City Council Finally Approves Waterside Deal!

Tonight, Norfolk City Council formally approved a deal with Cordish Cos. for Waterside Live! intended to revive the prominent marketplace.  The deal, which has been in the works for over a year, is the first step 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.
• Hooters, Outback Steakhouse, and Joe’s Crab Shack will remain.
• An option for a retractable roof.
• A gathering area for free entertainment (hired by The Cordish) featuring regional bands, speakers, art shows, or family fun days on any given day or night.
• 1,000 new jobs to be made available only for Norfolk residents.
• A Cordish investment of $40 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.

The next six months will consist of design and preparations for construction.  Once construction begins, Cordish will have 18 months to finish the project.

More details to follow...