From apartments to data centers to hotels, the region’s commercial development market experienced exceptional growth across many sectors in 2019.
Commercial Real Estate
Through a chance encounter and a 1031 exchange between two generations of Richmond property owners, one of the oldest buildings in Shockoe Slip and among the first to be converted to apartments has changed hands in a multimillion-dollar deal.
Local pit master Chris Davis hit two milestones in Church Hill in recent months.
The Whole Foods-anchored development from the Sauer family continues to fill out, with a tenant taking over an entire building at 840 Hermitage Road.
A 122-acre project that would add a hotel and a mix of commercial and residential development near the Chesterfield County courthouse received an initial “no” vote from the county’s Planning Commission this week.
The Virginia Physicians for Women is moving its administrative headquarters, surgical center and Midlothian clinic into a new 60,000-square-foot medical office near Chesterfield Towne Center.
The biggest sale of the bunch was that of an old bank building at 1518 Hull St., which went to local developer Josh Bilder for $1.6 million. The old Lighthouse Diner building also sold.
Two brothers, graduates of UR and JMU, are bringing an X-Golf franchise to the Chesterfield shopping center. It features simulators, along with food and a full bar.
Seasoned developer Steve Leibovic is the buyer for the nearly 2-acre assemblage, which for now is home to tenants such as Gusti Restaurant Equipment & Supply.
With the purchase, VUU President Hakim Lucas said, “We have said that we now control our environment, that we are going to be a player in the city, that someone else is not going to dictate how we expand and not going to dictate our future.”