In between developing office and apartment properties in Richmond in recent years, Yogi Singh and his crew were quietly amassing a sizable portfolio of real estate of a different sort.
Residential Real Estate
Recently approved changes to a decades-old program that has helped fuel redevelopment in Richmond through partial real estate tax abatements have some developers and builders who do business in the city on edge.
An apartment property in western Henrico with a history of changing hands about every other year is once again under new ownership, this time selling for $8 million more than it did just over two years ago.
One of the principals behind a recent condo development in the Libbie and Grove area is putting his unlived-in penthouse unit on the market, while also continuing to invest in a particular block in Manchester.
Fetching a rare eight figures from an unknown buyer, one of the largest residential real estate tracts along western Henrico’s River Road corridor has come in as the priciest Richmond-area home sale in recent memory.
Both localities are considering an 8 percent transient occupancy tax on certain Airbnb-style rentals.
A recent shortage of inspectors and an ongoing plan-review backlog – as well as the prospect of the proposed Navy Hill project – has prompted City Hall to begin rolling out a policy allowing third-party building inspections and reviews on a limited basis.
A new-to-Richmond development firm is proposing the maximum height allowed by a new transit-oriented zoning district along the Pulse corridor – even if that district has yet to reach the site where the 12-story tower is planned.
The resurgence of the former Cloverleaf Mall site in northern Chesterfield County is spilling over from the mixed-use Stonebridge development, with land around it set to be filled with a project that will add more than 1,000 new homes to the area.
A month after getting a thumbs-down from county planners, a controversial development that would add a hotel, commercial buildings and 600 homes between the Chesterfield airport and courthouse has been thrown a lifeline.