site: Mixed-income support strong market rate: LIHTC, REACH loans development with market-rate and assisted from VHDA, CHOICE funds, Housing Authority homeownership townhouses HOME funds and T/E Bonds in addition to voucher subsidized opportunities. Project Cost: $9M For more information, see the detailed St. Paul’s ]] Red Carpet Site: Mixed-income senior building with 60 units in total Prospectus Project Cost: $11M ]] Tidewater Gardens (I & II): Mixed-income, mixed- use housing in townhomes, walk-ups, and elevator buildings Project Cost: $233M
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 25 COMMERCIAL CORRIDOR DISTRICT Census Tracts 68, 69.01, 70.01
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
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Daytime Population: Over $1.7B in 70% of Employees Annual Average 54,255 Commercial/Industrial in the District Work in D a i l y Tr a f fi c : Assessed Real Estate Healthcare or Retail 45k-60k
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 DISTRICT Census 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
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 27 COMMERCIAL CORRIDOR DISTRICT Potential Project: Military Circle Mall
KEY FACTS OPPORTUNITIES ]] Address: 880 N Military Hwy ]] Potential for over 6,000 housing units and 16 million ]] Project Size: 75+ Acre Site square feet of non-residential development within the entire Military Circle Corridor. ]] Project Cost: TBD ]] The project is consistent with the City of Norfolk’s ]] Zoning: C-C (Commercial) “Military Circle Vision Plan” calling for the “de- ]] Highest Elevation Level in City of Norfolk malling” of the Military Circle Mall and redeveloping ]] Easy access to I-264/I-64 as an open-air lifestyle center and mixed use ]] Successful adaptive reuse of former JC Penny development. department store; fully leased 200,000 sq. ft. facility ]] The City has significant parcel control. with approximately 1,000 full time employees
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 COLLEGIATE/EDUCATION DISTRICTS Census Tracts 25, 26: Old Dominion University
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.
books CITY book-reader CART-ARROW-DOWN
Full Time Students: Over $681M in $130M Spent in Expenditures on 24,571 Assessed R/E Value R&D for Medical, Retail Goods: $22M in Multifamily and IT, and Engineering Student Housing Disciplines
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 29 COLLEGIATE/EDUCATION DISTRICTS Census 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
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 DISTRICTS Census Tract 47: Norfolk State University
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
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Full Time Students: $25M in Assessed R/E Over $250M in Annual Budget 4,706 Value in Multifamily Assessed R/E Value in Expenditures: $5M Housing Commercial/Industrial Properties
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 31 COLLEGIATE/EDUCATION DISTRICTS Census 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
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 DISTRICTS Potential Project: The Railyard
THE RAILYARD AT LAMBERT’S POINT 05/13/2019 Birdseye view from east
KEY FACTS OPPORTUNITIES ]] Address: 2401 Hampton Blvd ]] Potential for over 95,000 sq. ft. of mixed-use product ]] Project Size: 8+ Acres with retail, office and entertainment uses. ]] Project Cost: $20M ]] The City currently owns parcels involved in the footprint of the project area. ]] Zoning: C-C (Commercial) ]] In addition to the QOZ, project is located in a HUB Adaptive reuse and additional new construction Zone and Enterprise Zone. The Commonwealth ]] Projected Completion: 2020 of Virginia has awarded grants for Brownfield assessment and remediations at this site.
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 33 COLLEGIATE/EDUCATION DISTRICTS Potential Project: IPConfigure
KEY FACTS OPPORTUNITIES ]] Address: 2330 Bowdens Ferry Road ]] IPConfigure is a privately held veteran-owned R&D ]] Project Size: 4.47 acres software company looking to expand. ]] Project Cost: $7M ]] Site provides enough space to lease 6500 sq. ft & 2100 sq. ft to another company to diversify revenue. ]] Zoning: Commercial ]] In addition to the QOZ, project is located in a HUB ]] Projected Completion: Summer of 2020 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 DISTRICTS Potential Project: Food Co-op and Indoor/Outdoor Market Space
OPPORTUNITIES ]] Property is currently owned by the Norfolk Redevelopment Housing Authority. KEY FACTS ]] Site is zoned to accommodate multi- functional institutional uses. ]] Address: 1605 E Brambleton Avenue ]] In addition to the QOZ, project is located in a HUB ]] Project Size: 1 acre Zone and Enterprise Zone. The Commonwealth ]] Project Cost: TBD of Virginia has awarded grants for Brownfield ]] Zoning: Institutional Campus Use assessment and remediations at this site.
