Commercial Real Estate

The temporary center is a precursor to the Danish toymaker’s $1 billion, 1.7 million-square-foot manufacturing plant in the nearby Meadowville Technology Park.

The state describes Capitol Square as the “nucleus of downtown Richmond” and said in an RFP it’s seeking a “conceptual, philosophical, visual framework that reimagines the Capitol Square Experience for all stakeholders.”

After a court battle prompted by lawsuits from a general contractor and lender, American Real Estate Partners beat out Hourigan and received approval last week for its $16.5 million to purchase the stalled manufacturing facility.

As 2023 draws to a close, in its rearview mirror are multiple announcements for massive, consequential developments in the Richmond region. 

The events that led up to it were years in the making, but it was over the course of this year that the controversial and costly downtown development deal was revealed and unraveled.

In the face of rising interest rates, the combined price tag of the 10 biggest real estate deals in the region this year was $759 million. That’s down more than 36 percent compared to last year’s list. 

The site is next door to an undeveloped parcel where an out-of-town firm is planning an 84-unit housing development.

The new phase, called Rise II, is slated to take shape on a roughly 2-acre portion of a parking lot between the first phase of apartments and Starling Drive on the western side of the mall.

Hourigan’s pre-auction offer adds to the lone bid that was received from a Fairfax-based REIT that once owned the Riverside on the James office and condo tower in downtown Richmond.

A 119-room TownePlace Suites by Marriott is set to rise on the site that was once floated for a Carvana “car vending machine” tower.