A media conference was held today at the Newport News Marriott at City Center to announce the $64 million acquisition of a nine-building office and retail mixed-use portfolio in City Center at Oyster Point.

Pointe Hope, an investment group led by former Newport News Mayor Joseph Ritchie (an original founding partner of City Center) and Attorney Robert E. Long, consolidates City Center ownership into local investors who are committed to sustaining the development as the premier mixed-use business and residential center on the Virginia Peninsula.

Known as the Peninsula’s central business district, City Center’s Class A office community is home to many of the region’s leaders in financial services, law, architecture, engineering, defense, government, and healthcare, which is surrounded by restaurants, retail, entertainment, residential and hospitality establishments.

City Center’s 574,466 SF office and retail portfolio was developed as a master-planned, public-private partnership. The City and its Economic Development Authority are active participants in the project, providing business development support, special events, three publicly-owned parking garages and a 50,000 SF Marriott conference center.

Pointe Hope principals are committed to expanding the entertainment and retail venues of City Center to build and continue the community’s vibrant attraction for residents, employers and visitors throughout the region and beyond.

For more information on City Center, visit www.citycenteratoysterpoint.com or view the news release.