Portsmouth, Va.
From high-tech to retail, business is booming in Portsmouth

Portsmouth, one of the oldest cities in Virginia, is experiencing unprecedented revitalization. From its welcoming new entrance into downtown to its new high-tech shipping terminal, Portsmouth is a gateway to the world.
With the recent opening of APM Terminals, the country’s first major, privately developed shipping terminal on the Elizabeth River, Portsmouth is attracting business on a global scale. The $450 million terminal is the single largest private investment in Hampton Roads’ history and the 8th largest in Virginia.

Portsmouth is open for business. In the first regional collaboration ever, the cities of Portsmouth and Suffolk are working together to develop The MAST Center, a 32-acre Modeling, Analysis, Simulation and Technology Center. Nine office/technology buildings are planned, including a 60,000-square-foot building under construction in Portsmouth. The park will host Old Dominion University’s Virginia Modeling Analysis and Simulation Center (VMASC) and its Tri-Cities Higher Education Center.

Victory Village, a 135-acre mixed-use park will include hotels, a conference center, and residential, commercial and retail developments. The Portsmouth Campus of Tidewater Community College is under construction within the park. Covering 500 acres, the Victory area is the largest redevelopment in Hampton Roads.

Following the opening of the city’s first Wal-Mart Supercenter in Midtown, The Sembler Co. announced plans for its first project in Hampton Roads — a new 150,000-square-foot retail center on a 21-acre site to include well-known national, regional and local retailers. Victory Crossing Shopping Center, anchored by Lowe’s and Farm Fresh, is ringing up annual sales of nearly $100 million and attracting new retailers. New restaurants are opening along the revitalized downtown High Street corridor, and additional properties are available for retailers.

Downtown Portsmouth is becoming one of the area’s hippest destinations for developers.

Lincoln Property Co. will redevelop the waterfront Holiday Inn site into offices, retail and residential units. The $158 million investment is the largest single project proposed for downtown.

A new full-service Holiday Inn is planned for downtown just off Interstate 264. It joins other amenities including: The Children’s Museum of Virginia, the Virginia Sports Hall of Fame, The Renaissance Portsmouth Hotel and Waterfront Conference Center and the NTELOS Wireless Pavilion at Harbor Center, a 6,500-seat amphitheater offering concerts and cultural shows from May to October. These facilities are all in walking distance of specialty shopping, dining, cultural and historical attractions.

New housing developments throughout Portsmouth mean new choices for residents. New Port at Victory, a $400 million community with 1,628 homes, is under construction with sales averaging $300,000+. In Downtown, buildings along nearly every block of High Street are undergoing renovations creating additional mixed-use living opportunities for over 1,000 new residents by 2008.

Portsmouth offers a renaissance of opportunity. Find out how we can help you prosper.