Local Group Invests $64 Million in Mixed-Use Portfolio in City Center at Oyster Point
Newport News, VA – Pointe Hope, LLC and the City of Newport News are pleased to announce the acquisition of a nine-building office and retail mixed-use portfolio in City Center at Oyster Point in Newport News, Virginia.
Pointe Hope, an investment group led by former Newport News Mayor Joseph Ritchie (an original founding partner of City Center) and Attorney Robert E. Long, consolidates City Center ownership into local investors who are committed to sustaining the development as the premier mixed-use business and residential center on the Virginia Peninsula. Pointe Hope’s members include many of City Center’s original founding partners, and several local entrepreneurs who are new investors. The Peninsula Division of TowneBank and Union Bank & Trust provided financing as a part of the $64 million acquisition.
Known as the Peninsula’s central business district, City Center’s Class A office community is home to many of the region’s leaders in financial services, law, architecture, engineering, defense, government, and healthcare, which is surrounded by an environment of quality restaurants, retail, entertainment, residential and hospitality establishments. Office tenants include PNC Bank, The Daily Press, Riverside Health System, Morgan Stanley, City of Newport News, The Boeing Company, Siemens, and Progressive Casualty. Paragon City Center 12 and Travinia Italian Kitchen & Wine Bar anchor the boutique retail shops of the portfolio along Mariners Row.
City Center’s 574,466 SF office and retail portfolio was developed as a master-planned, public-private partnership between the City of Newport News and nine local founding partners, with Northwestern Mutual as its joint venture equity partner. The City and its Economic Development Authority are active participants in the project, providing business development support, special events, over 2,700 parking spaces in three publicly-owned garages and a 50,000 SF Marriott conference center. “City Center at Oyster Point arose from the vision of local leaders who were committed to creating a genuine central business district and welcoming public space. We are delighted that the local ownership, who shares the City’s vision for City Center, has been consolidated under the leadership of Joe Ritchie and Robert Long. We eagerly anticipate what the future will bring as we work together and continue to make Newport News a place where great things are happening,” noted Mayor McKinley Price.
Pointe Hope principals are “hands-on” and wholly committed to expanding the entertainment and retail venues of City Center to build and continue the community’s vibrant attraction for residents, employers and visitors throughout the region and beyond. The renowned 5-acre Fountain Plaza is a gathering place with activities appealing to all. Hollydazzle, Fridays @ the Fountain concerts, culture, art and music festivals will continue to grow under the new ownership and expand City Center’s draw across Hampton Roads and the Commonwealth.