Commercial Real Estate

Virginia Housing is looking to provide some extra parking for its employees – and potentially for concertgoers at downtown’s newest music venue.

“It’s in great shape, but it’s just a little tired,” principal Dave McCormack said of the Mayland Drive building that Waukeshaw plans to renovate. The deal included a parking lot it’s also looking to flip.

The initial phase will start beside the new CarMax Park and include residential buildings, a 180-room hotel and an office building that is planned to rise five floors or higher.

The auctioneer said they’re now in discussions with multiple parties who are interested in the property but didn’t want to get in at the auction’s $300,000 starting bid. 

After getting approval from Ashland but denied by Hanover for a data center campus that would straddle the town-and-county line, the project’s developer is back with a tweaked proposal.

Sauer Properties recently filed plans to build a pair of four-story apartment buildings with more than 200 units on the grounds of the Festival at Midlothian retail complex at 9700 Midlothian Turnpike.

Liquidity in secondary markets is always an area of concern for many institutional investors. That is no longer the case for the industrial sector in Richmond,” Lingerfelt President Brian Witthoefft said.

The prolific local real estate family has added to their downtown portfolio with one of the locations that Wells Fargo closed in the region in recent years.

“It’s definitely one of those properties that has been underutilized, and it was sorely in need of redeveloping,” said one of the developers. “We think it’s a great location and we think there’s a big need for new construction housing in the city.”

After finding the project’s original developer in default, Henrico “is eager to attract a new partner or partners that are proven, competent and capitalized to deliver on what’s clearly a once-in-a-lifetime development opportunity.”