Commercial Real Estate

The properties in question are: an entire city block at 701 E. Cary St.; its 20-story Eighth & Main office tower at 707 E. Main St.; and a 3-story parking deck at 620 E. Cary St. 

The deal involved two attached buildings in Shockoe Slip and a Richmond Highway industrial space, all while the firm continues to get the Diamond District project to the starting line.

The report from a healthcare consulting firm notes “a widely perceived lack of transparency and coordination between” the VCU and VCU Health boards,” with the aborted project “the most commonly cited example.”

Supervisors voted 4-3 to deny the proposed Summerlyn development, which would have been the county’s first rental community restricted to residents 55 and older.

“Everything we do is affordable,” said developer Jen Surber. “You can’t build (affordable units) quick enough. They lease up quickly and they stay full.”

The Richmond Electricians’ Joint Apprenticeship Training Committee just bought a 23,000-square-foot building that will give it room to train 500 students.

“The big question is why the financing was $100 million higher than the projected cost, and where did that money go,” asked one of several observers who have scrutinized the ill-fated deal.

The $450 million plan calls for nearly 1 million square feet of new construction on the 29-acre plot, which is envisioned as a “gateway to Henrico County from the City of Richmond,” said its developer.

LBA Realty bought more than 2 million square feet of warehouse space spread across more than a dozen buildings in Henrico County from real estate giant Prologis.

Only a few years after cutting the ribbon on a brand new, 150,000-square-foot headquarters in the West End, the local insurer is already running out of space.