One of Richmond’s first modernist hotels might soon be demolished to make way for a mixed-use center, including residences for adults with developmental disabilities.
Commercial Real Estate
VCU retail struggles to take hold on Broad
The rapid growth of VCU attracted a number of new businesses hoping to cash in on the expanding student body. But apparently students are a fickle bunch: Several businesses around campus have shuttered their doors in recent months, including Cuppa Tea and Common Groundz.
Tougher runoff standards would slow growth
The state is seeking to reduce the amount of phosphorous runoff allowed by new developments, a measure that could limit the scope of new construction projects if it becomes law.
Speakers:Commercial real estate far from recovering
“Commercial real estate has not begun to feel the pain,” said Panelist Bob O’Rourke, managing director of real estate for the Guardian Life Insurance Company.
More residential units coming in Manchester
The almost century-old Acme Paper warehouse in Manchester is being converted into a $6.5 million, 70-unit complex called Perry Place Apartments. The historic renovation joins a growing list of redevelopment projects in the Southside neighborhood and is expected to be ready for residents by the end of summer.
Developer withdraws from Hanover project
A Washington developer has pulled out of its commitment to buy and develop 36 acres near Bass Pro Shops in Hanover County. So far, the boat and fishing store is the only structure. But outlet shopping is still on track.
The Pipeline: Commercial Real Estate Round Up for 6.12.09
GPM Investments, an operator of convenience stores on the East Coast, has leased 25,600 square feet at 8565 Magellen Parkway in Henrico. Precision Recycling leased 15,300 square feet at 13101 N. Enon Church Road in Chesterfield.
New life at John Marshall Hotel?
The two firms leading the development effort, Commonwealth Commercial Partners and Dominion Realty Partners, have been mostly quiet on the project since first announcing their intent at the end of last summer. But engineers filed permits last week to start around $18 million in renovations.
Two local Chrysler dealerships part of nationwide cut
Two of the area’s Chrysler dealerships will be closed by the automaker, according to a list of 789 that appeared Thursday morning as part of Chrysler’s bankruptcy proceedings. And the pain is going to get worse. GM is announcing today dealerships it will close. One source has said that could be three to five in… Read more »
Foreclosure at Midlothian development
A lender is forcing a foreclosure sale for part of a massive mixed-use project in Chesterfield County.