midtown portsmouth, va - Portsmouth Virginia Department of

MIDTOWN PORTSMOUTH, VA
With a fabulous mixed-use development in the works, plus a Walmart
and Harley-Davidson already realizing the potential, there’s no question,
Midtown Portsmouth is ripe for retailers and developers alike.
Portsmouth Department
of Economic Development
200 High Street, Suite 200
Portsmouth, Virginia 23704-9903
Phone: 757-393-8804
Toll Free: 800-848-5690
Fax: 757-393-8293
[email protected]
www.PortsmouthVaED.com
MARCH 2011
As the name suggests,
Midtown is in the middle of it all.
Tunnel from
Norfolk
Future
Mixed-Use
Development
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Anchored by one of the nation’s top ranked Harley-Davidson
dealerships and the world’s largest retailer Walmart, Midtown is
fast becoming recognized
as a significant shopping
district. Pharmacy giants
Walgreens and CVS have
stores in the submarket
adding to the mix of
national retailers. While
chains such as IHOP, Burger King and Wendy’s have a presence, the market is hungry for full service restaurants and fast
casual dining options.
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24,000 tpd
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Ripe for retail, Midtown is
experiencing a flurry of development.
Bon Secours Maryview
Medical Center
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HI
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Located in a rapidly growing metro area of nearly 2 million
residents and with direct access to I-264, Route 17 and Route 58,
the submarket is easily accessible to and from all parts of Portsmouth
and areas of neighboring Norfolk. Midtown offers a variety of
options for housing, shopping and is a hub for medical services.
The submarket is eligible for Federal New Market Tax Credits
offering investors and businesses the opportunity to receive
federal tax credits equal to 39% of their investment for qualifying developments. Much of the area is in a state designated
Enterprise Zone offering a variety of state and local incentives.
Bon Secours Maryview Medical Center,
the heartbeat of the Midtown submarket.
17,000 tpd
Future Mixed-Use
25,000 tpd
Seaboard Square
37,000 tpd
Hamilton Place
78,000 tpd
With 346-acute care beds including a 54-bed behavioral
medicine center, the hospital has a growing workforce with over
2,000 physicians, nurses and medical professionals. A
long-term master plan
of expansions and
enhancements to this
facility, the lifeblood
of Midtown, are
underway. Plans include
a 60,000 square foot
expansion, a new grand
lobby and a bed tower. These developments will be incorporated
into a proposed 37-acre mixed-use development envisioned to
include a hotel, multiple commercial buildings and over 300
townhomes and apartments.
Where historic neighborhoods rub elbows
with contemporary communities.
While Midtown has a
variety of well-established
neighborhoods, new
communities are under
construction or on the
drawing board.
Seaboard Square, the
City’s second HOPE VI
redevelopment initiative approved by the U.S. Department of
Housing and Urban Development, is coming out of the ground.
On the site of a former public housing project, this new neighborhood creates a mixed income community of 289 new
residential units and a 5-acre tract for commercial development.
Demographics
Population
Households
Average HHI
5 min. drive
20,783
8,438
$47,909
10 min. drive 15 min. drive
100,668 255,059
41,042
99,221
$54,757
$61,576
Population
Households
Average HHI
1 mile radius
12,214
5,106
$42,741
3 mile radius
76,835
31,916
$55,043
(Source: 2010 DemographicsNow)
5 mile radius
223,119
86,409
$60,323