The first of five turn-of-the-century industrial buildings to be turned into apartments is six weeks away from completion. The development is a $50 million project of Historic Housing, the same group that developed 17th Street Lofts and The Lofts at Canal Walk. The apartments start at around $900 a month.
Commercial Real Estate
No matter how you slice it, office vacancy rates are climbing in Richmond. And true to supply and demand, landlords are getting more and more generous with freebies such as up to six months free on a long-term lease to lure tenants.
R.E. Michel Company, a wholesale HVAC distributor, purchased the 20,500-square-foot industrial property in Chesterfield from K.B. Properties LLC for $1.625 million. R.E Michel, plans to relocate their distribution operations to this location. Andrew Todd Properties LLC purchased the 5,900-square-foot office building at 2310 W. Main St. in Richmond from Rich 6 LLC for $402,500.
Lagging attendance, sponsorship losses, and the auto meltdown in Detroit hover over NASCAR, but the Sprint Cup race this weekend at Richmond International Raceway will still have a huge economic impact on the area. There will be as many as 4,000 people working at the raceway complex over the weekend; the traveling vendors are still… Read more »
The empty grocery store and parking lot at Grace and Harrison streets could soon be converted into classrooms and library storage for VCU, according to the school’s facility manager.
Q-T Realty purchased the 18,000-square-foot office/warehouse at 10520 Lakeridge Parkway in Hanover for $1.2 million. Trimble Properties purchased the 6,000-square-foot office/warehouse at 11029 Richardson Road in Hanover for $650,000.
Dozens more retailers have disappeared from local malls in the past six months. About 15 percent of the storefronts in Richmond’s six largest malls are vacant.
After four months, the wait is over. A mixed-use development will move ahead on East Main Street in Shockoe Bottom.
Vacancies are on the rise in Carytown, and some businesses have joined together to save money and boost income.
Movie buffs and those with buff bodies now have two new haunts at Westchester Commons near the intersection of routes 60 and 288 in Chesterfield County.