THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, March 31, 1995 TAG: 9503300164
SECTION: VIRGINIA BEACH BEACON PAGE: 06 EDITION: FINAL
TYPE: KALEIDSCOPE: THE CASE FOR CORPORATE LANDING
SOURCE: BY KENNETH F. PALMER, Chairman Virginia Beach Development Authority
LENGTH: Medium: 94 lines
Editor's note: From the price paid for the property in the late '80s (from $25,000 to $53,000 an acre) to the city's bailout of its mortgage, to the recent agreement with its first paying tenant, Corporate Landing has taken its knocks, on this page and elsewhere. The downside of the planned office-plus-retail park, its supporters say, has obscured its upside. Editorial Page Editor Beth Barber invited supporters to provide that perspective. Here is the response from Ken Palmer, chairman of the Development Authority, which owns the park.
In planning an overall business expansion strategy for the city of Virginia Beach, a campus-style employment center is one of the opportunities that must be addressed. Corporate Landing offers just that.
A campus environment does not compete with a central business district for businesses requiring access to multiple areas of the region. It is important to have both, and to open access to all areas of the city. Just as it is critical to properly develop the city center for business opportunities, it is equally important to develop coordinated quality employment centers adjacent to large residential populations.
Corporate Landing is owned and operated by the Virginia Beach Development Authority. It encompasses 337 acres of land, offering fully developed, environmentally clear sites with all required infrastructure, including fiber-optic and digital switching telephone. Corporate Landing contains 38 acres of lakes, a major water feature, jogging trails, plazas, recreational opportunities and a variety of outdoor green spaces. A planned city park will add tennis courts, multipurpose ball fields and picnic areas.
The availability of water continues to constrain development. Corporate Landing has water rights. But in the remainder of Virginia Beach, only 436 acres, properly zoned for office and industrial use, with water available exist. These parcels are scattered throughout the city and range from three to 65-plus acres. Clearly, without Corporate Landing, our city will not be considered for major new office and manufacturing locations.
Corporate Landing was created to address several needs. Among them:
To provide a workplace for the Courthouse/Sandbridge area, one of the fastest-growing residential neighborhoods in Hampton Roads. Between 1980 and 1990 the population grew by over 320 percent. Within five miles there are 106,377 people; within 10 miles, 404,822 people.
Corporate Landing opens access to an available employment pool in the southeastern portion of the city. Many office operations - such as telemarketing, insurance processing, finance institutions and Defense Department contractors - are primarily interested in quality workers. They prefer to locate in areas convenient to employees; consequently, many such facilities are located in suburban markets. These operations are not particularly interested in the image or exposure of an interstate highway, but instead are focused on safe, quality workspaces that attract quality employees.
Additionally, Corporate Landing is located between Oceana NAS and Dam Neck, with easy access for contractors providing goods and services to the military. With the anticipated buildup at Oceana, the southeastern quadrant of Virginia Beach will continue to grow.
To continue our work of expanding the city's tax base through new business investment in Virginia Beach and providing our citizens with quality jobs.
In the mid-'80s, a major building boom occurred, with overconstruction of office and industrial space in suburban areas. This ended in the early 1990s with economic downturns and a glut of existing office space. During the early '90s, that office space was steadily absorbed; however, little new office space was built.
To create a mixed-use employment center with protective covenants, ensuring the development of an exciting, quality environment that will attract the highest levels of employers to our city. Corporate Landing is modeled after such successful parks as Innsbrook in Richmond, Perimeter Center in Northern Virginia and the Research Triangle in Raleigh.
Note that Innsbrook, the Research Triangle and our own Oceana West Corporate Park were not absorbed quickly. A major value in municipally developed business parks is the lack of profit motive and ability to purchase, develop and hold land available for business. Where residential development occurs, retail follows, and finally employment centers emerge.
To maximize the use of our transportation infrastructure, creating a reverse commute with business facilities located adjacent to people's homes, thereby relieving congestion on existing arterials. With the completion of Dam Neck Road, Corporate Landing is within 10 minutes of Oceana West Corporate Park and Lynnhaven Mall.
Nearby residents agree that a business park is the highest and best use for Corporate Landing. With a commitment to time and quality, Corporate Landing will deliver what it promises: the location and/or expansion of 350 companies; 4 million square feet of attractive office and technical space contributing $3 million annually in real-estate tax to our economy, and 15,000 quality jobs for the citizens of Virginia Beach. ILLUSTRATION: Map
by CNB