This week the Danville City Council approved a multifamily development that will transform three vacant buildings into affordable apartments. Located in the city’s Westmoreland neighborhood, this project will provide much needed revitalization and affordable living options. The development calls for the conversion of three buildings, including the former Sledd Memorial Church, into 15 apartments at a cost of $2.6 million.
It has been a long and bumpy road for the troubled Celebrate Virginia development which was originally conceived by the Silver Companies in 2003 as a signature mixed-use development. The project, which encompasses both the Fredericksburg side and Stafford side of the Rappahannock River, was hit very hard by the Great Recession as interest in developing new homes and retail centers dwindled. Now, 229-acres of the northern part of the project is headed to auction in late April in order to pay delinquent taxes to Stafford County. (more…)
The redeveloped Springfield Mall, now known as Springfield Town Center, was sold by its owner, Vornado Realty Trust, to Pennsylvania Real Estate Investment Trust (PREIT) for $465 million. This massive deal should close by the end of the month and reinforces the level of interest in mixed-use and town center style developments.According to terms of the deal, Vornado will receive $340 million in cash and a $125 million ownership stake in the newly redeveloped property.
A year ago, we discussed the mixed-use development proposal that Fiddler’s Green Partners put forth for the Blacksburg Middle School site. That proposal was rejected in May by town planners for not conforming to the comprehensive plan and Fiddler’s Green Partners eventually withdrew. Now, six months after the withdrawal, the fate of the site is still in limbo and Montgomery County supervisors are gearing up for a long debate as to whether or not Blacksburg’s officials are really willing to come to the table with solutions to the County’s budget concerns. (more…)
There were a handful of big developments that made headlines in February, and as the Spring rolls around there are sure to be many more that come to light in March and April. But the biggest, and certainly the bravest, was the announcement by D.C.-area developer JBG Companies of a new, 32-story skyscraper in Rosslyn called Central Place. The tower will include a whopping 377 apartments, as well as 25,000+ square feet of retail. (more…)