From the Associated Press:
A South Korean company's $4 billion development plan is wowing residents of this resort city and bowling over the business community. The Navy, however, could take a dim view of more high rises near a key fighter jet center.The Virginian Pilot has, of course, been covering the story as well:
"The scale of it is enormous," said Deborah Stearns, managing director of the Norfolk office of GVA Advantis real estate company. "I can't recall another announcement that would have that many square feet and that many developments proposed at one time."
A $4 billion proposal to build skyscrapers, hotels and condos at the Oceanfront and a massive golf resort near City Hall has left many business leaders and residents stunned.Wow. I'm not sure I see Navy jets flying near these towers, though. Perhaps this will facilitate an early transition to the back woods someplace for the Navy. The Navy has indicated they're not going to stick around much more than another two decades; this might be the chance to make the huge economic moves now, rather than waiting for the Navy to pull chalks on their own terms.
The plan by a South Korean company includes more than 3,800 condominiums, 1,500 hotel rooms and seven towers soaring up to 40 stories high.
"This is like Hampton Roads attracting a major league sports franchise," said James Koch, an Old Dominion University economist. "Economically speaking, it might be a great thing or may not amount to anything at all."
The size of the proposal by Sun Rise Development Co. Ltd., which covers more than 64 acres at the former Dome site, Rudee Loop, the Convention Center and the Tournament Players Club of Virginia Beach, surpasses any proposal the city has seen in years.
You can see more pictures here.