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.
Commercial Real Estate
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.
Clinical Services Unlimited LLC purchased the 4,250 square foot office building at 6013-6015 Staples Mill Road in Henrico for $707,500. Johnny Rockets, a diner chain, has leased 2,400 square feet at the Hancock Village Shopping Center in Chesterfield.Marty’s Grill leased 4,000 square feet at Rutland Commons at Atlee and Chamberlayne roads in Hanover.
A recent zoning change is giving the Union Hill neighborhood, a breakaway section of Church Hill, a new lease on life by reducing bureaucracy and making it easier for businesses to comply with zoning regulations.