Landmark at Talbot Park
The following narrative and attachments have been provided by Collins Enterprises, LLC, the developer of the proposed “Landmark at Talbot Park”:
Project Summary & History
The Landmark is a redevelopment opportunity for up to 373 luxury housing units located on Newport Avenue and on the Lafayette River near the Wards Corner area in Norfolk. The plan is to build a highly desirable residential community taking advantage of the river frontage, open space and natural features of the site with buildings designed to complement the architectural vernacular of the neighborhood. The homes will consist of one, two and three bedroom apartments appealing to empty nesters, plus single and married professionals looking for a quiet, safe and exciting location in Norfolk.
The property is currently occupied by 200 two and three-story rental apartments built in 1948, 12 condominiums completed in 2008, and a vacant site for a planned 32-unit condominium building. The property is a 12.5 acre peninsula surrounded by the Crab Creek section of the Lafayette River. It is adjacent to the Granby Elementary School & High School, the Talbot Park and Wards Corner neighborhoods, five churches and the Bon Secours DePaul Hospital which has recently obtained approvals from the state health commission to replace the existing medical center with a 124-bed, state-of-the-art, acute-care, full-service hospital. The property is conveniently located near Wards Corner, the original commercial shopping district outside of downtown. Located across the street the Norfolk Wellness Center houses indoor pools and other public facilities that will serve all the neighborhoods as well as The Landmark residents.
Collins acquired the property in 2006 and demolished 32 of the existing apartments to make way for the first phase of condominium construction now complete. Of the 12 condos built, 10 have been sold since marketing began in 2008.
The project was approved as a Planned Development by City Council in November 2008 allowing a total density of 385 units and proffers limited to building characteristics, setbacks, open space, parking etc. Collins plans to finance the project as a luxury rental community due to current unavailability of financing for condominiums and predictions for continued strong demand for “rent by choice” high-end apartments.
The Landmark will be a one of a kind luxury rental community in Wards Corner, the oldest section of Norfolk. The buildings will be three & four stories with on-grade parking and in garages. The apartments will be one, two & three bedrooms with some homes having lofts oriented to river views. The apartments will average approximately 1000 sq ft and will be merchandised with open floor plans, extra-high ceilings, elevator access and covered parking. Interior features will include state of the art kitchens and baths, bay windows, terraces and moldings. All apartments will have security systems and will be prewired for home entertainment systems, emergency 911, and internet connections.
New rental housing in the Hampton Roads area has leased well despite the contraction in job growth in the region and the country. The demand for new, affordable and safe housing communities outpaces the supply. There are no new projects underway in this district and tenants will pay a premium for new construction. Average rent for The Landmark will be around $1200 per month.
The City of Norfolk and all of Hampton Roads from Williamsburg south to Norfolk has been experiencing strong growth over the last 10 years. Military consolidation from national base closings, population growth from retirees relocating and job growth in banking, technology and defense have help stimulate housing prices. With little land left other than infill locations like Riverside, the concern for added competition is minimized.
Site Area: 12.5 acres
Gross Residential Area: 425,000 sf
Net Residential Area: 355,000 sf
# Units: 373 apartments
Stories, Height: 3 & 4 stories
Covered: 60 car ports
Outside: 560 spaces
Total parking: 620 spaces
Parking Ratio: 1.66 per apartment
160 One Bedroom Units at 730 sq. ft.
160 Two Bedroom Units at 1010 sq. ft.
53 Three Bedroom Units at 1285 sq. ft.
HUD processing: June 2010-June 2011
Construction Period: Sept 2011- March 2012
Initial Stabilization: June 2013