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Local group investing $64 million into City Center at Oyster Point

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Posted at 10:02 AM, Jul 15, 2016
and last updated 2016-07-15 10:35:18-04

NEWPORT NEWS, Va. – A local group is investing $64 million into a nine-building office and retail portfolio in City Center at Oyster Point, city leaders announced Friday.

Pointe Hope, LLC is an investment group led by former Newport News Mayor Joseph Ritchie (an original founding partner of City Center) and Attorney Robert E. Long. The group’s members include many of City Center’s original founding partners, and several local entrepreneurs who are new investors.

The Peninsula Division of TowneBank and Union Bank & Trust provided financing as a part of the $64 million acquisition.

City Center’s 574,466 square foot office and retail portfolio was developed as a master-planned, public-private partnership between the City of Newport News and nine local founding partners, with Northwestern Mutual as its joint venture equity partner.

.  “City Center at Oyster Point arose from the vision of local leaders who were committed to creating a genuine central business district and welcoming public space.  We are delighted that the local ownership, who shares the City’s vision for City Center, has been consolidated under the leadership of Joe Ritchie and Robert Long.  We eagerly anticipate what the future will bring as we work together and continue to make Newport News a place where great things are happening,” noted Mayor McKinley Price.

Pointe Hope leaders say they’re committed to continuing to expand City Center as a community attraction.