Commercial Real Estate

The nearly 120-year-old building traded from one self-storage chain to another. The 92,000-square-foot structure was for a long time used as a tobacco warehouse.

While the land had been eyed for more than a year by D.C.-based developer for 314-unit apartment building, the buyer was an entity tied to a different real estate firm.

If approved, the five-story, 96-unit building would rise at the corner of Richmond Highway and Royall Avenue. The project is dubbed Marquez Plaza.

“The idea was, we’d rather do something timeless than something that’s new and flashy,” said Christian Kiniry. “We spent a lot of time on the windows and the skin of the building. We tried to make it more of a classic style.”

A warehouse in Henrico’s Westwood area that was set to become Scott’s Addition-esque modern office space is now heading back to its industrial roots. 

Construction has started on a five-story, 279-unit apartment building across Telegraph Road from the former mall site after the deal closed last month.

It’s the second piece of West Broad Village purchased in the last month by CTO Realty Growth, which was already the biggest commercial landlord in the mixed-use neighborhood.

The sizable changes planned for Virginia Union University’s campus as part of its recently unveiled master plan have also caught the eye of a first-time development duo looking to get in on the college’s growth. 

A firm tied to the family that once ran Richmond Raceway is working with a data center developer out of Atlanta to rezone the site that’s hosted the local flea market for decades.

The local company also has several hotels in the works in Chesterfield, though it says it’s awaiting financing in what it described as a challenging lending environment.