I was just reading the DailyPress.com when I saw an article entitled, “Growing Hampton” that highlights the largest economic development project in the city of Hampton’s history.
Pittsburgh-based developer, Vincent W. Falleroni of XL Development has just bought the 19.5-acre plot of land west of the Hampton Coliseum for $5.7 million and plans to build a 2,000-seat theater, retail outlets, restaurants and rental units. The sale of this parcel was slated to take place in June of 2007, but due rezoning and the inclusion of the 58 rental units, the sale of the land has just been finalized this month. The project, which will bear the name Hampton Place, includes a full-service hotel with 195-300 hotel rooms, a 2,000-seat theater, 100,000 square feet of retail, restaurant and entertainment space, 100,000 square feet of office and residential space and a garage for up to 2,200 vehicles. The project is expected to be completed in May 2012. The cost of the project I s unknown, however, Falleroni plans to spend $250 million on Hampton Place, $250 million redeveloping the Coliseum and $27 million to build just the parking garage, $6 million of which will be reimbursed by the city.
The Hampton City Council expects to see the conceptual plans for this project some time this summer.
This is a sure sign that Hampton is a growing community and plans to see more growth in the future. Hopefully, this new project will help to create some good jobs while offering Hampton Roads residents new options in housing, retail shopping, arts and business opportunities.
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