MOB still key to project in Norfolk, Va.
EVEN THOUGH PLANS ARE SCALED BACK, MEDICAL OFFICES ARE LEFT INTACT
By John Mugford
There’s a fine example in Norfolk, Va., of how healthcare is considered less prone to economic downturns than other industries. Dr. Keith H. Newby, the developer of the future Fort Norfolk Plaza commercial project, recently announced that he was dropping an extended stay hotel from his plans.
But Dr. Newby has no plans to drop one of the centerpieces of the project, an MOB that was originally slated to have about 155,000 square feet of space. Fort Norfolk Plaza’s original plans also called for about 20,000 square feet of retail space, a jazz club and restaurant, a 736-space parking garage and the aforementioned extended-stay hotel, which was to have 125 rooms.
The overall, 2-acre project was expected to cost about $85 million, but now that the hotel has been dropped the project is expected to cost about $40 million to $50 million.
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