W.M. Jordan Company

Tech Center at Oyster Point Announces Signed Tenants

February 27, 2014

Tech Center Oyster Point

Tech Center at Oyster Point Aerial View

Tech Center at Oyster Point, the 44-acre mixed use project under development at the corner of Oyster Point Boulevard and Jefferson Avenue in Newport News, has announced signed lease agreements for most of the available retail space.

Retailers committed to open in Tech Center include Whole Foods Market, DSW Designer Shoe Warehouse, PF Chang’s, Café Rio, Zoe’s Kitchen, Starbucks and Conte Bikes.  S.J. Collins, a national commercial real estate company based in Atlanta and joint venture partner in the project, is handling the retail leases.  A Collins spokesperson noted that leases are out for review on the remaining 12% of retail space and are expected to be finalized within a few weeks.

Tech Center at Oyster Point, announced last year, is expected to break ground this month with first occupancies early next year.  The project is a joint venture of Virginia Tech, the city of Newport News, W.M. Jordan Company, S.J. Collins Enterprises, Ellis Gibson Development Company and other strategic partners.  Tech Center follows the proven business model of the internationally acclaimed Virginia Tech Corporate Research Center (VTCRC) in Blacksburg, Virginia.

When completed, Tech Center at Oyster Point will be a self-sustaining ecosystem that marries high technology companies with cutting edge research to attract entrepreneurs and new companies to the region.  A primary goal of the project is to enhance the economy of Newport News by developing a center of entrepreneurial excellence that facilitates the movement of technology from the lab to the marketplace, while creating a culture of business success through collaboration and adding both new jobs and new tax revenue.

Tech Center at Oyster Point embraces the concept of a total synergistic community by offering high quality living spaces, amenities, retail and convenience businesses and commercial/technology space.  The first phase includes more than 250,000 square feet of retail space designated for restaurants and other retail, 50,000 square feet of office space and a 280-unit apartment community.  The developers’ plan calls for launching the retail and residential portions of the project first, with offices and technical centers following closely behind.

“The success that S.J. Collins has enjoyed in acquiring leases from top retailers confirms our research that Newport News is ready for a major mixed use project like Tech Center at Newport News,” said John Lawson, President of W.M. Jordan.  “We expect to have the same degree of success with the residential component under development by Ellis Gibson Development Company and the commercial and technical centers that will follow.  The success we expect, of course, would not have been possible without the outstanding cooperation of our partner, the City of Newport News.”