Point Hope LLC, a local group of investors from Newport News, has acquired City Center at Oyster Point for $64 million. The nine building, 574,466-square-foot, mixed-use center is Newport News’ version of a downtown, serving as a location for leaders in accounting, banking, finance, law, architecture, technology, defense government and healthcare.
In an announcement, Pointe Hope LLC said its purchase brings ownership into the hands of local leaders “who are committed to sustaining City Center as a Class A business and residential community. “
The center broke ground in 2000 as a public/private partnership, master planned development among nine founding partners with Northwestern Mutual as the group's joint venture equity partner along with the city of Newport News, which remains active in the project.
