DOMINION BOULEVARD CORRIDOR STUDY | Chesapeake, Virginia
26 | Market Study
Figure 12: Office
Absorptions and
Completions, Virginia
Beach-Norfolk-Newport
News MSA; 2006-2013
Source: CoStar
Dominion Boulevard Site Analysis
The Study Area is approximately 10,000
acres in the City of Chesapeake. It is located
southwest of the Steel Bridge, and is along
the Dominion Boulevard corridor. It is east of
The Great Dismal Swamp Wildlife National
Refuge Area. See Figure 13.
The City of Chesapeake is a well-regarded
place to live and do business. It is home
to two of the region’s employment cores
(Greenbrier and Cavalier), and has some
of the region’s newest and nicest housing
stock.
The Dominion Study Area should see
additional development as the Veterans
Bridge over the Elizabeth River is
constructed, eliminating the Steel Bridge.
The new bridge will have a toll. Since many
bridges in the region are tolled, and some
projected to be at a higher rate, the toll
should have limited impact on the desirability
of the area for new construction.
In addition, Dominion Boulevard is being
widened to a four lane divided highway
all the way into North Carolina. There is
speculation that at some point it will be
turned into an interstate highway. All of these
items are promising for the future development
of the area.
The Study Area itself has some development
at the northern end, primarily residential
and retail. Throughout the Study Area there
are large lot single-family homes. Tidewater
Community College has a new facility as
well as the new Grassfield High School.
To the southern end of the Study Area is
the Chesapeake Regional Airport. The key
strengths, challenges, and opportunities for the
Study Area are provided in Table 2.
Demand Analysis
RCLCO completed a statistical demand
analysis for each of the land uses. The
residential demand models are based upon
household growth in the region, the percent
of new households likely to be either renters
or owners, and the interest in those renters
or owners in locating within the City of
Chesapeake, and then within the study area.
The retail demand model is based upon the
two scenarios of household growth within
the study area. Each household in the overall
region supports approximately 85 square feet
of retail. We multiplied the new households
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MSA
2006-2013
500,000
1,000,000
1,500,000
2,000,000
2006-2013 Avg. Absorption:
450,000
2006-2013 Avg. Completion:
900,000
SOURCE: CoStar
(1,000,000)
(500,000)
-
2006
2007
2008
2009
2010
2011
2012
2013
Net Absorption Completions
Exhibit V-17
E4-11982.40
Printed: 3/27/2014
