An office building was previously planned for the grassy area in West Broad Village. (Mike Platania photo)
A local real estate firm’s plans for a new-construction headquarters in Short Pump is off the table.
Capital Square has scrapped its plans to build four-story, 65,000-square-foot office on the vacant 1-acre parcel at 2301 Old Brick Road in West Broad Village.
As part of that change of plans, Capital Square has sold the West Broad Village site and relocated elsewhere within its current neighborhood in Innsbrook.
Capital Square sold the West Broad Village land to CTO Realty Growth, the Florida-based investment firm that bought the bulk of West Broad Village’s retail space for $94 million in 2022.
The land sold for $1.5 million – the same amount Capital Square had paid for it a few years ago. Capital Square continues to own the entirety of the apartment portion of West Broad Village, which it bought in a record-setting, $111 million deal in 2021.
Capital Square co-CEO Louis Rogers said the company chose to sublease 45,000 square feet in the former local Snagajob headquarters building at 4851 Lake Brook Drive. It moved into the space last fall.
“We found the perfect sublease, the former Snagajob headquarters, that obviated the need to build a very expensive headquarters,” Rogers said in an email. “As real estate professionals, we realized that this was quite a bargain and a very rare opportunity to step right into the perfectly furnished office that meets all of our current and future needs.”
What’s next for the grassy area on Old Brick Road is unclear. CTO did not respond to requests for comment.
There’s been some churn among West Broad Village’s commercial spaces since CTO bought the development in 2022, particularly in its restaurant spaces. A new steakhouse recently opened and a Ford Motors-inspired eatery is en route, though this spring it lost a tenant in Carrabba’s.
A rendering of Capital Square’s planned development at 1600 Roseneath Road. (Courtesy Capital Square)
Meanwhile Capital Square is busy with other new-construction projects, particularly in Scott’s Addition where it’s building more than 350 apartments on a 3-acre site along West Marshall Street.
It also recently announced it has begun an equity raise for its next big Scott’s Addition development: a six-story mixed-use building that’ll include 220 apartments and 100 hotel rooms at 1600 Roseneath Road.
That 2.2-acre site, which Capital Square bought in the spring for $11.5 million in another record-setting deal, was formerly home to longtime diner The Dairy Bar.
Capital Square often finances its deals through private investment, namely from investors executing 1031 exchanges, and it announced this week it’s launched a fund seeking to raise $77 million to help build the Roseneath development. Construction is set to begin sometime in 2025.
An office building was previously planned for the grassy area in West Broad Village. (Mike Platania photo)
A local real estate firm’s plans for a new-construction headquarters in Short Pump is off the table.
Capital Square has scrapped its plans to build four-story, 65,000-square-foot office on the vacant 1-acre parcel at 2301 Old Brick Road in West Broad Village.
As part of that change of plans, Capital Square has sold the West Broad Village site and relocated elsewhere within its current neighborhood in Innsbrook.
Capital Square sold the West Broad Village land to CTO Realty Growth, the Florida-based investment firm that bought the bulk of West Broad Village’s retail space for $94 million in 2022.
The land sold for $1.5 million – the same amount Capital Square had paid for it a few years ago. Capital Square continues to own the entirety of the apartment portion of West Broad Village, which it bought in a record-setting, $111 million deal in 2021.
Capital Square co-CEO Louis Rogers said the company chose to sublease 45,000 square feet in the former local Snagajob headquarters building at 4851 Lake Brook Drive. It moved into the space last fall.
“We found the perfect sublease, the former Snagajob headquarters, that obviated the need to build a very expensive headquarters,” Rogers said in an email. “As real estate professionals, we realized that this was quite a bargain and a very rare opportunity to step right into the perfectly furnished office that meets all of our current and future needs.”
What’s next for the grassy area on Old Brick Road is unclear. CTO did not respond to requests for comment.
There’s been some churn among West Broad Village’s commercial spaces since CTO bought the development in 2022, particularly in its restaurant spaces. A new steakhouse recently opened and a Ford Motors-inspired eatery is en route, though this spring it lost a tenant in Carrabba’s.
A rendering of Capital Square’s planned development at 1600 Roseneath Road. (Courtesy Capital Square)
Meanwhile Capital Square is busy with other new-construction projects, particularly in Scott’s Addition where it’s building more than 350 apartments on a 3-acre site along West Marshall Street.
It also recently announced it has begun an equity raise for its next big Scott’s Addition development: a six-story mixed-use building that’ll include 220 apartments and 100 hotel rooms at 1600 Roseneath Road.
That 2.2-acre site, which Capital Square bought in the spring for $11.5 million in another record-setting deal, was formerly home to longtime diner The Dairy Bar.
Capital Square often finances its deals through private investment, namely from investors executing 1031 exchanges, and it announced this week it’s launched a fund seeking to raise $77 million to help build the Roseneath development. Construction is set to begin sometime in 2025.
Glad this site will stay green for a little bit longer.
Perhaps they’ll bring back the ice-skating rink this winter.
Yeah, I kinda guessed by the third paragraph the gist of this story — why would anyone build more greenfield office space for themselves NOW when there are such great opportunities to rent or even buy? Best example in VA I am aware of is CoStar buying their new HQ building in Roslyn, which has got to be one of the best office sites for certain needs. There was a time not SO long ago (early aughts) when office space was in a glut and I am sure that in the Richmond metro it will fill back up as businesses… Read more »
Maybe I’m thinking too Beaux Arts but coming as it does at the end point of a major entryway road I would love to see some kind of axial entryway feature on whatever eventually gets built there. My preference would be some kind of public plaza perhaps with an arch or some significant sculpture as the centerpiece. Economics probably precludes this.