NORFOLK-- The Cordish Companies are boosting its investment into Norfolk's Waterside from $28 million to $40 million according to City Manager Marcus Jones who briefed the city council Tuesday afternoon. .
The city council must approve the deal for it to proceed.
Mayor Paul Fraim said the city could sign the lease with Cordish Companies in the next couple of weeks. After that, Cordish Companies has two years to finish Waterside.
A public hearing is scheduled for August 27.
The city has been in on-going negotiations with the Cordish Company over giving the aging marketplace a facelift.
The highlights of the development include 1,000 new jobs, $93 million in direct revenue to the City of Norfolk over 30 years, $850,000 in new annual parking revenues, private sector investment of $28 to $38 million, and eliminating the current city general fund subsidy of $1.3 million annually.
Norfolk Mayor Paul Fraim has said the new Waterside building may have a retractable roof, and would be transparent so people can always see the water through it.