Half Marathon, the Water Economy

Half Marathon

Today, Marathon Development, whose Granby Tower project collapsed, will begin construction on a five story, 63-apartment complex at the corner of Freemason and Granby Streets.

The 65,000 square foot building, with 2,500 square feet of retail space on the ground floor, will replace empty store fronts at 401 and 403 Granby Street.

  Marathon is also preparing to demolish two buildings at 416 Boush Street and construct a five-story apartment complex, with 71 apartments, a courtyard and an indoor pool, according to city documents.

The apartment complex will be located between West Freemason and West Charlotte Streets.

A walkway will join the two apartment buildings.

Meanwhile, Marathon continues to renovate the Wainwright Building, bought in a bankruptcy sale, for apartments.

Water, Water Everywhere – and Getting Expensive

Norfolk’s water rates are $4.15 per 100 cubic feet, up 50.4 percent from $2.76 per 100 cubic feet per hundred in 2004.

 

Meanwhile, the operating income of Norfolk’s water utility fund stood at $32 million in 2012, up 20.7 percent from $26.5 million in 2008.

The operating income is calculated as operating revenue minus operating expenses. It doesn’t include non-operating revenues or expenses, such as contributions and transfers.   

Norfolk’s Water Rates

Fiscal Year	Rates per 100 Cubic Feet
2004	$2.76
2005	$3.01
2006	$3.26
2007	$3.37
2008	$3.49
2009	$3.61
2010	$3.74
2011	$3.87
2012	$4.01
2013	$4.15

Source: Norfolk Dept. of Utilities

Norfolk Water Utility Fund
Operating Revenues, Expenses and Income
	Revenues	Expenses	Income
2012	$81,200,472	$49,280,195	$31,920,277
2011	$83,509,749	$51,694,420	$31,815,329
2010	$82,144,087	$48,773,130	$33,370,957
2009	$77,120,868	$52,143,517	$24,977,351
2008	$77,155,968	$50,655,712	$26,500,256
Source: Norfolk Comprehensive Financial Annual Report

Rank	Norfolk’s Ten Largest Water Retail Customers
1	Norfolk Redevelopment and Housing Authority
2	Old Dominion University
3	Virginia International Terminal
4	BAE Systems
5	Sentara Norfolk General Hospital
6	Norfolk State University
7	S.L. Nusbaum
8	Metro Machine Corp.
9	Bon Secours DePaul Medical Center
10	N&W Railroad
	Source: Norfolk Dept. of Utilities