NORFOLK, Va. (WVEC) -- Tonight, the Norfolk City Council voted yes to paying an additional $500,000 to bring IKEA to Hampton Roads.
According to a memo on the council's agenda, the new money will go toward "unanticipated development costs."
IKEA wants to elevate the site for underground storm water retention and add parking. The Swedish home furnishing retailer will also install rooftop solar panels.
Norfolk had already agreed to pay $5 million to develop the site. The project is estimated to be a $75 million investment, and according to previous Mayor Paul Fraim, the project could generate more than $2.5 million in direct annual tax revenue to the city of Norfolk.
It could also create 250 permanent jobs and more than 500 construction jobs once development begins.
"IKEA's presence here further validates our belief that Norfolk is an amazing place," Fraim stated when city council approved the project over summer.
The 331,000 square-foot store will be constructed over 19 acres of land at the northwestern corner of Interstate 64 and Northampton Blvd., not far from the new outlet mall that's under construction and slated to open next year.
Store plans have its layout and architectural design be similar to other IKEA stores worldwide.
If built, it would become the second IKEA store in the state of Virginia. The closest locations currently are in Woodbridge, Va. and Charlotte, N.C.
Construction could begin spring of 2017, with a summer 2018 opening.