JV to Leave Its Mark on the Norfolk Waterfront

The city of Norfolk is about to get another apartment community.

The city of Norfolk is about to get another apartment community. This week, a joint venture consisting of two out-of-state developers has announced its intention to build the Watermark, a $28 million development located along the Lafayette River.

El Paso-based Hunt Companies is working on the project together with Collins Enterprises of Old Greenwich, CT. They are building the Watermark on the 5.7-acre site of the former Riverside Terrace apartment community, in the Wards’ Corner neighborhood, about five miles north of the city’s downtown and within a mile of the Norfolk Naval Station. The joint venture has already demolished the old Class C apartment community.

The upcoming Class A apartment complex will feature 180 studio, one-, two- and three-bedroom units, as well as a pool, clubhouse, business center, fitness center and other amenities. The project is scheduled for completion in June 2016.

New York-based Real Estate Capital Partners is also investing in the new Watermark community. Winks-Snowa Architects of Richmond is the project’s architect, with Clancy & Theys as the general contractor. In order to finance the development, the joint venture has secured a $21 million construction loan from PNC Bank.

“The Watermark offers the opportunity to take advantage of evident market growth and excellent demand by apartment renters as the Norfolk area grows into a more important East Coast port in the wake of the widening of the Panama Canal,” Glen Weisberg, CEO of Hunt, said in a statement.