Norfolk Waterside Update: Rejected Developer Formulates New Plan
Last week we reported that Norfolk City Manager Marcus Jones formally recommended to City Council that the Waterside building should be renovated into an entertainment and restaurant center as proposed by Cordish Companies, one of two developers who made the final cut from an initial five proposals. Now, Harvey Lindsay Development Group, whose plan was rejected, has contacted members of Council with a revised proposal that the developer says is based on an older study commissioned by the city that calls for a downtown conference center. (more…)
Roanoke Real Estate Experts Offer Lessons for Region and Nation
A panel of real estate experts in Roanoke identified economic strengths in the Roanoke Valley that should provide optimism for the market there: decreasing unemployment, relatively low commercial real estate vacancy, and stronger demand as a result of growth from local universities, hospitals, and Interstate 81. Nationally, low interest rates and the widespread purchase of foreclosed properties are good signs, the panelists said. When unemployment falls, consumer confidence rises, so the job market is key to recovery as the repressed demand of potential buyers is released. Once the inventory of existing homes starts to decrease, more new construction can be started and the overall residential real estate market will improve. Realtors in the Roanoke region reported what they see as a new trend among home buyers to forego larger homes they qualify for financially in favor of smaller, more affordable houses. (more…)
Feeling Like You’re on Vacation While at Home
In more Richmond news, with the idea that vacationers at resorts who enjoy going outside and mingling with fellow guests would enjoy a similar experience right at home, Hampton Roads-based developer The Breeden Company plans to build 420 apartment units on 30 acres, which Breeden purchased in February for almost $9 million, near Henrico County’s popular Short Pump Town Center and two other Breeden assets, commercial Towne Center West and Reflections of West Creek apartments. (more…)
Richmond Region: Landmark Art Institute for Downtown and Condo Construction in West End
The Richmond renaissance of construction continues with two very different developments announced this week. Virginia Commonwealth University will use $32 million of private funds to build a 3-story, 38,000 square foot contemporary art institute and museum on the corner of a busy downtown intersection that is considered a gateway to the city from nearby Interstate 95. The structure’s modern, bold design includes two fronts, a sculpture garden, performance space, and unique gallery layout. Once built the institute hopes to serve as a catalyst for economic development and an anchor for the neighboring arts and culture district the city is considering. (more…)
Florida Ponzi Scheme Affects Albemarle Shopping Center
Virginia’s Albemarle County is about 1,000 miles away from Florida’s Miami Beach, but that distance did not stop a failed Ponzi scheme from causing the small Charlottesville Center to end up in foreclosure auction. The strip mall is owned by a Floridian couple – who also own commercial properties throughout the South and Mid-Atlantic – that was convicted of knowingly making loans to and benefiting from the huge Miami Beach-based Ponzi scheme engineered by Nevin Shapiro. The couple was forced into bankruptcy and defaulted on the property, the proceeds from the sale of which will go toward paying back duped investors. (more…)
