JLL will manage redevelopment project in Norfolk
JLL’s Hampton Roads Property Management Team has been selected to manage 824 North Military Highway in Norfolk. The 190,000-square-foot property, located along the Military Highway corridor, is under renovation for office occupancy.
It is part of a new vision for the revitalization of the corridor, with the city collaborating with stakeholders and citizens to transform the area into a walkable urban center.
JLL’s Tenant Representation and Project and Development Services teams initially consulted with the Norfolk Economic Development Authority (EDA) to convert the former JCPenney department store space to an office building. Movement Mortgage will occupy the entire the first floor in May, bringing 600 to 750 new jobs to the location.
Management of the project will begin immediately. According to JLL, recent announcements of the state’s second IKEA location and the opening of Norfolk Simon Premium Outlet Center located nearby will help drive traffic to the Military Highway corridor. The city also has identified the potential to extend light rail service to the areas and support mixed-use development along Military Highway for greater density.
“The addition of jobs is a differentiator for the area,” Deborah Stearns, senior vice President, JLL, said in a statement. “Attracting a strong labor foundation is an important initiative in Norfolk, and this location is central to future development in the city. We are pleased to also welcome Optima Health to the property who will add 200 jobs to service a recently won contract – bringing the leasing of 824 North Military to 75 percent.”