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.