Commercial Real Estate

Walter Parks, Richard Smith and Malcome Sargent have filed plans for a 112-unit building at 1501-1511 Hull St. 

The area’s largest privately held hotelier is closing out the summer with a pair of deals on opposite sides of town. 

“We’re excited about this one because even within market-rate new construction (housing), there tends to be not enough family-sized housing, particularly at three bedrooms and above,” developer Standard Communities said.

“We wanted something that matches up to what we have in Virginia Beach that we can proudly bring our customers to and employees can collaborate in,” said VIcom President BJ Hughes.

“We’re trying to change the narrative around affordable housing, and make somewhere that people are proud to live,” said John Gregory.

Work at the site has stopped in recent weeks, leaving concrete columns and rebar jutting out from the ground, and contractors waiting to get paid on more than $2 million worth of work.

“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.

The Innsbrook location is planned to open next spring and will complement Gather’s nearby outpost at West Broad Village.

Dan Hargett’s Roka Partners is hoping to land a 122,000-square-foot grocery store for the new shopping center. Sheetz and Valvoline are expected to open on outparcels at the site, along with other inline retailers.

“The loan was originated in December 2019, and the whole world shut down three months later. They started with a pretty steep uphill climb to get back out,” said auctioneer Bill Londrey.