Back in March, we discussed the submission of a development proposal for a mixed-use project in Blacksburg called Fiddler’s Green. The 20-acre project, which was to be located on the former Blacksburg Middle School site, included residential, retail, and office properties. Despite concessions from the developer to meet certain conditions in order to receive rezoning approval, it appears that the project may be dead. (more…)
The multifamily market in the Hampton Roads area continues to boom, but an increasing chorus of voices is raising concern about the stability of the apartment sector in the region. About a year ago, we first began to warn about potential overbuilding in the region as additional apartment complexes were proposed and developed. A new report shows that the number of apartment units coming online in Hampton Roads continues to grow even as vacancy rates tick upwards. Real Data reported that the number of apartments under construction in Hampton Roads surpassed 2,000 units in 2012 and almost 3,000 more units are planned. Meanwhile, vacancy rates in the region are rising – hitting 7.3% last year – as supply outpaces demand.
Tysons is undergoing a major transformation to become primarily focused on mixed-use development. This once sleepy suburban area – and more recently traffic-clogged community – hopes to transform itself into an urban edge city. We’ve previously discussed the efforts to redevelop Tysons and recently featured one of those key projects, Scotts Run South, as our deal of the month. A centerpiece of the Tysons’ transformation has been Capital One’s headquarters complex. The financial services giant successfully requested permission from Fairfax County to rezone its 26-acre campus for mixed-use development. Earlier this month, Capital One submitted a new zoning application to expand its original plans.
As retail sales continue to climb, mall owners are looking at new ways to get consumers back to their properties. Brick and mortar retailers were one of the biggest causalities of the Great Recession as consumer confidence sank to new lows and more people turned to the internet to find what they were looking for. Now, retail centers are looking to reinvent themselves into dynamic place-making destinations. Over the past few months we have reported on large-scale renovations of malls in both Northern Virginia and Richmond. These malls are changing their entire approach by becoming mixed-use developments where people can live, work, and – of course – shop.
A new mixed-use project planned near a future Virginia Railway Express (VRE) station in Spotsylvania County has been delayed as the county’s Planning Commission held off a decision on a rezoning application. The planned project, known as Crossroads Station, would be a 46-acre development next to the existing Crossroads Business Park and would include both apartments and retail space. Developers are planning for up to 610 apartments and 950,000 square feet of commercial space. They believe the location near the VRE station makes the development especially attractive to potential tenants. Adding a wrinkle, this project represents the first rezoning application to request the new mixed-use category, which was added last year in the county. Although mixed-use projects are becoming increasingly popular around the state, local planning officials in Spotsylvania County have concerns about Crossroads Station.