Norfolk, Va. – Norfolk City Council voted to approve the Waterside Live! agreement for the new development downtown.
In a unanimous vote, the city has agreed to have The Cordish Company come in and invest $40 million dollars into the current Waterside, adding new jobs, entertainment, restaurants and clubs.
“The Council is pleased to turn over this iconic property to the Cordish Companies,” said Mayor Paul D. Fraim. “Waterside has long served as a gathering place for the region. The Cordish Companies share the city’s vision of a vibrant, public location and we believe Waterside Live! will become a premier destination along our waterfront and serve as a catalyst for growth and development downtown.”
The city estimates it would make close to $100 million over the next 30 years.
The agreement includes no upfront city money and provides an opportunity to diversify and expand the city’s economy into the entertainment and leisure industries.
A lease is expected to be signed within the next couple of weeks.