Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.
Commercial Real Estate
Developers are lining up in opposition to new storm water requirements they say will dramatically increase the cost of development in the commonwealth, and may even scare off the sort of large companies that could bring thousands of new jobs.
The Richmond office of the commercial brokerage firm GVA Advantis apparently has escaped the ax. On Monday the company said it will close offices in Newport News and Northern Virginia. And unlike at the Norfolk office, where brokers have left for other firms, GVA’s Richmond brokers are staying put — for now.
Development of the next retail complex at Short Pump is back on schedule.
Board Paradise is locked today and there is a sign out front possibly warning the store’s owners not to have the locks change.
New Manchester Flats is Fountainhead’s latest project, located at Gordon Avenue and East Seventh Street.
When finished, it will represent a $35 million investment and add about 175 residential units to the area. The development is partly financed by historical tax credits, as well as New Market tax credits (for development in low-income areas).
One of Richmond’s first modernist hotels might soon be demolished to make way for a mixed-use center, including residences for adults with developmental disabilities.
The rapid growth of VCU attracted a number of new businesses hoping to cash in on the expanding student body. But apparently students are a fickle bunch: Several businesses around campus have shuttered their doors in recent months, including Cuppa Tea and Common Groundz.
The state is seeking to reduce the amount of phosphorous runoff allowed by new developments, a measure that could limit the scope of new construction projects if it becomes law.
“Commercial real estate has not begun to feel the pain,” said Panelist Bob O’Rourke, managing director of real estate for the Guardian Life Insurance Company.