HRV invested $13.3 million in a New Markets Tax Credit transaction to fund the Old Dominion University (ODU) Marriott Springhill Suites hotel, an extensive revitalization project centered around the economically-blighted Hampton Boulevard corridor.
Located on ODU’s campus in Norfolk, VA, the five-story, 114-room Marriott hotel offers accommodations for visiting parents, business travelers, researchers, and guest faculty. The hotel created 100 construction jobs and 55 permanent jobs, all while generating additional local property tax revenue for the City of Norfolk.
The ODU Marriott Springhill Suites hotel is located in a HUD Empowerment Zone with a poverty rate of 35.7%, and a median household income rate of 39%. The goal of this multi-phase, community-driven economic development initiative was twofold: 1) Revitalize the Hampton Boulevard corridor and adjacent Lambert’s Point neighborhood and 2) Enhance the academic stature of ODU.