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06/27/2012 - VA PILOT - PORTSMOUTH PLAN CALL FOR 230 APARTMENTS NEAR WATER

Portsmouth Plan Call for 230 Apartments near water

PORTSMOUTH

City staffers announced a plan Tuesday to build more than 230 apartments by the nTelos Wireless Pavilion and the downtown waterfront.

The deal involves Virginia Beach-based developer The Breeden Company and two parcels. One was part of a similar effort with another developer that unraveled earlier this year. The other is a concrete slab called the North Pier that would require millions of dollars of prep work before it could be developed.

The city's Economic Development Authority approved a sales agreement Tuesday that puts the price of the city-owned land at about $3.1 million, said Patrick Small, the city's economic development director. The land totals about 5 acres, he said.

Closing won't happen until the developer can determine how much it would cost to prepare the pier. The City Council will have to approve any final deal, Small said.

Earlier estimates have pegged reconstruction costs for the site at $4 million or more. That cost will be borne by the city, Small said.

Many details have not been set. There are no renderings or estimated rents, which will be market rate, Small said. The potential need for a new parking structure has not been assessed, he said.

The other site in the deal is known as the Desks Inc. site. It was part of a failed development deal between the city and another company, Oxford Properties. Poor soil conditions under a portion of that project drove up the cost of the deal, spelling its doom.

http://hamptonroads.com/2012/06/portsmouth-plan-calls-230-apartments-near-water