Whether you're a resident of Portsmouth, Virginia or are looking into moving there in the near future after selling off your Central Toronto homes, it doesn't hurt to be up to date on the what's happening in the city. There's a lot of excitement in the air in Portsmouth due to the ongoing economic development plans the city has in store. The future of Portsmouth, Virginia looks quite bright and we're here to give you some important information about the economic development plans of Portsmouth.

Portsmouth is currently experiencing a sort of renaissance or what some might call a rejuvenation period when it comes to development in the city. There has been plenty of expansion in the retail sector and growth of existing Portsmouth businesses. The department of economic development wants to continue to see good things happen to the Portsmouth business sector. There are a variety of programs in the works that will eventually result in not only a fiscally stronger city but also an improvement in the quality of life for the people of Portsmouth. Making a city better takes time. You can't go out and buy some kit and hope everything gets better overnight. It's not like buying water treatment chemicals to solve a water quality problem.

Portsmouth's downtown waterfront site is being redeveloped by the Texas based firm, Lincoln Property Company. This is being heralded as the largest single development project ever proposed in Portsmouth. While the cost might seem high to some, at $158 million, it will be worth it in the end because the project is estimated to earn the city of Portsmouth almost $30 million in revenue over a period of ten years. So, if you have some oceanfront property for sale, you might want to consider holding onto it as it will only continue to gain value.

There are also plans to redevelop the Plaza Shopping Center that's located on the corner of High Street and Tyre Neck Road. The new center will be renamed Churchland Marketplace and will be home to a state of the art Harris Teeter store. The new Harris Teeter will be 49,000 square feet. The Portsmouth Economic Development Authority has provided a grant in the sum of $100,000 which will aid in the redevelopment. Look for the new Churchland Marketplace to open in 2012. Not only is this great PR for food chain Harris Teeter but it will also help boost the Portsmouth economy.

The department of economic development in Portsmouth is always looking at ways to improve the business sector of Portsmouth which will in turn aid the residents of Portsmouth. It takes a lot of hard work to improve a city and the department of economic development is doing all they can to ensure Portsmouth is a great city to live in. We hope you now have a greater respect for what the department has been doing for Portsmouth. You can now go back to reading articles online about chapter 7 bankruptcy attorney California law firms. Thanks for your time.