■ Norfolk International Airport • Virginia’s first green airport • Served by American, Continental, Delta, Southwest, United Express and US Airways, with an average of 80 daily departures • 22 nonstop airport destinations, including Las Vegas, Dallas, New York, Boston, D.C., Charlotte, Atlanta, Chicago and Miami • Generates nearly 10,269 jobs and $1.1 billion in economic activity annually • In calendar year 2011, serviced over 3.2 million passengers and over 70 million pounds of cargo • All-cargo airlines serve NIA including Airborne Express, FedEx and United Parcel Service, and are supported by a large network of forwarders and customs brokers specializing in air freight Approximately $3 million was invested in the airport in 2011 in food court concepts and décor.
■ Transit Virginia’s First Light Rail System Opens to Huge Crowds Norfolk is the smallest city in America to build such a transit system. Work-week ridership has averaged 4,650 a day – far exceeding the original FTA projection of 2,900 and proving light rail to be a viable transportation alternative. Increased ridership numbers mean additional revenue for operation with operating costs already lower than budgeted. The Tide cost $317 million and is the least expensive light rail system built on a per-mile basis in recent times in this country. The city contributed only 17 cents of every dollar and the city has already begun to recoup that investment from revenue generated by transit-oriented development and increased economic activity.
More than 75,000 rode The Tide on debut weekend Over the three-day opening weekend, starting Aug. 19, more than 75,000 trips were taken for dining, shopping and work. “It was a near-perfect launch, with the crowds exceeding every expectation,” Norfolk Mayor Paul Fraim said. Overwhelmed, the free preview was extended through the next weekend. The City of Norfolk attributes more than $500 million in transit-oriented development since 2005 and new rehab projects, new tenants and entrepreneurial businesses are springing up. The Tide marks the beginning of a new era for public transportation in Hampton Roads. The rail line extends 7.4 miles from the Eastern Virginia Medical Center complex east through downtown Norfolk, adjacent to I-264 to Newtown Road. Eleven stations provide access to destinations of cultural, financial and entertainment centers. Development
Investment*
Description
388 Boush Street
$ 28,000,000
94 condominium units $155,000 $410,000 (2005) Lot 56 at Brambleton & Bute Sts. 240+ luxury rental residential units, ~500space garage. First Light Rail TOD. (2007)
Belmont at Freemason $ 45,000,000
Dominion Enterprises
$ 51,000,000
High-rise office tower with ground-floor retail and 444-space parking garage (2005) medical office, retail, parking (2006)
Fort Norfolk Plaza
$ 80,000,000
Franklin Building
$ 18,300,000
Mixed-use: 20 luxury condominiums, (1,300 - 6,000 SF); professional offices; $3.3 million acquisition cost; $15 million est. conversion cost (2005)
Harbor Heights
$ 38,000,000
Mixed-use residential 99 condominiums and retail market development with structured parking 317 spaces, TCC administrative offices, starting at $250,000 - $700,000 (2005)
Residence Inn by Marriott
$ 35,000,000
Brambleton & Boush 160-suite extended stay hotel (2007)
Rotunda
$ 18,000,000
66-unit condominium conversion (2005)
St. Paul’s Place
$ 25,000,000 90 condominiums on East Freemason Street starting at $165,000. Hampton Roads Housing Company and Wermers Development Inc. (2005)
Virginia Arts Festival
$ 7,500,000 Clay and Jay Barr Education Center: 13,000 SF headquarters and rehearsal studios (2007)
Wells Fargo Center $180,000,000 Mixed-use: 250,000 SF (22story) Class A office (70% leased), 160+ luxury apartments, 50,000 SF retail, 2 garages (~1,800 spaces) (2007) Transit Oriented Development Projects include:
NORFOLK 2012 ANNUAL REPORT
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