Armada Hoffler Initiates Phase VI of VA Development
- Nov 01, 2017
Armada Hoffler Properties continues the development of Town Center, a mixed-use project in Virginia Beach. The $53 million expansion, which represents the development’s Phase VI, will feature 39,000 square feet of retail and restaurant space, as well as 131 apartments. Two national furniture retailers—Williams Sonoma and Pottery Barn—will take up 18,000 square feet in the new building. On the second level, a 300-seat Zeiders American Dream Theater is planned, which will occupy 17,000 square feet.
The City of Virginia Beach will add public infrastructure, including an open-air plaza and a pedestrian bridge connecting to the adjacent parking garage, with an estimated investment of $1 million.
Public and private investments
Town Center is an ongoing, multi-decade public-private partnership between the company and the City of Virginia Beach. The entire project, set to include office space, retailers, restaurants and residential units, is scheduled for completion in the fall of 2018.
“We are very pleased with the progress of this new addition to Town Center. Upon completion, the mixed-use development will offer additional shopping, dining, and entertainment options that will complement the current offering, while adding sought-after residential space in the City’s urban core,” said Louis Haddad, president & CEO of Armada Hoffler Properties, in a prepared statement.
Virginia Beach Town Center is situated downtown, at 222 Central Park Ave., adjacent to major thoroughfares. The Virginia Beach market sees around 13 million tourists annually. S. Independence and Virginia Beach Boulevards corner the 17-block master-planned development. To date, the company developed 814,736 square feet office space, 117,807 square feet restaurant space, 190,459 square feet retail space, as well as 804 residential units and 412 guestrooms. The total investment reaches approximately $449.4 million in private funding and $104.7 million public funding.
Leasing for the remaining two retail spaces in Block 9 will be handled by Gerald Divaris, Sezin Cortinas and Erica Rorrer of Divaris Real Estate.
Image courtesy of Armada Hoffler Properties