LAUTH IS TEAMING WITH DR. KEITH NEWBY ON $70 MILLION FORT NORFOLK PLAZA
By John Mugford
Even though the medical district in downtown Norfolk is rife with healthcare facilities, the area had not seen the development of a new medical office building (MOB) in nearly four decades.
Anyone paying attention to what’s currently happening with the economy and the capital markets probably would not consider the present to be a likely time for the development drought to come to an end.
But that’s not the case. A local cardiologist, Dr. Keith H. Newby Sr., and Indianapolis-based Lauth Property Group are teaming up on the development of the $70 million, 195,890 square foot Fort Norfolk Plaza. Construction started in recent weeks on the nine-story MOB, which is slated for a 2.8-acre in-fill site near the Eastern Virginia Medical Center campus.
Lauth closed on financing for the project in late November after meeting a requirement to pre-lease at least 55 percent of the facility, which includes a 904-space parking structure.
The city of Norfolk helped secure funding from the federal New Markets Tax Credit (NMTC) Program, which is used by communities to attract investors to public-interest projects. The city also provided other incentives.
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