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Opportunity Zone Prospectus

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Opportunity Zone Prospectus NORFOLK ® 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 H Washington, DC 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.
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