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 35 RESIDENTIAL HISTORIC DISTRICT Census Tracts 27, 29
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
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Total Population: Household Average Annual Total Average Disposable 6,837 Net Worth: $77k Expenditures: $33M Income: $32K
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 DISTRICT Census 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
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 37 RESIDENTIAL HISTORIC DISTRICT Potential Project: Armory Site
KEY FACTS OPPORTUNITIES ]] Address: 746 E 29th Street ]] Zoning is designated to support major single use and ]] Project Size: 1.72 acres multiple-use military facilities. ]] Project Cost: TBD ]] In addition to the QOZ, project is located in a HUB Zone. ]] Zoning: Military Installation ]] 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.
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 PORT DISTRICT Census Tract 11
The Port District is located minutes from the Port of Virginia, Norfolk International Terminals entrance yet tailored to a predominantly residential market.
USER-HARD-HAT DONATE Money-bill-wave
Total Population: Employed Civilian Annual Total Average Disposable 2,626 Population: 1,074 Expenditures: $46M Income: $32K
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 39 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
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 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.
Incentives ]] HUBZone ]] Tourism Development Zone ]] BrownField Assessment Grant
sack DONATE Money-bill-wave
Total Population: Household Average Annual Total Average Disposable 3,222 Net Worth: $905K Expenditures: $129M Income: $79K
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 41 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
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 Potential Operating Business: Cova Brewing Company
KEY FACTS OPPORTUNITIES ]] Address: 9529 Shore Drive ]] Strategically located feet away from transformative ]] Project Size: 3,324 Sq. Ft new residential development. ]] Project Cost: $750K ]] Unique Brewpub/Coffee House to be located in the East Beach market. ]] Zoning: Commercial ]] In addition to the QOZ, project is located in a HUB and designated Tourism Zone.
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 43 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.
Incentives ]] HUBZone ]] Enterprise Zone ]] Brownfield Assessment Grant
CITY DONATE Money-bill-wave
Daytime Population: $337M in Assessed Annual Total Annual Average Over 50k Value in Commercial/ Expenditures: $64M Daily Traffic: 29k Industrial R/E
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
ASSET MAP
1. CENTRAL BUSINESS PARK 2. NORFOLK POLICE 3RD PATROL 3. SOUTHERN SHOPPING CENTER 4. NORTHSIDE PARK
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 45 LITTLE CREEK / WARDS CORNER DISTRICT Potential Project: Office Development
KEY FACTS OPPORTUNITIES ]] Address: 7661 Central Business Park Drive ]] Property is currently owned by the City of Norfolk ]] Project Size: 3.42 acres Economic Development. ]] Project Cost: TBD ]] Site is zoned to provide land that accommodates multi-tenant (business, research and office ]] Zoning: Business and Commerce Park 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.
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 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.
Incentives ]] HUBZone ]] Enterprise Zone ]] Brownfield Assessment Grant
birthday-cake DONATE Money-bill-wave
Total Population: Median Age 37.7 Annual Total Average Disposable 3,589 Expenditures: $64M Income: $33K
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 47 BERKLEY Census Tract 50
ASSET MAP
1. BAE SYSTEMS 2. NASSCO 3. COLONNA 4. SOUTHSIDE AQUATIC CENTER 5. MARINE HYDRAULICS INTERNATIONAL
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 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.
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 49 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 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.
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 51 ]] For additional information please contact:
]] Sean Washington
]] Opportunity Zone Lead / Senior Business Development Manager
]] Department of Economic Development
]] P: (757) 664-4333
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