Credit market stalls Hampton's $200 million Crossroads project near Coliseum

[Blue_Tires]

HAMPTON — Three years ago the $200 million Crossroads project was described as "the next piece in a perfect puzzle that our City Council and city staff have been putting together for a long time," by Billy Hobbs, president of the Coliseum Central Business Improvement District.

In 2010 the piece is still missing and there seems little prospect any time soon of the parking lots around Hampton Coliseum yielding the theater, hotel and offices once proposed.

While the development of the Peninsula Town Center just north of Mercury Boulevard has continued, notwithstanding the recession, the same can't be said of the project farther south.

Details were unveiled three years ago of the development which was to include a 2,000-seat theater, a hotel, offices, living areas and a parking garage on 19 acres of what is now a parking lot from the Hampton Coliseum to Pine Chapel Road. The development was to be between Interstate 64 and Coliseum Drive.

In May 2008 Vincent W. Falleroni of XL Development Group of Pittsburgh gave the city $5.7 million for the land west of the Coliseum and said he was persevering with the Crossroads development, so named because it is near the crossroads of Interstates 64 and 664.

The city paid the developer $5.9 million to get the land back last July.

Hampton Economic Development Director James Eason said the developer, now David Orr, also got the real estate taxes he paid returned, but the city came out ahead because it benefited from parking revenues.
http://www.dailypress.com/news/dp-local_crossroads_0127jan26,0,7581594.story

[damyank913]

1. It's too bad.

This is some prime real estate.