Fort Norfolk land gets a for-sale sign
- May 8, 2013
A historic piece of waterfront land near downtown Norfolk is on the market for a reported $7 million. CBRE|Hampton Roads announced that it has been retained as the listing agent for the waterfront tract at 533 Front Street known as Fort Norfolk.
The 4.19 acres are zoned for mixed-use development. CBRE is representing the owner, three brothers who have owned the land for decades.
“The Urban Land Institute (ULI) determined this property has enormous potential for high density, mixed-use development because of its close proximity to downtown Norfolk. The waterfront access coupled with the concept of multiple housing and employment options makes the opportunity even more attractive,” Ken Benassi, senior vice president of CBRE|Hampton Roads, said in a statement.
A dredging company has leased the spot for years, but it remains largely undeveloped. It offers views of the Elizabeth River and is located near the city’s Hague area and Eastern Virginia Medical School.
An earlier master plan done by the city in 2005 in an effort to build interest in redevelopment envisioned high-density, residential and commercial development, but city officials say that that plan would be hard to implement unless owners of contiguous properties adjacent to the four-acre tract sell to the same developer.
The historic Fort Norfolk area contains one of the last remaining 19 harbor-front forts authorized in 1794 by President George Washington to protect American harbors.