Commercial Real Estate

The developer envisions potentially 11 data center facilities with a total of about 2 million square feet on more than 700 acres just outside Colonial Heights.

A VCU spokesperson said there are “no specific purposes identified by the university” for the property and that Rite Aid will continue to lease its building and parking lot.

The two spec buildings will total 350,000 square feet and are being developed by Crescent Communities’ Axial Industrial division and Atapco Properties, marking that company’s first local project.

The sale comes as the Reynolds family is planning to transform many of the surrounding parking lots with residential and mixed-use buildings, some potentially reaching 12 stories. 

The price for the 2.4-acre plot comes to $5.6 million per acre, the most paid by any developer for land per acre in Scott’s Addition.

The judge dismissed the lawsuit from Republic Properties, which argued that Thalhimer Realty Partners and Loop Capital breached an alleged partnership when they continued with the project without Republic. The D.C.-based firm has 28 days to amend the suit.

The Henrico-based firm is partnering with SCOA Real Estate Partners to develop a spec distribution center near Prince George and has restructured its leadership with a series of promotions.

Movement on the project comes shortly after Greyhound cut a deal with the city to move buses to Main Street Station downtown.

The subcontractor has asked a judge to order the sale of the property, while several firms involved in work on the facility that have filed liens totaling at least another $13 million.

Bryon and Nicole Jessee are working with local contractor Ed Bowman to convert the 184-year-old mansion into a 12-room hotel. They bought the property Friday for $1.6 million after five years on and off the market.