The upshot for the office building, called Fort Norfolk Plaza, is that it has been qualified for the federal New Markets Tax Credit Program. In addition, debt financing secured through Bank of America and SunTrust closed at the end of November. Norfolk's Economic Development Agency backed the project with city grants, related infrastructure improvements and other support. Lauth did not return a call to GlobeSt.com in time for publication.
The project, now under construction, is being built on a 2.8-acre in-fill site across Brambleton Ave. from the city's medical district. To qualify for financing, at least 55% of the space had to be pre-leased. Signed tenants include Sentara Medical Group, which is taking 65,000 square feet; Dr. Newby's Cardiology & Arrythmia Consultants, which has leased 22,000 square feet; as well as smaller medical practices. A restaurant is also leasing part of the building's first-floor retail space.
The medical campus includes the 555-bed Sentara Norfolk General Hospital, 720-student Eastern Virginia Medical School and 161-bed Children's Hospital of the King's Daughters. Fort Norfolk Plaza is scheduled to deliver in April 2010.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
