The Fifth and Avon Center being developed by River Bend Management will be getting a new, large-scale, retail anchor tenant when Wegmans Food Market move in. The shopping center, which has secured private investment, will be located in the southern portion of the city. Most development has been concentrated to the north of the city, which also boasts premium grocers The Fresh Market, Trader Joe’s, and Whole Foods. The Wegmans store will anchor the $100 million, 470,000 square-foot, 80-acre shopping center near I-64 that will house 30 businesses in retail and commercial space. (more…)
As we reported a few months ago, the long-planned extension of Metro rail service from D.C. to Dulles International Airport stirred debate in Fairfax County and especially Loudoun County, where the Board of Supervisors is still considering whether to forgo the second phase of the Silver Line in light of the fiscal and other impacts of bringing Metro to the area. However, developers in Reston are counting on the first phase of the rail extension, scheduled for completion in late 2013, for their own success and are drawing up plans, asking for rezoning, or breaking new ground on developments near the future Wiehle Avenue, Reston Town Center, and other stations. (more…)
With the downtown Richmond vacancy rate at a healthy 4.2% and the average rent at over $1,000 per month – compared to 7.1% and about $860, respectively, across the Richmond area – developers have continued a steady stream of apartment construction in nearly all of Richmond’s downtown neighborhoods, often using historic tax credits to help finance their projects. More than 1,000 units in approximately 15 developments are currently under construction and hundreds more are being planned in the area. (more…)
The Virginia Real Estate Blog wishes everyone a Happy Memorial Day! We are thankful for all the men and women who have served in the armed forces to protect our lives and liberty. As we remember those who died while serving, we recognize that the Virginia War Memorial has added 40 names to the Wall of Honor.
Historic tax credits have been a key component in the redevelopment of properties throughout Virginia. Although federal tax credits have been available since 1976, the state did not begin offering them until 1997. However, in the past 15 years, the credits and historic buildings have flourished. In that time, the Virginia Department of Historic Resources reports that state historic tax credits have spurred private investment valued at $1.5 billion and resulted in the rehabilitation of more than 1,200 landmark buildings. These projects have in turn generated significant economic impacts, including the creation of more than 10,700 jobs and $444 million in associated wages and salaries. It’s important to recognize the role that successful state programs, like the historic tax credit, play in the development and redevelopment of properties in Virginia. (more…)