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Midtown Portsmouth

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					                                               MIDTOWN PORTSMOUTH, VA
Portsmouth Department                             With a fabulous mixed-use development in the works, plus a Walmart
of Economic Development                        and Harley-Davidson already realizing the potential, there’s no question,
200 High Street, Suite 200
Portsmouth, Virginia 23704-9903                           Midtown Portsmouth is ripe for retailers and developers alike.
Phone: 757-393-8804
Toll Free: 800-848-5690
Fax: 757-393-8293

porteco@portsmouthva.gov
www.PortsmouthVaED.com




                                  MARCH 2011
                                                                                                          As the name suggests,
                                                                                                          Midtown is in the middle of it all.
                                                                                                          Located in a rapidly growing metro area of nearly 2 million
                                                                                                          residents and with direct access to I-264, Route 17 and Route 58,
                                                                                                          the submarket is easily accessible to and from all parts of Portsmouth
                                                                                            Tunnel from   and areas of neighboring Norfolk. Midtown offers a variety of
                                                                                              Norfolk
                                                                                                          options for housing, shopping and is a hub for medical services.
                           Future                                                                           The submarket is eligible for Federal New Market Tax Credits
                         Mixed-Use                                                                        offering investors and businesses the opportunity to receive
                        Development
                                                                                                          federal tax credits equal to 39% of their investment for qualify-

                                                                                                                                                                                                       H
                                                                                                          ing developments. Much of the area is in a state designated
                                                                           B LV D                         Enterprise Zone offering a variety of state and local incentives.
                                                                  LONDON
HI
     GH        Bon Secours Maryview                                                                       Ripe for retail, Midtown is
          ST      Medical Center                                                                          experiencing a flurry of development.
                                                                                                          Anchored by one of the nation’s top ranked Harley-Davidson
                                                                       HIG H ST                           dealerships and the world’s largest retailer Walmart, Midtown is
                             24,000 tpd                                                                                                            fast becoming recognized        Where historic neighborhoods rub elbows
                                                                                                                                                   as a significant shopping       with contemporary communities.
                                                                                                                                                   district. Pharmacy giants                                                  While Midtown has a
                                                                                                                                                   Walgreens and CVS have                                                     variety of well-established
                                                                                                                                                   stores in the submarket                                                    neighborhoods, new
                                                                                                                                                   adding to the mix of                                                       communities are under
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                                                                                                                                                   national retailers. While                                                  construction or on the
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                                                                                                          chains such as IHOP, Burger King and Wendy’s have a pres-                                                           drawing board.
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                                                                                                          ence, the market is hungry for full service restaurants and fast                                                    Seaboard Square, the
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                                                                                                          casual dining options.                                                                                              City’s second HOPE VI
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                                                                                                                                                                                   redevelopment initiative approved by the U.S. Department of
                                                                                                          Bon Secours Maryview Medical Center,                                     Housing and Urban Development, is coming out of the ground.
                                                                                                          the heartbeat of the Midtown submarket.                                  On the site of a former public housing project, this new neigh-
     17,000 tpd                                               Future Mixed-Use                            With 346-acute care beds including a 54-bed behavioral                   borhood creates a mixed income community of 289 new
                                            25,000 tpd                                                    medicine center, the hospital has a growing workforce with over          residential units and a 5-acre tract for commercial development.
                                                                                                          2,000 physicians, nurses and medical professionals. A
                                                                                                                                                  long-term master plan
                                                                                                                                                  of expansions and                Demographics
                                                                         Seaboard Square
                                                                                                                                                  enhancements to this                                    5 min. drive    10 min. drive 15 min. drive
                                                                                                                                                  facility, the lifeblood          Population              20,783          100,668 255,059
                                                                                                                                                  of Midtown, are                  Households               8,438           41,042        99,221
                                                 37,000 tpd                                                                                                                        Average HHI            $47,909          $54,757       $61,576
                                                                                      78,000 tpd                                                  underway. Plans include
                                                                                                                                                  a 60,000 square foot
                                                                                                                                                  expansion, a new grand                                  1 mile radius   3 mile radius   5 mile radius
                                                                                                          lobby and a bed tower. These developments will be incorporated           Population               12,214         76,835          223,119
                                          Hamilton Place
                                                                                                          into a proposed 37-acre mixed-use development envisioned to              Households               5,106           31,916         86,409
                                                                                                          include a hotel, multiple commercial buildings and over 300              Average HHI             $42,741        $55,043         $60,323
                                                                                                          townhomes and apartments.                                                (Source: 2010 DemographicsNow)

				
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