Business: Economic Development
Regional Vision, Global Impact Summit Pointe is the newest large-scale, mixed-use community in the dynamic Greenbrier business district of Chesapeake
Courtesy of City of Chesapeake
The Hampton Roads region is a great place to live, work and play. And, it’s only going to get better. “With proper foresight, continuous planning and dynamic economic development, Hampton Roads will be recognized internationally as a region fueled by Innovation, Intellectual and Human Capital, Infrastructure and a Sense of Place.” A group of regional organizations and community leaders collaborated together to develop “Vision Hampton Roads,” a regional plan with a five year horizon. This “Vision” employs strategies and actions which leverage regional strengths to diversify and grow the economy, positioning Hampton Roads as a leader in the global economy of today and tomorrow. In economic development today, it’s important to address who and what is Hampton Roads as a region; who lives here and why; what is the region’s business identity; and how entrepreneurs, creativity and innovation are attracted. Regions that thrive in the “new economy” will be those truly educating their workforce, cultivating innovation, investing in infrastructure and creating quality places, like Hampton Roads. “Vision” planning has placed Hampton Roads on a path to regional transformation by embedding a working process as we think, live and act regionally. After “Vision Hampton Roads” was developed, the Hampton Roads Partnership created “Innovate! Hampton Roads” as a component of “Vision” that looks to promote local business and tech-based development in the area. (http://innovatehamptonroads.com/) 50 • Coastal Virginia 2021-22
The Virginia Gazette reported that York County is working forward with a planned mixed-use development moved a step forward with a $6.45 million property sale near Victory Boulevard at the York-Newport News line. Commonwealth Green plans include up to 384 apartments, 96 townhomes and four commercial buildings, according to the developer. Condominiums are planned above three of the commercial buildings. About 50 of the apartments would be in Newport News. In addition, the Hampton Roads Alliance annouced that Cushman & Wakefield/Thalhimer has sold the Palace Plaza strip shopping center just off Bypass Road in upper York. Polyzos Family Investments, LLC purchased the approximately 22,600 square-foot retail center for $610,000. The previous owner was C-111 Asset Management. According to York County’s property information website, the center is assessed at just over $1 million. It was sold to C-111 Asset Management for $680,000. Located in the dynamic Greenbrier business community of Chesapeake, VA, Summit Pointe is the newest large-scale, mixed-use community centrally located within Coastal Virginia. Summit Pointe has already become a premier office
location with the recent completion of the 510,000-square-foot, high-rise office tower for Dollar Tree, Inc (NASDAQ: DLTR) in Phase One. Representing a projected investment of over $300 million in multiple phases, Phase Two emphasizes a new form of urban living, workplace solutions, dining, entertainment venues and shopping options. The construction in Phase Two began in June 2019, with the first living spaces delivered in August 2020 and the first retail and office spaces delivered in October 2020.
Strategic location, global significance
The first rule of thumb for any economic development is location, location, location. Hampton Roads, the region, is located in the southeastern coastal tidewater of Virginia in the heart of the Mid Atlantic. It is a region that depends on a maritimerich geography including all the benefits that come with it, such as commerce derived at its ports, tourism and real estate drawn to its beaches, and the waters that allow it to be one of the most concentrated naval strongholds on the planet. Hampton Roads, the harbor, is formed by the confluence of the James, Nansemond and Elizabeth Rivers and
