Richmond
Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens
Reynolds Development broke ground in mid-May on the newest phase of development at The Shoppes at Reynolds Crossing, near the intersection of Glenside Avenue and Forest Avenue, in Richmond. The project calls for the construction of a new retail building. It is scheduled to open in the first quarter of 2015.
ViCU Plans June Groundbreaking for Arts Center; Name to Honor Markel Corp. Gift
Virginia Commonwealth University will break ground this June on the Institute for Contemporary Art (ICA). The new center will be a combination exhibition and performance space. It will include a laboratory and incubator for the presentation of visual art, theater, music, dance and film, helping to complement and enhance the offerings of VCU.
Franklin Johnston Brings 2 Affordable Housing Communities to Norfolk
The Virginia Beach-based Franklin Johnston Group (FJG) is working hard to bring two new affordable living communities to Norfolk. Together, the two projects call for the construction of over 450 units.
New Owners for Richmond’s 110-Year-Old Mutual Building, Maritime Square Building in Newport News
One of Richmond’s first high-rise office buildings has recently changed hands. Parmenter Realty Partners has sold the Mutual Building to 909 Main, LLC, an entity associated with Shamin Hotels, for $3,275,000.
Redskins’ New Training Complex Wins Award for Project of the Year
With a 3-13 record, 2013 has been a disastrous season for the Washington Redskins, the worst since 1994. However, the team did manage to bring home an award. The Bon Secours Washington Redskins Training Center was recently named real estate Project of the Year, at the 13th annual real estate awards program, sponsored by the Greater Richmond Association for Commercial Real Estate.
Armada Hoffler to Redevelop Williamsburg Outlet Mall
Armada Hoffler Properties, Inc., a publicly traded real estate investment trust based in Virginia Beach, has announced last week the newest project in its next generation development pipeline. The company has formed a joint venture with Vistacor LLC. Together they will develop a grocery-anchored shopping center in Williamsburg, Virginia. Armada Hoffler is the majority partner in the joint venture.
Mayor Jones Announces $10M Grant for Final Phase of Main Street Station Renovation
The city of Richmond has been working for more than 20 years to rehabilitate the Main Street Station, one of downtown’s most visible landmarks, and turn it into a multimodal transportation center that will serve Amtrak, buses, shuttles, taxis and alternative modes of travel. Now, the renovation project is nearing completion.
Virginia Beach Joint-Use Library Wins LEED Gold Certification
Ground was broken on Virginia Beach’s unique Joint-Use Library in June, 2011. The Tidewater Community College teamed up with the city of Virginia Beach on the $43 million project. After two years of construction, the library opened on August 17, 2013. Recently, it has received LEED Gold Certification from the U.S. Green Building Council.
Norfolk’s 3rd DoubleTree Opens After Makeover, Rebranding
A new hotel is ready to serve Virginia’s busy Hampton Roads region. On Monday, March 31, DoubleTree by Hilton and Hilton Worldwide announced that the DoubleTree by Hilton Norfolk Airport has opened at 1500 N. Military Highway, in Norfolk. The hotel, formerly the Hilton Norfolk Airport, underwent a multi-million dollar renovation project.
Miller Associates, Spy Rock Add 334 Units to Richmond’s M-F Boom
In its latest apartment market report for the Richmond area, Real Data said demand was at a three year high with more than 1,200 units absorbed over the past six months. Occupancy has reached 94.3%, while the average monthly rent went up to $909 per month. 3,000 apartment units are currently under construction in Richmond as developers are rushing to meet the growing demand.