While Richmond’s overall office leasing market is faring better than other regions, the loans on Riverfront Plaza’s twin towers and the Bank of America Center were recently put into special servicing.
The developers said the change of plans was driven in part by financing and said it’s easier to make the numbers work on for-sale townhome projects.
The 6-acre plot at 4400 W. Broad St. that’s twice been eyed for large apartment projects by out-of-town developers was once again listed for sale last week.
Reynolds Development is seeking to rezone 31 of Reynolds Crossing’s 58 acres to convert much of its surface parking lots into new buildings of up to 12 stories and add more than 1,000 residential units.
The North Carolina investor paid nearly $1.5 million for the property in January of 2020, just in time to be dealt a blow by the pandemic-induced office market downturn.
“It’s a market that’s just saturated with chain restaurants, so we’re excited to bring scratch food and high-quality ingredients that you might not find at the chains,” said co-owner Kevin Grubbs.
With four neighborhood markets up and running elsewhere in the city, three cousins are now looking to bring their concept to the Southside to help quell Manchester’s grocery needs.
The well-known diner, owned by Richmond ad exec Dave Saunders, has found its spot in the city and will aim to open in the Park Avenue building in May.
The nonprofit, which dates back nearly 100 years, promotes women’s leadership, volunteerism and community service.
It would be the largest new-construction apartment development the neighborhood’s seen in recent years and would add to 125 units and dozens of townhomes that are already in the works next door.
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