Commercial Real Estate

The 1 million-square-foot mall off Midlothian Turnpike dates back to the 1970s and most recently changed hands in 2013. 

The Richmond EDA, which owns the century-old building, is looking to field proposals that would see it restored or renovated, not demolished.

Chris Harrison, a former UVA and NFL football player and principal of Maryland-based C.A. Harrison Cos., was indicted this week on embezzlement charges involving the Model Tobacco project and an aborted rehab of the former Ramada Inn in Petersburg.

“While we were demoing it, our team came to the leadership and said, ‘This would be a great office. We should look at leasing this,’” DPR’s Emily Covey said of the former ECPI building.

Allianz Partners, which has a major office presence locally and provides event ticket insurance through venue promoter Live Nation, was announced as the title sponsor for the now-named Allianz Amphitheater.

“Within commercial real estate, this asset class is oftentimes labeled as recession-resistant. It performs well in up markets and also performs well in down markets,” developer Nitesh Sapra said. 

The apartments are a change from Landmark’s original plan that called for townhomes on the site behind the commercial section.

Enterprise Community Development has completed its 66-unit Highland Terrace Apartments and kicked off its 43-unit Green Park Apartments across the street.

For the second time this year, Northern Virginia-based development firm Sugar Mill Construction has put one of its Richmond project sites back on the market. 

Aurelie Capital is looking to build an eight-story apartment building on the site, which was previously approved for a six-story building with about two dozen fewer units.