Town Center is an upscale destination with a vibrant collection of shopping, dining, entertainment and living options, located in the heart of Virginia's largest city. Spanning 17 city blocks, The Town Center anchors the Central Business District and is home to the city's hub of cultural, business and retail activities. An exciting mix of national stores and restaurants, homegrown boutiques and cafes, the spectacular Sandler Center for the Performing Arts, the Fountain Plaza, landscaped parks and sidewalks - all invite you to stroll, browse, indulge or just relax and watch the people go by. So, live it up!
The vision for The Town Center of Virginia Beach was born in the mid-1980's. A small group of prominent Virginia Beach businessmen, led by Gerald Divaris, recognized the need for an entity that would bring cohesion and direction to the emerging CBD, and the Central Business District Association of Virginia Beach was formed. Three years later, in November 1989, the Virginia Beach City Council allocated funds for the creation of a CBD Commission and preparation of a master plan. The Commission presented its findings to the City Council and in July, 1991, the City Council accepted the Master Plan by a unanimous vote.
In November, 1995, the Virginia Beach City Council voted unanimously in favor of establishing a new zoning category to provide for the mixed-use concept. In November, 1999, the Virginia Beach City Council approved the establishment of a Tax Increment Financing (TIF) District to support the construction of public amenities in the Central Business District, inclusive of structured parking, roads, landscaping, and utilities.
Armada Hoffler stepped into the game in the late 1990's as the private developer for the project. On February 8, 2000, the Virginia Beach City Council approved the Town Center project, a mixed-use "main street" style development within the City's emerging Central Business District. Armada Hoffler broke ground on Phase I shortly thereafter on June 7, 2000, and the first buildings opened in 2002. Since then, three phases have been completed and ground will be broken on Phase IV in 2009. The estimated timeframe for final completion is 2014.
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Owner, Developer & General Contractor
Armada Hoffler is one of the nation's premier commercial real estate and construction companies specializing in the development, construction and ownership of quality institutional-grade real estate located in primary markets throughout the U.S. Over the past 29 years, Armada Hoffler has developed and built more than 24.6 million square feet of commercial real estate with a market value in excess of $3.1 billion. Currently, they have projects under development and construction with a market value of nearly $800 million throughout the Eastern U.S.
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Owner, Retail & Office Leasing, Property Manager
Divaris Real Estate, Inc. and Divaris Property Management Corp. comprise one of the largest commercial and industrial property management, leasing and brokerage groups on the U.S. eastern seaboard, servicing client needs in the mid-atlantic and southeastern states. Its current portfolio of managed and leased properties consists of approximately 20 million square feet of prime retail, office and industrial space stretching from Boca Raton, Florida to Syracuse, New York. The majority of Divaris' clients are financial institutions, major property owning companies, national retailers and multi-state corporate clients.
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Residential Leasing, The Cosmopolitan Apartments
Drucker & Falk, LLC is a full service real estate company offering expertise in residential apartment management, senior living and commercial sales and commercial property management.
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Residential Sales, The Westin Virginia Beach Town Center Residences & Studio 56 Lofts
Rose and Womble Realty Company is headquartered in Virginia Beach. In addition to its New Homes Division, Rose and Womble has eleven resale offices with over 500 resale agents and various other departments which include: Relocation, Property Management, and Marketing. Affiliated companies include Residential Design Concepts (interior design), Residential Data Bank (market research), Real Referral, Advance Mortgage, Advance Title & Abstract, Advance Insurance, Land Planning Solutions, LC, Dominion Properties Group, LLC. To learn more about Rose & Womble Realty Company, please visit: www.roseandwomble.com.
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Public Partner
The city of Virginia Beach is no longer just a great place to visit: We're a great place to set up shop! Virginia Beach's retail sales are more than $4.4 billion each year, with a $400 million leakage to adjacent markets. Retail sales continue to increase faster than the nation's average, and many national stores here boast of being the top performers in their chains. Most importantly, Virginia Beach ranked 4th nationally in median household income in 2004, providing the necessary disposable income to support retail.
The Town Center will accommodate 4.3 million square feet of mixed-use finished space upon completion.
At full capacity, The Town Center will have a living and working population of over 24,000.
A highly skilled and educated workforce of 153,315 individuals is employed within a 5-mile radius of The Town Center.
Strategically situated right off I-264, Town Center is 11 miles from Downtown Norfolk, and 11 miles from the Virginia Beach Oceanfront.
The Westin Hotel & Residences is the tallest building in the state at just over 500 feet. The Armada Hoffler Tower is the 2nd tallest building in the area, and the 3rd tallest in the state.
The Town Center offers more than 3,200 free public parking spaces in four covered garages and surface lots, as well as on-street.
50 cents of every $100 collected from the Town Center Special Services District is used to pay for maintenance of the parking garages and infrastructure at Town Center.
Excluding real estate taxes, Town Center businesses taxes generated more than $3.6 million in revenue for the City of Virginia Beach from January through September 2007.
The private sector has invested more than $412 million dollars in the first three phases of Town Center.