Here are random examples, listed in order by the amount of tax credits received, to give an idea of different projects in the market completed with the help of the historic tax credit program
Chamberlin
Address Ingalls Road, Hampton
Owner OPC Hampton LLC
Tax credits $13,216,849.25
Recipient of tax credits OPC Hampton LLC
Expenditure $52,867,397.00
Madison Building
Address 345 Granby St.,
Norfolk
Owner 345 Granby LLC
Tax credits $5,639,629.50
By Bill Cresenzo
bill.cresenzo@insidebiz.com
The recent case of George Hranowskyj, the Norfolk developer charged with masterminding a multi-million dollar historic tax credit scheme, is only the second time such a bust has been made in Virginia.
Hranowskyj joins former Richmond developer Justin French in the exclusive club of those accused of historic tax credit fraud. In both cases, the charges were brought in part as a result of questions raised by suspicious workers in the commonwealth's Department of Historic Resources' Office of Preservation Incentives.
By Philip Newswanger
philip.newswanger@insidebiz.com
Historic tax credits can help beautify and breathe life into old buildings with historic significance. The credits have been around since 1976, the year the federal government adopted rules about issuing the tax credits to investors.
Virginia didn't adopt historic tax credits until 1997.
The state's embrace of historic tax credits has generated $1.5 billion in the rehabilitation of 1,200 historical buildings, according to a study by the Virginia Department of Historic Resources released in 2008.
by philip newswanger
philip.newswanger@insidebiz.com
Tenants have bailed out of the Norfolk building that caught fire three weeks ago and darkened the city's afternoon skyline with black clouds.
Even the minority owner of the nine-story office complex, Dr. Keith Newby, a cardiologist, exited Fort Norfolk Plaza, which sits on the Norfolk waterfront across Brambleton Avenue from a campus of medical facilities, including Sentara Norfolk General Hospital, Children's Hospital of The King's Daughters and Eastern Virginia Medical School.
By Philip Newswanger
philip.newswanger@insidebiz.com
Tenants in the Wainwright and Madison office buildings don't seem fazed by the demise of the buildings' owners - at least not yet.
The owners of both buildings, Eric Menden and George Hranowskyj, have been charged with a number of criminal offenses, from bank fraud involving the Bank of the Commonwealth - now defunct - to false applications for historic tax credits.
Tenants in the Wainwright building now face having the building transferred to a new owner.
by philip newswanger
philip.newswanger@insidebiz.com
IMS Gear's expansion in the London Bridge section of Virginia Beach will open new land for development.
The maker of gear assemblies for automotive seats is planning a $35.5 million expansion of its manufacturing operations in London Bridge Industrial Park.
The project will create 80 new jobs with an average salary of $48,000 and a 112,000-square-foot building, but it requires the extension of Progress Lane by 840 feet to serve the facility.
By Philip Newswanger
philip.newswanger@insidebiz.com
Although the plant under construction is located in North Carolina, the contractor and the designer are both in Hampton Roads.
Food processor and retailer Smithfield Foods Inc., whose shares are traded on the New York Stock Exchange under the symbol SFD, is building a 196,000-square-foot expansion to an existing plant owned and operated by Smithfield Packing Co., a division of Smithfield.
By Danielle Walker
danielle.walker@insidebiz.com
With plans for a $9 million building renovation under way, The Governor's School for the Arts in Norfolk is looking forward to having an improved space they can call their own, according to the school's executive director, Andrea Warren.
The school is negotiating the terms of a new lease with the city for the Monroe building at 254 Granby St., which it hopes to give a complete face lift this summer.
by philip newswanger
philip.newswanger@insidebiz.com
An affiliate of Harbor Group International, based in Norfolk, made the list of the top 50 apartment managers in the country.
The list was put together by the National Multi Housing Council, a trade group representing apartment owners and managers, with National Real Estate Investor, a media group that supplies news and trends in commercial real estate.
The list is 50 years old and published annually along with the list of the top 50 apartment owners in the country.
By Danielle Walker
danielle.walker@insidebiz.com
As the discussion of a convention center hotel now stretches into 18 long years and as many hotel owners decide to give their properties a face lift, the Virginia Beach Oceanfront seems in nonstop development mode.
The biggest development under way comes with a high price tag for the private developer and the city's taxpayers.
