Time has not healed all wounds. Within weeks of the five-year anniversary of a flood that ruined dozens of businesses in Shockoe Bottom, several businesses filed a lawsuit against the City of Richmond.
Main Street Realty
Area apartment vacancy rising
Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.
New lease on life for Cold Storage plant
The first of five turn-of-the-century industrial buildings to be turned into apartments is six weeks away from completion. The development is a $50 million project of Historic Housing, the same group that developed 17th Street Lofts and The Lofts at Canal Walk. The apartments start at around $900 a month.