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Could Chesapeake Be Getting A Makeover?

Mall or Market?

Back in early 2018, Virginia Beach-based Kotarides Holdings bought the Chesapeake Square Mall for $12.9 million with hopes of bringing some life back into the shopping center which has lost multiple stores since 2015. Not much has happened since then beyond a Farmer’s Market which debuted on July 1st 2018. Turns out the community wanted somewhere to gather, and the mall had just what they needed... a lot of empty space.

With space zoned for 32 vendors, the Western Branch Farmer’s Market has been operating inside for the winter (next to the movie theaters) and moved back outside (near the food court entrance) in early April. According to their Facebook page they have all kinds of goodies from jams to live crabs, but this story isn’t about them...

Destination Western Branch

There is good news for those who have been waiting for a revival of the mall. According to the recent Wavy News interview with Kotarides manager, they say they are ready to energize the area. The focus will be on creating a hub of entertaining and dining options and will consequently bring much needed jobs to the area.

This doesn’t mean just the mall though; their plan also involves zoning changes and development of over 400 acres southwest of the Portsmouth Boulevard and Jolliff Road intersection. Being called “The Grove”, this area would include single family homes, apartments, townhomes, condos and senior living areas. Also included in the plan would we a 1M sq ft warehouse and a “Brewery District”.

Buyers Love Builders

Although this project is said to take about 10 years after approval, this is GREAT news for agents to share with buyers (and sellers!) Knowing your property value could go up because of proposed projects or that your new home purchase is a good investment is music to everyone’s ears! The City of Chesapeake Planning Committee will convene on Wednesday, May 8th to decide on the rezoning approval.

Keep an eye on the TitleQuest Facebook page for more awesome local and national news!

 

Resources:

https://www.wavy.com/news/local-news/chesapeake/developers-reveal-plans-to-redevelop-chesapeake-square-mall-and-surrounding-community/1971954816

https://www.wavy.com/10-on-your-side/investigative/closing-shop-changes-at-the-mall-aren-t-necessarily-a-result-of-online-shopping/1857834863

https://www.wavy.com/news/local-news/chesapeake/va-beach-based-developer-buys-chesapeake-square-mall/1078339894

https://www.suffolknewsherald.com/2018/06/21/farmers-market-debuting-in-western-branch/

https://www.facebook.com/WesternBranchFM/

https://homeguides.sfgate.com/effects-commercial-property-residential-value-7923.html

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