The Central Business District (CBD) encompasses 1500 acres and 2,097,605 sq. ft. of low and high-rise office space in several business parks including Town Center, the Pembroke Office Park, and the Corporate Center and Convergence Center. The vacancy rate for this area was 9% for the fourth quarter of 2011.
The Town Center of Virginia Beach is a new urban "Main Street" style development located within the core of the CBD. The project spans 33 acres. When completed, Town Center will include 850,000 sq. ft. of Class A office space and 750,000 sq. ft. of upscale retail, fine dining, a business class hotel, a luxury hotel with high-rise condominiums, a performing arts center, a central park, and apartments. The entire area is serviced by free structured parking. The corporate citizens in the area include numerous financial, information processing, law and professional service firms. Phases I, II, and III, as described below, are complete.
Phase I included the construction of a 21-story, 254,000 sq. ft. Class "A" office tower, 93,000 sq. ft. of two-story and five-story self-contained office/retail buildings, a 176–room, business-class Hilton Garden Inn Hotel, a two story Towne Bank, and a 1,284 space parking garage.
Phase II included the construction of four additional blocks of property containing 341 residential luxury apartments in the Cosmopolitan building, 232,500 sq. ft. of retail and office space, and two parking garages with a total of 1,430 parking spaces.
Phase III included a 37-story Westin Hotel with 236 rooms and 119 luxury condominiums. The Westin Virginia Beach Town Center Hotel and Residences is the tallest building in the Commonwealth at 500 feet to the tip of its architectural spire. Phase III also included 36,500 sq. ft. of retail space, a structured parking garage with 735 public parking spaces, a 1,300 seat Sandler Center for the Performing Arts, and a five story, 90,000 sq. ft. building with Class A office and retail space.
Phase IV of Town Center is currently on hold due to the current economic climate. Spinoff projects created by the success of Town Center include the Pembroke Mall expansion and redevelopment, a major site development to the west of the Town Center, the Cityview mixed project on Bonney Road, and Convergence Centers III and IV.
For more information on Town Center, click here.
Last updated: Feb. 2012