VIRGINIA BEACH, Va. – Commercial real estate company Suburban Capital, Inc. announced Tuesday plans to build a 92,000 square-foot Hyatt Place at Pembroke Park at 281 Independence Blvd.
“This announcement of Hyatt Place continues to validate Town Center and our Central Business District as an important business location for new-to-market businesses,” said Virginia Beach Economic Development Director Warren D. Harris. “Like the recent location decisions by Nordstrom Rack, Pottery Barn, Williams-Sonoma and Wegmans, Hyatt Place adds to our vision for the PembrokeStrategic Growth Area plan as a regional business hub.”
Suburban Capital is making a capital investment of $26.3 million in real estate; and furniture, fixtures and equipment. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount of $200,000 based on the company’s investment. The money will go towards enhancing streetscape improvements that are consistent with Town Center.
The hotel will have 127 rooms and will create 27 new jobs in Virginia Beach with average annual salaries of $36,500. It is set to be completed by April 2019.