NORFOLK, Va. — Norfolk leaders use the data in the Downtown Norfolk Market Assessment to understand what is needed to keep up with the growing city.
The downtown population has risen by a staggering 87% since 2010, according to the assessment. The two main age groups moving into the area are millennials and people over 65.
The intention of this document is to understand the "people, assets, economic conditions and competitive advantages" of the city's downtown and to help prepare for the future.
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The document predicts growth to continue; 1200 new housing units and an estimated 1800 people could move into that region over the next few years.
However, with more demand, comes higher prices, which is why the average monthly cost for a two-bedroom in the heart of the city has grown by 20% since 2019.
Since the document says 82% of downtown business are local small businesses, the influx of people help restaurants, like Granby Street Pizza.
“We have a lot more people that will come out in the evening on Friday and Saturday nights," said owner, Peter Freda. "A lot of people will go to the hockey games which creates a lot of business for us also."
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Granby Street Pizza has been in business for 18 years. Freda says he's seen a drastic increase in deliveries to apartments and condos in the area, especially over the last few years.
“The restaurants, most of them are full on the weekends," he said.
Freda told News 3 that not only are there more places to live, but there are also more events. This is only going to increase in the coming years when Carnival Cruise Lines increases the number of ships departing from the city in 2025. According to the assessment, around 280,000 cruise passengers will float through downtown Norfolk.
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“Norfolk’s done a very good job with developing activities and things that go on within the city," Freda said. "Every weekend something is going on downtown."
However, even though restaurants are booming, the assessment did emphasize the need for more shopping. With the MacArthur Center's future uncertain, the document stressed the need for retail in other parts of downtown.
If you would like to see the assessment, click here.
