FHA rules, oversupply and looming shadow inventory are among the obstacles facing Richmond condo developers
Commercial Real Estate
A Shockoe Bottom apartment complex is scheduled to be auctioned on the courthouse steps Feb. 9.
New rules on how builders must account for runoff that eventually flows into the Chesapeake Bay will have to go through another comments period. The development community has resisted the new standards, which they say will make costs prohibitive just as the industry is trying to recover from the recession. The rules are intended to reduce pollution in the Bay.
A Henrico-based commercial real estate firm is shedding its national brand and starting from scratch.
Another Richmond movie store goes the way of the VHS.
Vulcan Materials Company leased 12,360 square feet at Ironbridge Commons, 5601 Ironbridge Parkway in Chesterfield. Allied Pallet Company leased 26,190 square feet at 1401 Ingram Street in Richmond. P. T. O’Malley Lumber Company, Inc. purchased a 156,485-square-foot manufacturing facility on 92.58 acres in Essex County for $1,250,000. A ton of other deals this week.
The project had been in the planning and financing stages for about three years, but the development company just closed on the property about two weeks ago.
Capreit, a Maryland-based owner and operator of apartment properties, recently sold off two large complexes in Henrico.
A Virginia-based outdoors gear and apparel shop is upping its game now that a national chain has come to town. It’s also likely opening a local outlet concept where customers can also order online while in the store.
You’ll know the new entertainment complex off Hull Street Road by the giant bowling pin on the roof. No confusion there. Plus, several other commercial real estate updates from Chesterfield.