The bonds would provide a form of bridge financing for the projects, the costs of which are expected to exceed the roughly $10 million in forecasted revenues from so-called passenger facility charges.
The seller is Tim Messier, the former CEO and board chairman of Medalist Diversified REIT who departed the firm last year amid pressure from shareholders.
“When you look at all the items that you have to put in a development to get recommendations for approval, you can’t develop and provide any type of workforce housing,” George Emerson said.
The move comes as the firm’s 15-year home in Shockoe Bottom is slated for an apartments conversion and five-story addition.
Six months after buying a local landscaping peer, the owners of Terra Forma Landscaping have purchased Miller Irrigation & Landscape Lighting, a 24-year-old firm.
The project from local developer Ned Massie would fill 66 acres northwest of the Airport Drive-Interstate 295 interchange.
The county EDA announced the launch of the Henrico Global Business Gateway, an initiative to attract foreign-based companies that will operate out of the planned Gather West End in Innsbrook.
At $9 million and $7.5 million, back-to-back sales of two mansions along Cary Street Road led a record-breaking month for residential real estate deals in the city.
The state lottery gets a new ad shot in Hopewell, CarMax gets a “Beetlejuice”-themed spot, and a local photographer shoots images for Smithsonian Magazine. (BizSense Pro required)
“Many would not have tolerated a 15-year delay, so all I can say is thank you for never giving up on Richmond,” Mayor Levar Stoney said at Friday’s groundbreaking for the new CarMax Park baseball stadium.
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