Virginia Beach Town Center
T
he Hampton Roads region is a great place to live, work and play. And, it’s only going to get better. “With proper foresight, continuous planning and dynamic economic development, Hampton Roads will be recognized internationally as a region fueled by Innovation, Intellectual and Human Capital, Infrastructure and a Sense of Place.” This is the over-arching goal for the region’s 2010-2015 economic strategy called “Vision Hampton Roads.”
Hampton Roads has dealt with reductions in workforce within a number of firms, as has every corner of the nation during the Great Recession which began in 2007. In preparation for recovery, a group of regional organizations and community leaders collaborated together to develop “Vision Hampton Roads,” a regional plan with a five year horizon. This “Vision” employs strategies and actions which leverage regional strengths to diversify and grow the economy, positioning Hampton Roads as a leader in the global economy of today and tomorrow. In economic development today, it’s important to address who and what is Hampton Roads as a region; who lives here and why; what is the region’s business identity; and how entrepreneurs, creativity and innovation are attracted. Regions that thrive in the “new economy” will be those truly educating their workforce, cultivating innovation, investing in infrastructure and creating quality places, like Hampton Roads. “Vision” planning has placed Hampton Roads on a path to regional transformation by embedding a working process as we think, live and act regionally. 34 • Coastal Virginia 2014-15
The Virginia Gazette reported that York County is working forward with a planned mixed-use development moved a step forward with a $6.45 million property sale near Victory Boulevard at the York-Newport News line. Commonwealth Green plans include up to 384 apartments, 96 townhomes and four commercial buildings, according to the developer. Condominiums are planned above three of the commercial buildings. About 50 of the apartments would be in Newport News. In addition, the Hampton Roads Economic Development Alliance annouced that Cushman & Wakefield/Thalhimer has found a buyer for the Palace Plaza strip shopping center just off Bypass Road in upper York. Polyzos Family Investments, LLC purchased the approximately 22,600 square-foot retail center for $610,000. The previous owner was C-111 Asset Management. According to York County’s property information website, the center is assessed at just over $1 million. It was sold to C-111 Asset Management last August for $680,000.
Strategic location, global significance
The first rule of thumb for any economic development is location, location, location. Hampton Roads, the region, is located in the southeastern coastal tidewater of Virginia in the heart of the Mid-Atlantic. It is a region that depends on a maritimerich geography including all the benefits that come with it, such as commerce derived at its ports, tourism and real estate drawn to its beaches, and the waters that allow it to be one of the most concentrated naval strongholds on the planet. Hampton Roads, the harbor, is formed by the confluence of the James, Nansemond and Elizabeth Rivers and flows into the Chesapeake Bay whose watershed covers 64,000 square miles and all or part of six states and Washington, DC. As one of the world’s biggest and deepest natural harbors, the largest in North America, Hampton Roads is home to the world’s largest naval base at Norfolk and the Port of Virginia, third largest behind Port of New York and the Port of Savannah. It is one of the busiest and fastest growing commercial ports on the U.S. East Coast
Courtesy of city of Virginia Beach
Business: Economic Development
Regional Vision, Global Impact