Looks like Norfolk Southern is going to be asking a bit more for the ROW between Virginia Beach and Norfolk. Half of it will be used for the existing light rail line. It would be pretty worthwhile to buy now though because it will only get more expensive.
Though I would hope that they don't use the whole thing, at least further east towards the beach. The closer the ROW gets to the beach, the closer it gets to a large Naval Air Station, which is likely not too great for mixed use development unless at some point it is shut down and the property is redeveloped. Close by however is a major shopping district that could be recast after its useful life as a new center for Virginia Beach. Currently it has a lot of parking spaces ripe for redevelopment. You can see the difference between the two probably paths below.
You can also see in the aerial below that there is a wide median for ROW. However such a large street could use a boulevard reconfiguration to calm traffic and create better pedestrian scale development.
The extension to Virginia Beach also seems like a good line from a job connection standpoint as well. Three miles from the end of the current line under construction and west of the Naval Air Station above is this job and entertainment center below called Virginia Beach Town Center.
The point however is that while this is a good line, they need to look long and hard into where it goes, and might want to think about how much the ROW is worth beyond the Naval Air Station. It's probably worth buying and keeping for the future because if the NAS is decommissioned, a rapid streetcar could connect the station with the beach and start and end at light rail stations as well as circulation. But it's something to look into.