Property

EDA, VDOT strike deal on property – The Suffolk Information-Herald

Although the Virginia Division of Transportation has but to discover a purchaser for its 87-acre North Major Avenue property, it now is aware of the place it is going to relocate the remaining staff and operations at that location when it’s offered.

The EDA will present VDOT with 30 acres of the 37 acres it owns off of Industrial Drive in Northgate Commerce Park, in keeping with Deputy Metropolis Supervisor Kevin Hughes. Of that, 30 acres will go towards VDOT’s facility, and the stability of the remaining seven acres can be utilized by town’s Public Works Division to relocate its Zone C operations amenities it has at Lone Star Lakes Park.

Additionally, the EDA will purchase an acre of VDOT’s property adjoining to Obici Place at 1700 N. Major St. for $300,000 that’s subsequent to a 3.4-acre property the authority already owns and is holding onto for a potential movie show.

The EDA in March 2019 entered right into a gross sales settlement with Cinema Café for the corporate to construct a movie show, restaurant and bar. The incentives supplied included $120,000 when Cinema Café obtained its certificates of occupancy and $30,000 for every of the subsequent three years via the Financial Growth Funding Program.

Nonetheless, Hughes mentioned the movie show challenge remains to be on maintain amid the coronavirus pandemic and its impression on that trade.

Hughes mentioned nothing will happen till the state-owned land on North Major Avenue is offered. It might be a number of years, he mentioned, earlier than any motion takes place.

“That is an settlement, so you continue to should get to due diligence and shutting,” Hughes mentioned. “VDOT has a separate avenue the place they’re attempting to promote their parcel, so that they should finalize these offers and any interactions for that growth to happen, which nonetheless has to happen. Earlier than they will transfer off of North Major (Avenue), they should promote that parcel and clearly, assemble a brand new operations heart. Though we’re taking motion on an settlement, we’re nonetheless years away from these issues occurring.”

VDOT relocated its Hampton Roads District headquarters, together with about 250 staff, from North Major Avenue to the Lakeview Expertise Heart 2 at 7511 Burbage Drive in Harbour View in August 2018 after the Common Meeting handed an act in 2017 permitting the company to promote its North Major Avenue property and use the cash towards a brand new district workplace location.

Nonetheless, VDOT’s store amenities weren’t capable of relocate there as a result of metropolis zoning rules. The company mentioned in March that remaining operations and upkeep workers on the North Major Avenue location can be relocated relying on when the property is offered and the award of a development contract to construct the brand new district annex in Northgate.

The 87-acre property, zoned for basic business, is valued at simply over $16.4 million — greater than $12.6 million for the land and almost $3.8 million for the buildings — in keeping with on-line property data. It has greater than 350 ft of frontage on North Major Avenue and greater than 4,000 ft of waterfront on the Nansemond River.

In accordance with an actual property itemizing for the property, VDOT is wanting “for gives with artistic options, together with, however not restricted to sale-leaseback.” It additionally mentioned any purchaser would want to permit VDOT to make use of components of the property whereas its new amenities are being constructed.

VDOT’s Hampton Roads district contains greater than 730 miles of main roads, virtually 4,000 miles of secondary roads, greater than 4,700 miles of city roads and greater than 160 interstate miles amongst 11 cities and 9 counties.

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