Commercial Real Estate

Construction is nearing completion and the first few tenants have begun to move into the 19,000-square-foot space, which will have room for 350 members.  

The $15 million structure would replace a grassy area behind Virginia Housing’s headquarters at 601 S. Belvidere St. and would be available for paid public use for concertgoers at the nearby Allianz Amphitheater at Riverfront.

The EDA says the arena-anchored project’s former developers have “refused” to convey the former Best Products property since ASM Global filed a summons seeking to collect $1.5 million from the developers.

“You can get financing for a multifamily (development); I just don’t think the returns are in multifamily,” WVS’s Richard Souter said of the 40-unit project, which they pivoted from a plan for nearly 200 apartments.

The Chesterfield outpost of Bryant & Stratton College is relocating, helping a local real estate investor Gagan Marwaha begin to capitalize on his latest empty-office building gamble.

The venue management company, which had signed on to develop and manage the mixed-use development’s anchor arena, says it is owed the amount stemming from a 2023 loan.

The 13,000-square-foot retail strip would be one of the final pieces of the mixed-use development, along with a planned senior apartment complex and restaurant building.

A few weeks after buying a big chunk of industrially-zoned land in Chesterfield, a firm out of the Lone Star State has made an even bigger purchase in South Richmond.

A crowd of nearly 500 was treated to one of the best views in the city last week: an up-close glimpse of the new Allianz Amphitheater at Riverfront with the river flowing in the background. 

“The greater Richmond region is among the top five markets in the Southeast U.S. with the lowest vacancy in Class A industrial space,” Supervisor Jim Ingle said of the need for the project. “I know the building will be leased in no time.”