HAMPTON — Fiscal year 2018 is over and with that comes the annual report from the Department of Economic Development.
In an opening letter, Mayor Donnie Tuck said a key part of the City Council’s vision for the city is a strong economy that prospers during the good times and sustains itself during the less favorable times.
Here’s how the city did:
Michelle Ferebee, chairwoman of the Hampton Economic Development Authority, reported that 12 grants/loans were processed which have the potential to yield $26 million in capital investment.
She also reports that Hampton welcomed 58 new businesses in addition to national retailers including Kroger, Gabes, Lidl and Aldi.
Downtown Hampton
For the downtown development project, Hampton is in the process of selling nine parcels (assessed at $5 million) to the WVS Hampton, LLC for redevelopment.
The new development will include 215+ high-end condominium and apartment units, around 17,000 square feet of commercial space and a 1,200-square-foot restaurant with outdoor seating.
According to the report, the initial investment could be more than $35 million.
Future phases will focus on the King Street and Settlers Landing Road intersection to add more building density.
New Phoebus venues
In addition to several new food and entertainment options being added to the area, a 162-unit gated community called Monroe Gates is under development.
When completed in 2020, Monroe Gates will include five 3-story buildings, townhomes, a pool and clubhouse.
New investments in Hampton
A $17.3 million Element by Westin hotel in Peninsula Town Center will feature 120 rooms and represents Hampton’s first project to qualify for the Tourism Development Financing program.
A 110-room Hyatt Place hotel is under construction in the Coliseum Central area, anticipated completion date is late 2018.
In addition to that being the first Hyatt branded hotel on the peninsula, the hotel will also represent an investment of more than $16 million.
The Crowne Plaza Hampton Marina Hotel will be renovated into a Tapestry Collection by Hilton, featuring 173 rooms, retail space, convention space and on site restaurants.
Last but not least, the designing process of Virginia Tech Agricultural Research and Extension Center is underway. The new facility will sit on the downtown waterfront.
New initiatives
Hampton launched its ACT Work Ready Communities initiative and the city has also designated the Y.H. Thomas Community Center as the new home for the Hampton WorkOne Center.
Thomas Nelson Community College is celebrating 50 years and remains one of Hampton’s most important workforce development partners.
Economic development activity
New national retailers open or coming to Hampton soon are: Aldi, At Home, Conns Home Plus, Floor and Decor, Gabes, Kroger, Lidl, Sky Zone and Starbucks.
In addition to the $102 million new capital investment and 58 new business announcements there have been 503 business visits, 55 new and retained jobs and there are 10,661 existing and new business licenses.
The Craft beverage scene
The craft beverage scene in Hampton is continuing to grow, adding Sly Clyde Ciderworks to the mix.
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