Hull’s Creek Properties
Franciscus Homes and Coastal Virginia Developers have proposed a new 40 unit subdivision of single-family residences on approximately 6 acres in the historic Port Norfolk area. The property is owned by the City of Portsmouth and was the site a former elementary school. The development will make a positive contribution to neighborhood quality and the developer has pledged to work closely with community representatives and the City Planning Department
. The City of Portsmouth desires to have vacant and underutilized municipally owned properties in its inventory developed for a beneficial and taxable use. An appraisal is being conducted to determine a sales price reflecting Fair Market Value.
Franciscus Homes and Coastal Virginia Developers are well established regional developers who have constructed quality neighborhood projects throughout Hampton Roads. The single-family residences will be priced in the low to mid $200,000’s. This price point is the most active in today’s residential market and presents an excellent value in this historic area of Portsmouth. In addition, the developers are excited about a current trend that shows home buyers passing over properties in the suburbs to locate closer to jobs, shopping, education and entertainment opportunities near downtown that do not require long commutes. These traditional neighborhoods can only truly be found in the region’s core cities.
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Featured Partner: The Virginia Department of Business Assistance
The Virginia Jobs Investment Program (VJIP), a unit of the Virginia Department of Business Assistance (VDBA)
, is committed to working with local businesses to promote economic growth. The VJIP incentive program is used to reduce the up-front human resource development costs of newly created jobs and the retraining of existing jobs by providing consulting services, organizational development, electronic media services and funding. This economic development incentive is performance based, and no funding is disbursed until the required capital investment has been made and jobs created by the company. VJIP's goal is to recover the Commonwealth’s investment within one year through income and sales taxes paid by each new job created. In 2010 the state closed out a grant award to Earl Industries
and opened a new project with Mymic LLC. VJIP provided these companies with $1.3 million in assistance and aided in the creation of 305 new jobs and in the retention of 103 existing jobs in the City of Portsmouth.
back to top Featured Property: 801 Water Street
The property at 801 Water Street offers prime downtown office space with a panoramic view of the Elizabeth River. Over 4,000 square feet of office space is move-in ready and available for sublet through the Portsmouth Redevelopment & Housing Authority
. Located on the third floor, the office space is in the heart of Downtown Portsmouth where over 35 restaurants provide lunch and dinner to satisfy every office worker's appetite. With access to the Loop, the downtown shuttle, and the ferry stop at the High Street Landing, the building provides tenants with a waterfront address and convenience. For more information contact Brian Donahue with PRHA at (757) 391-2910.
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