A significant redevelopment proposal took center stage at the Newport News Planning Commission meeting on July 16, 2025, as Brad Waitzer, principal of Platinum Management and Signature Management Corporation, outlined plans for a new luxury multifamily residential project. The property, currently on the market, is set to close its theater regardless of the project's approval, highlighting the urgency for redevelopment in the area.

Waitzer, a native of Hampton Roads with 25 years of experience in the industry, emphasized his commitment to long-term ownership and management of his projects. He is known for developing high-quality residential properties, including the successful Commonwealth at York project, which has maintained high occupancy rates for a decade. His approach focuses on creating personal assets rather than flipping properties for profit.

During the meeting, Waitzer presented a conceptual plan for the new project, which includes visual aids detailing current conditions and proposed elevations. The design aims to enhance the architectural landscape of the area, with collaborative efforts to ensure distinctiveness.

The proposal not only aims to revitalize the site but also reflects Waitzer's dedication to the community, as he seeks to establish a sister project to his previous successful development. The Planning Commission will review the details further, with the potential for significant positive impact on the local housing market and community aesthetics.