NORFOLK, VA – The Norfolk Economic Development Authority (EDA) purchases the former DoubleTree Hotel at Military Circle Shopping Mall, located on North Military Highway. This acquisition gives the EDA the site control required to reposition the entire Military Circle Mall property.
In 2014, the EDA purchased the former JC Penney’s for $2.3 million and redeveloped the 200,000 square foot building into a modern office building that is now 100% leased. On May 1, the EDA announced the purchase of The Gallery at Military Circle Shopping Mall and surrounding out parcels. The EDA authorized the purchase price of the mall for $11 million.
The EDA authorized the purchase of the hotel for $2.4 million. The property was listed for sale for $3.0 million and had an assessed value of $2 1 million.
A 2017 state-funded report completed by the City of Norfolk showed the potential for over 6,000 housing units and 16 million square feet of non-residential development in this corridor. A vision has been for a transit-oriented mixed-use development anchored with institutional and civic uses. The plan showed urban streetscapes, parks, and urban plazas with walkable and bikeable streets.
The EDA is a political subdivision of the Commonwealth of Virginia created by the City to acquire, own, lease, and dispose of properties to promote industry and induce businesses to locate and remain in Norfolk. The mission of the Economic Development Authority (EDA) is to create jobs, maximize the utilization of Norfolk’s real estate, foster business capital investment, and increase revenue by growing the tax base. The EDA will focus on efforts to build on the strengths and the needs of neighborhoods, and support minority and small businesses.
For more information on the City of Norfolk Office of Economic Development and the Economic Development Authority, please visit www.norfolkdevelopment.com.