Growth & Development

May 2007

Work begins on Peninsula Town Center in Hampton
Demolition on the Coliseum Mall in Hampton, which will be replaced with a mixed-use, town center development, has begun. The $142 million Peninsula Town Center will include 800,000 square feet of retail and restaurants, 100,000 square feet of office space and 150,000 square feet of residential space.
The mall was closed in January with the exception of two anchor stores, Macy’s and J.C. Penney, and three restaurants, Bennigans, Outback and Steak and Ale.

Peninsula Town Center is being developed by Mall Properties (the owners of Coliseum Mall) and Steiner + Associates of Columbus, Ohio. The first phase of the project is due for completion in late 2008.

Dollar Tree Stores expands headquarters in Chesapeake
Dollar Tree Stores Inc. plans to spend $12 million in building a 75,000-square-foot expansion of its corporate headquarters in Chesapeake. The project will create 100 jobs, while adding more office space, a new data center, regional training facilities and an auditorium.

Dollar’s Tree’s current headquarters is an 11-year-old building in the Greenbrier area. It includes a 120,000-square-foot office building and a 400,000-square-foot distribution center.

Dollar Tree has more than 3,200 stores throughout the country.

Ironclad center opens at Mariner’s Museum
The USS Monitor Center has opened at the Mariner’s Museum in Newport News.

The $30 million, 65,550-square-foot center explores the history and displays the artifacts of the USS Monitor, one of world’s first ironclad ships.

During the Civil War, the Monitor engaged the CSS Virginia at Hampton Roads in a battle of ironclads. The battle changed naval history, making wooden ships obsolete for warfare.

German company locates in James City County
Mombaur International Consulting Solutions, a German software company, has moved into the James City County Technology Incubator.

The 13-year-old company is the creator of the “Softconsult-Process,” a software development method involving a test laboratory and consulting services with research and tools.

Mombaur specializes in the development of software and software testing for use in medical, automotive and aerospace industries. This is the company’s first location outside of Germany.

Wachovia Center planned for downtown Norfolk
S.L. Nusbaum Realty is developing the Wachovia Center, a $150 million mixed-use project in downtown Norfolk.

The project includes a 22-story office tower, 195 apartments, 50,000 square feet of retail space and 2,000 parking spaces.

One of the project’s tenants will be the law firm Willcox & Savage, which will lease 40,000 square feet of space beginning 2010.

Other tenants include Wachovia Bank and Goodman & Co.