VIRGINIA BEACH, VIRGINIA –
“Negotiations are close to being completed for a 10,000-square-foot
fashion store that features apparel, shoes, handbags, jewelry and home
goods,” according to Gerald S. Divaris, chairman and CEO of Divaris
Real Estate, Inc. “In addition, we have completed negotiations
for a Melt Gelato & Crepe Cafe next to McCormick & Schmick’s in Block 6, below the Studio 56
Lofts.”
The completed retail space is
approximately 88 percent leased and occupied. The Westin Hotel’s building has added more retail square footage to the
Town Center, with most of the first floor shops related to the needs of the
hotel guests. The first of these new shops is The Town Traveler,
located in the Westin’s lobby. While providing for the sundry
needs of the hotel guests and residents, the store also carries gift items
including Virginia products, jewelry, art, unique neckwear for
men, and other specialty items.
As successful as the restaurants and
retailers are in the development, perhaps the biggest immediate success story
in The Town Center of Virginia Beach is the leasing of Class A office
space. The six office buildings, totaling 535,000 square feet, are 100
percent occupied and bursting at the seams. Phase III construction was
sped up to meet market demand and in the fall of 2007, a new brick and glass
office building, Two Columbus
Center, broke ground. Adding over 100,000
square feet of office and retail space, Two Columbus
Center will accommodate the relocated regional offices
of engineering firm Kimley Horn in 19,000 square
feet of one of the new building’s six floors. The building, on
the corner of Main
Street
and Consitution Drive, will provide expansion room for tenants of One Columbus
Center as well. Two Columbus Center will be completed in the fall of 2008 and the first tenants are
expected to move in during the first quarter of 2009. A number of
retailers have expressed interest in the first floor, most of whom will be
service-oriented, such as banks, travel agencies, and deli/lunch/sandwich
shops.
The second new building to be added to
the existing ten blocks will overlook Fountain Plaza, between The Cosmopolitan Luxury Apartments and The Westin.
That building will accommodate retail on the ground floor and a 125-room
boutique hotel on seven floors above. Negotiations are being finalized
with one of the world’s major international hotel flags that recently
launched a new boutique brand. The first floor has been targeted to a
national fashion retailer with whom lease negotiations are in the final
stages. The building will start construction in late summer 2008, with an
expected completion in late fall 2009/early spring 2010.
Also, Phase IV pre-leasing has begun
on another 21 stories of Class A office space. Located on Block
Two will be a 356,657-square-foot, high-rise tower with 21 floors of offices
in two attached, yet distinctive, buildings above a 634-car parking garage.
Gateway Bank, a regional community bank, has committed to occupy 50,000
square feet of space for its corporate headquarters and has secured the
naming rights for the tower. Additionally, there will be 30,758 square
feet of retail that will wrap the ground floor. Town Center City Club
will move into expanded premises in the tower to offer more extensive
services. Other tenants that are considering the space include
attorneys, insurance companies, and a second public company that is
considering the building, either as its corporate or for its regional
headquarters. The Gateway Tower will start construction in late fall 2008 and is expected to be
completed and ready for occupancy by late 2010.
The unparalleled success experienced
by Town Center Fitness will be accommodated by its expansion into the space currently
occupied by Town Center City Club when it moves to The Gateway Tower.
In the interim, the facility will be accommodated in temporary space.
This is the second expansion for the full-service fitness center.
“It is truly fulfilling to see
The Town Center prospering and continuously growing with new office, retail
and residential tenants,” says Louis S. Haddad, president and CEO of
Armada Hoffler, the developers and general
contractors of The Town Center of Virginia Beach. “We feel that
we are heading into the homestretch on this massive undertaking.”
On January 19, 2008, The Westin Hotel and Residences at The Town
Center of Virginia Beach celebrated their grand opening with a black tie
affair that featured a performance by national recording artist Gavin DeGraw and personal appearances by NASCAR drivers Kyle
Petty and Kurt Busch, also a Westin Residences owner.
The event was a big deal, in an even
bigger building -- height-wise, that is. At 40 stories and
500 feet, The Westin is the tallest building between Philadelphia and Charlotte, North Carolina. Because of the spectacular views
and the amenities offered by The Westin, the 119 condos of up to 4,000 square
feet in size, are 80 percent sold. But beyond verticality, the 232-room
Westin also boasts a lobby with a chic, European design, lighting and a water
feature below the world’s only glass staircase outside of Apple
Computer’s signature stores.
The Sandler Center for the Performing Arts is another jewel in the crown of The Town
Center of Virginia Beach. The Center raised its curtain in 2007 and has
been entertaining guests ever since. It is Virginia Beach’s performing arts centerpiece, a
professional-quality, first-class facility that showcases local, regional and
international performing artists. The Sandler Center features a state-of-the-art, 1,300-seat auditorium with perfect
sight lines, incredible sound and a three-story atrium.
Located across from The Westin, Sandler Center’s outdoor performance plaza is shared with recently opened
McCormick & Schmick’s. The seafood
restaurant is one of the many best-in-class eateries located within the 17
city blocks of The Town Center. Others include: Ruth’s Chris
Steak House, The Cheesecake Factory, P.F. Chang’s China Bistro, Gordon Biersch Brew Pub, Red Star Tavern, California Pizza
Kitchen, Bravo! Cucina Italiana, The Funny Bone Comedy Club and Restaurant,
Sonoma Wine Bar and Bistro, Daily Grind Unwind, Coldstone
Creamery, Zushi Japanese Bistro, and Keagan’s Irish Pub and Restaurant.
The restaurants in The Town Center of
Virginia Beach reinforce pedestrian traffic to the expanding roster of retail
tenants. Retailers Cache’ and Johnston & Murphy are the
latest to join the 1.8 million-square-foot Town Center in the heart of the city’s central business district.
Other retailers in the development include: Brooks Brothers, Ann Taylor
Loft, Dick’s Sporting Goods, Barnes & Noble, Bed Bath & Beyond,
Origins, Sunglass Hut, Relax the Back, Men’s Wearhouse, Planet Music,
The Royal Chocolate, S.T.A.C., Eclectic Design and Florists, Honey Tree
Children’s Boutique and Sumatra Salon and Spa.
Hampton Roads magazine recognized some of the tenants of The
Town Center of Virginia Beach with Best in Area awards including Stanley
Adams Stationery and the condominiums at The Westin Hotel and Residences.
Divaris Real Estate, Inc.
One Columbus Center, Suite 700
Virginia
Beach, VA 23462
TEL: 757.497.2113
FAX: 757.497.1338
info@divaris.com
