Commercial Real Estate

More Manchester mojo

New Manchester Flats is Fountainhead’s latest project, located at Gordon Avenue and East Seventh Street.

When finished, it will represent a $35 million investment and add about 175 residential units to the area. The development is partly financed by historical tax credits, as well as New Market tax credits (for development in low-income areas).

Wrecking ball takes aim at former hotel

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.

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.

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.