Commercial Real Estate

A prime piece of West Broad Street real estate looks to be spoken for, as the shuttered bank branch and its 1-acre parcel is under contract.

YWCA of Richmond is working with the Maggie Walker Community Land Trust and Children’s Home Society of Virginia on the development that will mix lower-income apartments and townhomes with a Sprout School and commercial building with supportive services for residents.

Months after dropping millions of dollars to buy the property next to its Henrico location, Costco is preparing to put that land to use. 

Bristol-based Surber Development and Consulting is planning the project with YWCA Richmond, which would have a dedicated space to provide on-site services to residents.

The rehab of 1501 and 1503 W. Cary St. has begun, with plans to renovate the 124-year-old buildings into a modernized mixed-use development with a half-dozen apartments and commercial space.  

The 300-room hotel would carry two Marriott’s brands, the Residence Inn and AC Hotels, and also house a rooftop dining area and a 10,000-square-foot ballroom.

Louis Heindl’s quarter-acre parcel sits in the heart of Mayo Island and it’s the one piece of the 15-acre expanse that’s not owned by the city.

Developer Richard Cuthbert is a few months away from completing his conversion of the building at 408 N. Sycamore St. into 24 apartments and three commercial storefronts.

While Richmond’s overall office leasing market is faring better than other regions, the loans on Riverfront Plaza’s twin towers and the Bank of America Center were recently put into special servicing.

From the Heart Church Ministries of Richmond has put about $5 million total into its purchase and renovation of the 38-acre former Abundant Life Church of Christ building in eastern Henrico.