THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Sunday, August 14, 1994 TAG: 9408150049
SECTION: LOCAL PAGE: B1 EDITION: FINAL
SOURCE: By MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Medium: 70 lines
Surrounded by antique cars worth $10 million, Main Street Tower, the blue glass office building in downtown Norfolk, officially opened to the public Saturday, almost six years after construction began.
A ribbon-cutting ceremony and a reception for invited guests highlighted the building's grand opening. Members of the state legislature, local city officials, real estate developers and people associated with the project attended the reception and formal dinner.
Although the grand opening involved much fanfare, the building's owner admitted that it doesn't have any tenants yet.
``We thought we would have an announcement today, but it'll probably be next week,'' said Ralph Engelstad, the Las Vegas investor who owns the 14-story building, as well as the Imperial Palace hotel and casino in Las Vegas.
Engelstad formed NeVa Properties to buy the troubled office tower, formerly known as One Bank Street, at a fraction of its development cost. NeVa Properties paid $2.5 million to buy the building after Rowe Development Co. in Richmond lost its funding and halted construction in 1990. A lengthy
legal battle followed because the building's contractors wanted payment for work already completed. Engelstad stepped in and rescued the partially completed project in 1993.
Engelstad, casually dressed in blue pants, a striped shirt and sneakers, said he expects the building, located at Bank and Main streets, to be fully occupied within a year.
One major tenant is close to signing a lease, but approval from the potential tenant's board of directors is needed, said Carmaleta Whiteley, Main Street Tower's property manager and leasing agent. She declined to name the company.
Former Norfolk Mayor Mason C. Andrews addressed the audience before the ribbon-cutting.
``This building is magnificent,'' Andrews said. ``It has been finished to its present stage with a speed that is impressive.'' Only seven months have elapsed since NeVa Properties restarted construction on the building, instead of the 18 months previously estimated, said Dave Merker, a NeVa vice president.
Engelstad and Andrews cut a blue ribbon in front of the building's main entrance.
Five antique cars from the Imperial Palace car collection, including Al Capone's limousine, were displayed on the building's brick sidewalk.
State Sen. Yvonne B. Miller, a Democrat from Norfolk, was one of the people attending the opening. She said the 240,000-square-foot structure holds ``great promise.''
``It would be great if they could fill it because it will add jobs to Norfolk,'' she said.
Other attendees at the grand opening included state Sen. Stanley C. Walker and state Del. Jerrauld C. Jones, both Democrats from Norfolk.
The building and the antique car collection will be open to the public from 10 a.m. to 5 p.m. today. ILLUSTRATION: Color photo
IAN MARTIN/Staff
Dick Reynolds, left, and Mike Long - as well as the Main Street
Tower - are reflected in the headlight of a 1930 Duesenberg at
Saturday's grand opening for the Norfolk office building. The
14-story structure has no tenants yet, but one is close to signing a
lease.
by CNB