SUFFOLK, Va. – Tidewater Community College’s Real Estate Foundation spoke Thursday on its plans to develop what’s been called “the last and best large property available in Hampton Roads” into a dynamic mixed-use site.
According to the foundation, its plans for the 300-acre Suffolk property known as College Point are reminiscent of Virginia Beach’s Town Center and Norfolk’s East Beach community, which feature business, residential and green spaces in close proximity.
West of Interstate 664 and south of the James River, the land, gifted to the college by the Beazley Foundation in 1968, was the original site of TCC’s Portsmouth Campus. The property is currently home to TCC’s Center for Workforce Solutions, a truck driving training facility and four facilities maintenance buildings, all of which will be relocated.
“In real estate, we always talk about location, location, location – and this property is in a prime spot with million-dollar views,” said Matthew Baumgarten, executive director of the TCC Real Estate Foundation, during an update to the Commercial Real Estate Women of Hampton Roads at its monthly meeting. “The site is the gateway to South Hampton Roads.”
The Real Estate Foundation intends to transfer ownership of 1.3 miles of shoreline of the James and Nansemond rivers to the City of Suffolk to create a gathering place for residents and a community park. Suffolk has recently issued a Request-For-Proposal for study and design of the waterfront feature.
The Real Estate Foundation will be the master planner of the property. All proceeds from this asset will be used to further the foundation’s mission of support to TCC’s academic programs and ongoing operations.
“It is truly a privilege to do this work that directly benefits TCC and the entire Hampton Roads community,” Baumgarten said. “I can’t wait to move forward and see what we can accomplish together.”