Richmond Volleyball Club purchased the 73,500 square foot former Brown Distributing facility at 2921 Byrdhill Road in Henrico for $2.4 million. The Kane Company, an office services company, leased 48,500 square feet at 11810 N. Lakeridge Parkway in Hanover.
Commercial Real Estate
On Monday, the Richmond City Council unanimously approved final amendments to the downtown master plan, with language that works against the developers of a $160 million proposed mixed-use project on the riverfront.
Some self-employed business owners are setting up office-shares to defray costs and to have warm bodies around to bounce around ideas. And three local entrepreneurs think they have a better alternative to the growing throngs of self-employed Richmonders who use Starbucks and Panera as their de facto offices.
Seven GVA Advantis brokers left the troubled firm last week and are starting an affiliate of a new firm. Leading the pack is Charles Polk, who was GVA’s all-time top-producing broker.
Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.
Developers are lining up in opposition to new storm water requirements they say will dramatically increase the cost of development in the commonwealth, and may even scare off the sort of large companies that could bring thousands of new jobs.
The Richmond office of the commercial brokerage firm GVA Advantis apparently has escaped the ax. On Monday the company said it will close offices in Newport News and Northern Virginia. And unlike at the Norfolk office, where brokers have left for other firms, GVA’s Richmond brokers are staying put — for now.
Development of the next retail complex at Short Pump is back on schedule.
Board Paradise is locked today and there is a sign out front possibly warning the store’s owners not to have the locks change.
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).