EDA votes to sell property
The Economic Development Authority voted on Wednesday to transfer part of its 55-acre parcel in North Suffolk to Gee’s Group, a Virginia Beach-based developer.
Economic Development Director Kevin Hughes said the purchase price for the phased development of 45 acres will be $100,000 per acre. The EDA will retain control over tenants, Hughes added.
Gee’s Group’s Suffolk work has included the Riverfront Shoppes nearby, where TASTE Unlimited is located.
Hughes said the EDA retains 10 acres of the site.
The city bought the parcel, which has been marketed as The Point at Harbour View in recent years, 10 years ago from Tidewater Community College.
The EDA previously had taken action to allow Gee’s Group to market the property while final details of the sales agreement were ironed out.
Last month, a Gee’s spokesman told the Suffolk News-Herald that CBRE-Hampton Roads would be tapped as the project’s exclusive brokerage and marketing firm.