CHESAPEAKE — A grant from Chesapeake’s Economic Development Authority will help advance the next expansion of service retail and medical office development at the Great Bridge Marketplace.
Last week, Chesapeake council members approved a $150,000 investment grant from the EDA to 520 SB LLC, a retail center located in Great Bridge at 520 South Battlefield Blvd. The grant will boost a project to develop the second phase of the retail center and accommodate six new tenants, including Vino’s Italian Restaurant, Boyland Dentistry and Sharkey’s Cuts for Kids.
The first phase of development brought The Butcher’s Son Chophouse, Off the Hook Seafood Restaurant, Xanadu Salon & Color Bar and other businesses to the retail center.
The second phase is being developed by Virginia Beach-based Atherton Construction, which also developed Volvo Commons and Great Bridge Commons.
The second phase is an estimated $8.1 million investment, and 520 SB LLC touts that it will create at least 34 new jobs with an average salary of $36,000, without benefits, as part of its proposal to expand in the area.
As part of the agreement, the grant can’t exceed the amount of real estate and business personal property tax paid over a 36-month period once the certificate of occupancy is issued.
Natalie Anderson, 757-732-1133, [email protected]
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