A 3.5-mile long crossing at I-65, the Hampton Roads Bridge-Tunnel connects Norfolk with the neighboring city of Hampton. The Spectrum is placed at one end of the tunnel to serve as the welcoming landmark into Norfolk. There is a possibility the developer could get permission from the city to expand the slips by 21 to 80. Further details of the condominium complex are not yet in place as the project is only in the beginning stages.
As with many areas of the country, the demand for condominium properties proved quite substantial in 2004 and such is expected to be the case for this year, as well. "Condos continue to account for a growing share of multi-family permitting," Marcus & Millichap reports in its 2005 National Apartment Report. If all goes as planned, construction of the Spectrum would get under way at the end of this year and wrap up approximately two years later.
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