Commercial Real Estate

Flagship Healthcare Properties paid $5 million for the building and is under contract to purchase land nearby for a from-scratch medical office development.

With more than 300 units between them, the two projects will add to a residential and commercial corridor that has taken some hits over the past year.

North Carolina-based developer Hem + Spire bought the six-story building in January 2020 for $1.5 million. Next month’s auction has a starting bid of $450,000.

The buyer was Lakeland Capital, which has spent more than $22 million on properties in Richmond since 2022.

Construction of the now-named Riverfront Amphitheater officially kicked off with a ceremony Wednesday that also announced the involvement of Live Nation Entertainment, which will operate the venue with Coran Capshaw’s Red Light Events.

The move to a significantly smaller stomping ground in the Park Central office park reflects the auto insurer’s switch to remote work during COVID that continues today in a hybrid form.

“The university is dedicated to supporting academic freedom, even in instances in which it disagrees with content,” VCU said in a statement released minutes after the poll’s results were disseminated Monday.

The seller of the 296-unit apartment complex was busy local firm Capital Square, which had bought the property in 2018 for $39.5 million. 

The Henrico-based developer that’s planning the project is also in the midst of building a boutique hotel in Charleston, South Carolina.

“When folks drive down Hermitage Road come March and April… they’ll see some fences up and they’ll see some signs up for what’s coming,” McLaughlin said. “They’ll see a whole bunch of big machines moving buildings and dirt.”