The rapid leasing of space in Courthouse Marketplace shows the strength of its location adjacent to the Virginia Beach Municipal Center on Princess Anne Road.

Virginia Beach’s Princess Anne Corridor Comes of Age

VIRGINIA BEACH, VIRGINIA -- Positioned along one of the main thoroughfares in Virginia Beach, Va., and residing only steps away from the Virginia Beach Municipal Center rest two retail developments -- one at its beginning, one nearing completion -- both of which are reflective of the area’s growing needs, according to Divaris Real Estate, Inc. CEO, Gerald Divaris.

            With a Colonial brick architecture that mirrors the neighboring courthouse, the Courthouse Marketplace sits on 23 acres of land at the intersection of Princess Anne Road and Nimmo Parkway. The Marketplace boasts 122,000 square feet of retail and 31,350 square feet of office space, a majority of which is finished and currently open for business.  Developers Armada Hoffler Development Company plans to have all the remaining outparcel buildings ready for occupancy by the end of 2007. 

Anchoring the complex is a new Harris Teeter grocery store, a 48,000-square-foot prototype gourmet market. This is Hampton Roads’ sixth store for the company that operates 138 retail stores, in a six-state area. The Harris Teeter at Courthouse Marketplace features a pharmacy, and a fine wine selection with an available wine consultant. Joining the grocer are a selection of retailers and restaurants, all secured by DRE within the past year. Eateries East Wok (1,400 square feet) and Quiznos (1,606 square feet) each took space along side a 1,400-square-foot addition to the Great Clips franchise, and a new SunTrust Bank branch, situated on a 1.1 acre outparcel.

“The success of the project is evidenced by the amazing attention and support the Harris Teeter store has received,” said Divaris. 

Opening up further commercial avenues for Divaris are the planned widening of Princess Anne Road to take place soon and the recent endorsement of the new South East Expressway. This new interstate, when completed, will help alleviate some of the pressure on Interstate 264 and allow traffic on Princess Anne Road to flow more smoothly while connecting Virginia Beach with Chesapeake. 

Poised to take advantage of these roadway improvements is DRE-leased Landstown Commons.  An estimated 50,000 vehicles per day pass by the 60.5-acre retail and lifestyle retail development, situated between Dam Neck Road and Ferrell Parkway on Princess Anne Road.  Approximately 492,000 square feet of upscale, lifestyle retail will fill the space. DRE is currently in final negotiations with many major national retailers, some of which have signed letters of intent to be included in this new Goodman Company development.

Landstown Commons is one of two DRE-leased new developments in Virginia Beach's Princess Anne corridor.

The City has made major investments in the Princess Anne corridor, including The Players Club golf course, the Verizon Wireless Virginia Beach Amphitheater, and the Sportsplex stadium all of which are huge traffic draws to the southern end of Princess Anne Road.  Landstown Commons will have its own generator of traffic from the planned Sentara medical complex, located diagonally across the street; the close proximity of the Advanced Learning Center, an adjunct campus of Norfolk State and Old Dominion universities and the Virginia Beach campus of Tidewater Community College.

            As for the continued success of both Courthouse Marketplace and Landsdown Commons, Gerald Divaris points to Princess Anne’s successful history, and the route’s increased population in the area.  “It’s a very important commercial thoroughfare, with thousands of new houses recently completed or planned and an increasingly large daytime population as well,” said Divaris.