Monday, October 24 - Armada Hoffler Properties, Inc. (NYSE: AHH) celebrates today the official start of the next phase of development in the Town Center of Virginia Beach, Virginia. The mixed-use project will bring the Company’s total investment in the City’s urban core to nearly $500 million since inception.

 

Construction has officially begun in the heart of Town Center, marking the start of a new chapter in the ongoing, public-private partnership between the City of Virginia Beach and Armada Hoffler Properties. The multi-phase development continues to move forward as planned and its key stakeholders will be celebrating today a partnership that has brought economic vitality to the City of Virginia Beach and the region for close to two decades.

 

“Since Fiscal Year 2005, the Town Center of Virginia Beach has generated $72 million dollars in business taxes, used mainly to support the City’s General Fund which pays for public education, street maintenance and public safety in every corner of Virginia Beach,” said Mayor William D. Sessoms, Jr. “These tax dollars would not exist without a successful development of this magnitude.”

 

Upon completion in the spring of 2018, the newest block is expected to feature exciting national retailers at the base of the future residential tower. Negotiations continue for the residual retail space on this upcoming block, which is expected to feature a signature restaurant as well as other soft goods stores that will complement Town Center’s current retail offering.

 

“We are thrilled to be moving forward with this new addition to Town Center,” commented Louis S. Haddad, Chief Executive Officer. “This mixed-use development will offer additional shopping, dining, and entertainment options that will complement and even enhance an already impressive Town Center roster, while adding sought-after residential space in the City’s urban core.”

 

An important component of the new development is Zeiders American Dream Theater, a forum designed as an experimental artistic hub for creative local groups and emerging artists of all genres. Zeiders American Dream Theater settled in a temporary location in Town Center in late 2015, but will move into its brand-new, 300-seat theater upon completion of construction.

 

“Zeiders American Dream Theater has received a warm welcome from the local arts community and those with an appreciation for artistic alternatives,” said Michael Zeiders, Founder and CEO of Zeiders Enterprises, Inc. “The Theater focuses on aspiring artists, composers, and creative writers, adding diversity to the current entertainment options already available in Town Center.”

Approximately 80 people are expected to attend the groundbreaking ceremony today. The event will be held in the Fountain Plaza at the corner of Central Park Avenue and Commerce Street and is scheduled to begin promptly at 11:00am. Executive officers of Armada Hoffler Properties and Zeiders American Dream Theater will be in attendance, as well as City Officials, including Mayor Sessoms, and representatives of the Virginia Beach Development Authority and the Department of Economic Development.

 

 

About Armada Hoffler Properties, Inc.

Armada Hoffler Properties is a full-service real estate company with extensive experience developing, building, acquiring and managing high-quality, institutional-grade office, retail and multifamily properties throughout the Mid-Atlantic and Southeastern United States.  Founded in 1979 by Daniel A. Hoffler, the Company is headquartered in the Town Center of Virginia Beach, Virginia and is listed on the New York Stock Exchange as a Real Estate Investment Trust (REIT) under the symbol “AHH”.

 

About Zeiders American Dream Theater

Zeiders American Dream Theater (ZADT) is a nonprofit organization founded on the belief that creativity and creative experiences are fundamental to an individual’s and community’s development. ZADT offers artistic experiences and arts entertainment to the community by providing a forum that introduces new and exceptionally gifted artists, composers, and creative writers to the public. ZADT’s goal is to become a place of opportunity and entertainment, where artists and audience members are creatively inspired and encouraged to follow their dreams.

 

About the Town Center of Virginia Beach

The Town Center of Virginia Beach is an on-going, public-private partnership between the City of Virginia Beach and Armada Hoffler Properties. This 25-acre mixed-use development spans 17 city blocks. It is an emerging downtown core in the heart of the City’s Central Business District, featuring a vibrant urban mix of upscale retail, Class A office space, luxury residential units, business-class hotels, entertainment and cultural facilities.