The development will combine 325 residential units,  260,000 square feet of retail stores and restaurants, 50,000 square feet of office space and a 150-room hotel. 
About 20 percent of the development is dedicated to green spaces and small parks. Wide, landscaped sidewalks and bike trails will promote a pedestrian-friendly community and connect to Jefferson Lab.

William and Mary’s real estate foundation owns the site having

acquired it in 1989 from the state after it received the property from the federal government. Originally, the college planned to partner with the nearby Department of Energy’s Thomas Jefferson National Accelerator Facility, or Jefferson Lab, and develop an office and research park there. That project never materialized.

If the rezoning is approved by the Newport News City Council, SJ Collins will buy the tract for $18.5 million from William and Mary. The contract to buy the tract hinges on the rezoning. The developer expects to file the rezoning application within a month.

If approved construction of  Oyster Point Village would begin in 2010 and wrap up in 2011.

The developer is negotiating leases with national tenants that nearby City Center at Oyster Point and Port Warwick haven’t been able to attract. According to the developer some of these potential stores/ tenants are unique to the Peninsula, and some are unique to the region. Two possible tenants switched focus to this potential development from Virginia Beach for their first entry into the Hampton Roads market.

This is the first time SJ Collins has partnered with a university. The company beat out 10 other bids to develop the property last February, according to Jim Golden, vice president of strategic initiatives for the college.

If the sale goes through, the college has no further financial interest in the project, according to Golden.

This isn’t the first time William and Mary has been involved with a development. The college has sold parcels for the 300-acre New Town project in Williamsburg, modeled on the town center concept. Golden said there are still residential parcels for sale.

SJ Collins, whose expertise is retail development, developed the 470,000-square-foot Albermarle Village in Charlottesville and the 87,722-square-foot Short Pump Station outside of Richmond.

Divaris Real Estate Inc. is the leasing agent for the Newport News and Richmond retail sites. Gerald Divaris, chairman of Divaris, said his firm won the contract for leasing Oyster Point Village a year ago. Construction is expected to begin on the entire project in 2010 and be completed by 2011.

The developer is touting Oyster Point Village as a project that is different from other mixed use projects in Newport News, including Port Warwick and City Center, both of which boast the “live, work and play” theme.

“The seamless integration of retail, entertainment, office, residential and hospitality will create a true live, work, play community, but the incorporation of pedestrian-scale design elements along with open, green spaces creates an interactive gathering place that will emerge as a community amenity,” said Jeff Garrison, partner, SJ Collins Enterprises, in a prepared statement.

“While these developments deliver upscale office, residential and hospitality alternatives, City Center and Port Warwick do not establish a retail environment that attracts national, specialty retailers seeking a lifestyle venue with significant retail anchors,” Garrison said.

City Center features a combination of office, residential and hospitality supported by ancillary retail that aligns with office traffic patterns and uses, Garrison said. Port Warwick integrates residential with service offices and boutique retail and restaurants that primarily cater to its residents, Garrison said. “Oyster Point Village is a different development type with a different vision. Newport News is no longer a blue-collar bedroom community.”

Location Map of Oyster Point Village, Newport News, VA