News

New lease on life for Cold Storage plant

The first of five turn-of-the-century industrial buildings to be turned into apartments is six weeks away from completion. The development is a $50 million project of Historic Housing, the same group that developed 17th Street Lofts and The Lofts at Canal Walk. The apartments start at around $900 a month.

Asking for change in response to panhandling

Local businesses, in particular retailers, say panhandlers scare off customers, even if there is no threat to safety. And a growing homeless population can also be a blemish for economic developers trying to show off the region. To combat the problem, the nonprofit group Homeward launched a three-month campaign Monday to remind residents that handing over spare change might not be the best way to help.

New ABC program may eventually soften the hated 45% ratio

The often-ridiculed law that requires restaurants to sell a minimum dollar value of food based on liquor sales has shown extraordinary staying power, in part because a powerful beer and wine lobby opposes upsetting the status quo.

But one law based on House Bill 2293, could make things easier for restaurant owners who want to sell high-quality liquor by allowing restaurants to calculate their ratio based on the volume of liquor sold, not by the dollar figure as is currently done.

No relief in sight for office vacancy

No matter how you slice it, office vacancy rates are climbing in Richmond. And true to supply and demand, landlords are getting more and more generous with freebies such as up to six months free on a long-term lease to lure tenants.

Q&A: Rewriting role of Va.’s film industry

Virginia Film Commissioner Rita McClenny is trying to keep the momentum going, perhaps by bringing Steven Spielberg to the state. But McClenny says that without government funding for attraction programs, Virginia is not competitive enough with other states that do have lucrative incentive programs.

The Pipeline: Commercial Real Estate Round Up for 5.8.09

R.E. Michel Company, a wholesale HVAC distributor, purchased the 20,500-square-foot industrial property in Chesterfield from K.B. Properties LLC for $1.625 million. R.E Michel, plans to relocate their distribution operations to this location. Andrew Todd Properties LLC purchased the 5,900-square-foot office building at 2310 W. Main St. in Richmond from Rich 6 LLC for $402,500.

Private equity firm buys cold storage biz

Richmond Cold Storage Co. Inc., a 102-year-old firm based here, was sold Wednesday to Atlanta Equity Fund LP for an undisclosed sum. Richmond Cold Storage is a privately held company with a network of warehouses with approximately 49-million-cubic feet of refrigerated space in states throughout the Southeast. Current management will continue to run the Richmond… Read more »

Magnolia Green goes into foreclosure

The financially troubled Magnolia Green Development, LLC (MGD) has been foreclosed on by its New York lender, iStar Financial. The lender claims that MGD has defaulted on a loan of $96.9 million that was issued in January of 2007, according to legal documents. The property will be offered for sale on May 19, the Times-Dispatch… Read more »

Va. regulations chasing payday lenders away

Several payday lenders – such as Check ’n Go and Allied Cash Advance – are leaving Virginia. Advance America, which operates the Cash Advance Centers of Virginia, is on the ropes, too. CNS analyzed the location of the 598 payday loan stores registered in Virginia as of April 7. The analysis examined the number of payday lenders by Zip code. The 23230 Zip code boasts one of the highest concentrations of payday lending stores in Virginia, with almost one location for every 1,000 residents. The area is also among the poorer sections of metro Richmond, with a median household income about $10,000 below the state average.