City reaches agreement on Waterside redevelopment

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by 13News

WVEC.com

Posted on November 15, 2012 at 2:33 PM

Updated Thursday, Nov 15 at 7:41 PM

NORFOLK -  The City of Norfolk has reached an agreement  to give The Waterside Festival Marketplace a multi-million dollar makeover that could bring 1,000 new jobs to the city.

The Cordish Companies proposed spending $28 million to create Waterside Live!, an entertainment-based project featuring restaurants, a venue for concerts and a market area on the downtown waterfront.

According to city spokesman Lori Crouch, highlights of the development include 1,000 new jobs, $93 million in direct revenue to the City of Norfolk over 30 years, $850,000 in new annual parking revenues, private sector investment of $28 to $38 million, and eliminating the current city general fund subsidy of $1.3 million annually.

"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," says Norfolk Mayor Paul D. Fraim.

Waterside opened as a shopping center in 1983 and marked the beginning of downtown's resurgence.

Reed S. Cordish, Vice President  of The Cordish Companies says, "We share in the City of Norfolk’s vision for a unique and exciting downtown, and are confident Waterside Live! will be a tremendous regional destination.”

What might  Waterside Live! look like? 

Click here to read our 13News story from May showing two other Cordish developments in Philadelphia and Baltimore.

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