Deal Reached On Waterside!

According to a Norfolk press release, a deal in principle has been struck between the city and The Cordish Cos. on Waterside Live!, expected to play a major role in Norfolk's plan to revitalize the land along the Elizabeth River from Nauticus to Harbor Park.

CC Image courtesy of Norfolk Department of Development

Highlights of the deal include:

• Using the existing structure and knocking out portions the front and rear walls and replacing them with glass for a view of the Elizabeth River from Waterside Drive.
• An entertainment venue that would include up to 13 new chain restaurants, a marketplace selling items unique to the Hampton Roads area, and an entertainment venue.
• An option for a retractable roof.
• 1,000 new jobs to be made available only for Norfolk residents.
• A Cordish investment of $28-$38 million.
• A performance-based grant to Cordish for a portion of the Waterside Live! revenue generated.
• $93 million in direct revenue for Norfolk over a 30 year span.
• $850,000 in annual parking revenues.
• Elimination of the current city general fund subsidy of $1.3 million annually.

Norfolk Mayor Paul Fraim described the deal as a major win for the city.

“We look forward to a long and profitable relationship with The Cordish Companies.  Waterside has been the focus of redevelopment efforts for some time and I’m thrilled we've now created a framework for the property that benefits the public and creates a vibrant centerpiece along our waterfront."