Richmond
MARKET REPORT: Richmond’s Strengthening Economy Drives All Sectors of Real Estate
The first half of 2014 shows positive growth for Richmond’s multi-family and commercial markets, according to recent reports from Real Data and CBRE.
Chinese Company Plans $2B Pulp and Paper Plant in Chesterfield County
The state of Virginia is celebrating its latest economic development win. Shandong Tranlin Paper Co., Ltd., a Chinese pulp and paper company, will invest $2 billion over five years to build its first advanced manufacturing operation in Chesterfield County and create 2,000 new jobs by 2020. Governor Terry McAuliffe announced the project last month. It represents the largest Chinese investment and job creation project in Virginia history, and also the largest Chinese greenfield economic development project in the United States.
Lingerfelt CommonWealth Buys Richmond Marriott West; Cavalier Hotel Joins National Register of Historic Places
It’s been busy month so far for the Virginia hotel market, with the City of Norfolk and Gold Key | PHR Hotels & Resorts recently starting work on a $126 million hotel/conference center project, and with the opening of the new Hilton Garden Inn Virginia Beach Oceanfront. Now, the spotlight falls on two more Virginia hotels.
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.
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.
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.
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.
Zirpoli/Perrine Plans $40M Mixed-Use Project on Ocean View Ave.
A new mixed-use project will bring up to 280 apartments and retail space to the city of Norfolk. On Tuesday, March 18, the City Council approved the sale of 5.737 acres of land at 719 E. Ocean View Avenue to Robert Zirpoli’s Ocean View Properties Inc. The price of the transaction was $3 million.