Lynchburg has decided to sell more than six acres of city-owned land to a developer planning a new shopping center, complete with upscale retail new to the area, possibly with The Fresh Market grocery store as an anchor. The chain is making an expansion push, and its nearest locations to Lynchburg are in Richmond and Roanoke. (more…)
Reston Town Center – a mixed-used, master-planned community in Fairfax County — could get a new 23-story signature tower. A recent proposal from RTC Partnership LLC calls for the mixed-use tower in the community. It would be featured prominently on Reston Parkway, replacing the current office building, known as Town Center Office Building. If the proposed project is approved — it still requires reviews from the Reston Association of Homeowners and Fairfax County Planning Commission — it would be the tallest building in Reston. The plans call for the first five floors to include parking and retail space. A restaurant suitable for indoor/outdoor dining would be located on the sixth floor and the remainder of the tower would be dedicated to office space. (more…)
Richmond-area home builders believe that 2012 is going to be the year that things turn around. Last year, only 1,954 new homes were sold in the region which is the lowest number on record. In addition to actual sales, average prices have also dropped by $70,000 since their height in 2007. This is all going to change though, according to experts in the industry. The most encouraging sign is an increase in building permits which rose to 490 in the last three months of 2011 as opposed to 364 in the last three months of 2010. Builders are getting more aggressive because they want to have inventory and parcels ready when things do turn around. Continue to monitor the Virginia Real Estate Blog for updates regarding new home sales across the state.
It looks like the residential real estate market in Virginia may take another hit as the number of vacant houses continues to rise, posing a threat to the housing recovery. A recent report from a Virginia nonprofit based in Richmond, Home Opportunities Made Equal of Virginia Inc. (HOME), details how the foreclosure crisis and resulting high vacancy rate is having a negative impact on the Commonwealth. (more…)
It is not often that you hear of someone taking the time to revive a historic property just for the sake of it – but that is exactly what Bill Elliot, an electrical contractor, did. The Woolworth’s building in downtown Roanoke has sat empty for a number of years and has fallen into disrepair. Back in 2008, Elliot purchased the property and converted it into a mixed-use office and residential parcel containing two small offices on the first floor and 11 apartments on the second floor. (more…)