Deadline Approaching for Virginia Beach Oceanfront Site Plan
What is there to do in Virginia Beach when not at the beach? What is there to do in the winter? City officials have been waiting almost four years for Dallas-based developer and businessman Michael Jenkins to help them answer those questions. After an impressive proposal to transform the now vacant site of the former Dome venue into an ambitious year-round entertainment center that would build a 440,000 square foot complex to house over forty entertainment options, the city granted Jenkins eight months for an exclusive contract to develop the 8.5 acre site. The venue would be complete with a theater for Broadway style shows, amusement rides, unique dining options, and other attractions. But the current extension expires March 31, 2012 and the city is still waiting, so City Council has warned that failure of Jenkins’ Leisure and Recreation Concepts, Inc. to deliver a plan would jeopardize the exclusivity agreement, opening up the project to other developers. (more…)
Richmond Office Market Making Strong Comeback
The numbers are out and Richmond region commercial real estate did pretty well in 2011. Overall, the area saw a positive absorption of over 490,000 square feet. This is a major victory for an area that saw a great deal of commercial inventory come online when Circuit City and LandAmerica went bankrupt. It has taken several years but those large office blocks in the Northwestern quadrant of the region are finally being leased. Many brokers are calling 2011 the year that Innsbrook came back thanks to major leases by SnagAJob.com, Mondial Assistance, and Capital One. (more…)
Norfolk Waterside Update: All Five Proposals Now Public
Despite Norfolk’s official policy that the five proposals for Waterside under review by a closed committee made up of city officials were to remain confidential until ready for the public, details of three of the proposals surfaced last week and this week. Last night before a crowded audience, City Council was briefed on all five proposals - a mix of old and new ideas – including the two remaining plans. (more…)
2011 Worst Year for New Home Sales on Record
It is official, 2011 was the worst year for new home sales on record, according to a report by the Department of Commerce which was released today. Only about 302,000 new homes were sold over the entire year. Additionally, new home median prices dropped to $210,300. This is terrible news at a time when the new home construction industry needs good news. (more…)
Staunton to Get Multimillion Dollar Investment
A Richmond-based investor group relying partly on historic tax credits will fund the renovation of three antebellum buildings in downtown Staunton. Some of the key investors have ties to both Staunton and Richmond as developers of or investors in the Villages at Staunton, a large mixed-used area that used to be a mental hospital and prison, and West Broad Village in Henrico County’s Short Pump area. They also were among the first to plunge into the renewal of Old Manchester, Oregon Hill, and Monroe Ward in Richmond as well as properties in Petersburg. (more…)
