Economic Development

This year, the Downtown Hampton BID celebrates 11 years of success. We are proud of the substantial progress made since 1996 toward achieving our long-term goals.

• Announcement of 10 new businesses and 1 expanded business in FY2007
• Announcement of $33.7 million in new private investment in FY2007
• Vacancy rate for retail space is 3%
• Vacancy rate for office space is 5%

The BID strives to bring about, encourage, and sustain the economic revitalization of Downtown Hampton, in what ever form that may take. The BID envisions Downtown as being a charming waterfront village and a destination for every tourist and visitor.

The DHDP Economic Development Committee has developed 2 new incentive programs for Downtown Hampton Property Owners. The DHDP staff looks forward to working with you; please contact Sherry Spring at 727-1271 or sherry@downtownhampton.com for more information.


Incentive #1: Rent Assistance Program
Designed to promote and encourage the recruitment of retail (including restaurants) tenants on the first floor, store fronts, of existing buildings downtown. This incentive provides cash grants to property owners to assist in the buy down of lease rates to attract retail tenants to the ground floor of downtown buildings.

• Eligible properties: All properties located within the Business Improvement District who are current on BID tax payments.
• Program administration: The Downtown Hampton Development Partnership (DHDP) administers this program. The Economic Development Committee reviews and approves all applications for financial assistance.
• Program details: The DHDP will provide the property owner up to $1,000 per year as long as the retail tenant remains in the building. The rent rate must be in keeping with average rent per square foot for downtown properties. To receive this assistance, the legal property owner must request and complete an application and attach a copy of the lease agreement with the new tenant. Applicants must furnish a list of all their current business partners and staff members, be financially stable and not owe any back taxes. This program was approved and funded beginning July 1, 2007 and will be replenished on a fiscal year basis. Incentives will be provided until the funds are depleted. Property owners will be considered on a first come first serve basis and must contact the DHDP with their interest to participate in this program so their property can be marketed for retail tenants.
• Recruitment Assistance: The DHDP will provide support and assistance in recruiting retail tenants by: Providing and promoting a database of available space to commercial realtors and providing demographic and supporting statistical information for rectruitment.

• Eligible properties: All properties located within the Business Improvement District who are current on BID tax payments and have qualified for the Hampton Neighborhood Retail Revitalization Program (see attached) through the Department of Economic Development. The building must be a stand-alone existing building or redevelopment project - less than 50,000 square feet with a retail component.
• Program administration: The Downtown Hampton Development Partnership (DHDP) administers this program. The Economic Development Committee reviews and approves all applications for financial incentives.
• Program details: Once the property owner has been approved for the Hampton Neighborhood Retail Revitalization Program through the Department of Economic Development, the DHDP will review and consider funding to assist in the buy-down costs for the property owners portion of the matching grant through the City. If approved, the DHDP will provide .50 cents for every dollar the property owner spends on façade improvements or other projects listed in the first paragraph above up to $5,000. This program was approved and funded beginning July 1, 2007 and will be replenished on a fiscal year basis. Incentives will be provided until the funds are depleted. Property owners will be considered on a first come first serve basis and must contact the DHDP with their interest to participate in this program so their property can be marketed for retail tenants.
• Recruitment Assistance: The DHDP will provide support and assistance in recruiting retail tenants by: provising and promoting a database of available space to commercial realtors and providing demographic and supporting statistical information for recruitment.