If ever there were a time to invest in commercial or residential property development — the time is now and the place is Norfolk, Virginia. Norfolk is home to the largest naval military base on the East Coast. This seaside town that flourished post World War II is undergoing another boom. Currently, Norfolk Virginia is being heralded as an international port city within close proximity to Washington D.C. and a brand new light rail system is being constructed. Eventually, the plan is to link up the light rail system in Norfolk to Washington D.C., making commuting between the two cities a breeze.
Commercial and Residential Property Investment in Norfolk, VA
While some areas of the United States that were once popular places for residential and commercial property speculation, such as California and Florida, are in the depths of an economic downturn, Norfolk is being rehabilitated and upgraded. Much of the construction that took place post World War II is no longer appropriate or desirable in a fast paced contemporary world where the demand for luxury housing and features is high and the inventory for such properties is low. Key areas of Norfolk’s downtown district (as well as other areas such as South Norfolk and Hampton Boulevard near Ghent) are surging with commercial, residential, and mixed-use property developments.
Public and Private Building Projects Near The Tide Stations in Norfolk
Many of the current commercial and residential property projects in Norfolk’s downtown district are being built in earnest anticipation of the new Light Rail line which will be open to the public in 2010. Several hotels, including the Residence Inn by Marriot and the Hampton Inn as well as the Westin Hotel and Conference Center will be constructed in downtown Norfolk this year and next. The Franklin Condominiums and Belmont at Freemason are examples of luxury housing projects currently under construction. Public projects, such as the Tidewater Community College Student Center, a new Central Library for the City of Norfolk, and Norfolk State University’s Student Center, are also being built well in advance of The Tide’s opening. These public and private projects will impact the downtown area and stimulate additional projects in the same vicinity.
The Tide’s Route
The Tide will begin with a station at Eastern Virginia Medical Center, pass through key points in downtown Norfolk such as Harbor Park and Norfolk State University, and continue on through South Norfolk, paralleling Interstate 264 and terminating at the Newtown Road station, just on the border of Virginia Beach. Since phase 1 of Norfolk’s light rail is going right through downtown, many of the larger buildings are already underway.
Residential and Commercial Property Investment and Management
Yet it is still not too late to ‘get on the train’ so to speak. There are ample buildings and properties within walking distance of the new light rail train stations that would make excellent commercial or residential property investments. As the larger projects unfold, even smaller establishments and investments will flourish right alongside of these. For those poised for investment, remember to hire a qualified residential or commercial property management company.
Living in the City Limits of Norfolk Instead of the Suburbs
With many people downsizing their homes and looking for ways to save money and time on transportation, inner city living is becoming more popular than ever before. Because the highway system in Hampton Roads is often clogged at key corridors such as the Hampton Roads Bridge Tunnel and the intersection of Interstate 64 and 264 at Virginia Beach, many professionals are continually frustrated by their daily commute. For this reason it is not surprising that many are leaving suburban enclaves in Virginia Beach, Chesapeake and places on the Peninsula to live in Norfolk instead of making the dreaded commute.