Commercial Real Estate

Here’s a chronological run-down of all that happened with the Diamond District project this year. While parts of the up-and-down saga remain unresolved, the major milestone – a new baseball stadium – finally became a reality.

Cranes and construction sites abound in and around Scott’s Addition, as development in the neighborhood picked up renewed steam in 2024 and has plenty going for it into the new year. 

The 742-unit River Lofts at Tobacco Row sold earlier this month to Boston-based West Shore. The seller was Brookfield Properties, which had purchased them from their original developer, Cleveland-based Forest City.

About five months into the long-awaited project, construction for the new ballpark is in full swing and on track for its targeted opening in 2026.

The Henrico-based real estate firm looked to Wahoo country to deploy the first slice of a $50 million pool of investor capital it secured earlier this year.

The architecture and interior design practice formerly known as Price Simpson Harvey recently move its headquarters from Foushee Street in Monroe Ward to a space above Jason’s Deli on Willow Lawn Drive. 

The warehouses total 745,000 square feet and are fully leased to tenants such as packaging giant WestRock, logistics firm Veritiv and meat distributor Prime Meats. 

Previously only rumored to be involved in the project, the e-commerce giant purchased the Rockville site for $16.5 million weeks after plans were filed to revive the development.

Douglas paid $19 million for the former Dominion Energy high-rise in Richmond’s Financial District with plans to redevelop the 20-story building into 200 hotel rooms and 290 apartments.

The VCU Real Estate Foundation paid $540,000 for the vacant two-story structure that’s across from the construction site at Broad and Belvidere.