Veteran Hampton Roads Contractor Makes Bid to Build Four Norfolk Schools
Hoping to build on his experience and take advantage of a state law that encourages public-private partnerships, contractor Stephen Ballard has offered an unsolicited bid to construct four new schools in Norfolk. Ballard was on the development team of Old Dominion University’s Ted Constant Convocation Center and Virginia Beach’s Kellam High in Virginia, and is currently constructing two Wise County high schools as part of a public-private partnership. The cost details of his proposal have not been released, but Ballard said that by harnessing efficiencies through replication, economies of scale, and integration of architectural design and construction, he can build the new Norfolk schools in four years at a savings of $11 million as compared to the traditional method of designing and building individual schools through the solicitation process. The school board would still retain the flexibility of requesting reasonable design, appearance, and floor plan details for each structure without increasing costs. (more…)
Downturn for Downtown Norfolk Office Market
At 18.5%, downtown Norfolk’s office vacancy rate puts the large amount of visibly empty office space in cold, hard terms. The last time that number has been so stagnant was in the 1980s, when three large office towers opened around the same time. Now, industry experts blame the economy, competition, and technology trends for the high vacancy rate. Downtown Norfolk has not attracted new tenants, and current tenants have left downtown or are hesitant to hire more employees that require additional work space. When potential tenants do consider leasing, competition from suburban office parks that often offer lower rent and free or less expensive parking leave downtown options looking less attractive. A growing number of companies and organizations are needing less and less space as technology and worker expectations lead to more telecommuting. (more…)
Residential Foreclosure Activity Falls But Still in Flux
In our recent blog post, we’ve discussed the mostly positive trends in the residential real estate market throughout Virginia and the nation. Sales, prices, starts, and confidence are up while inventory, days on the market, and foreclosures are down. However, as with most indicators in the shaky general economic recovery, the key foreclosure rate appears to be in flux even as it trends downward. (more…)
Event Recap: Market Update and Motivational Insight
The residential real estate market in the Richmond region is improving, building on gains made in the past year. Given these developments and the industry’s recent hardships, it’s as important as ever for real estate professionals to grow up, show up, and never give up. These were the two key messages delivered at the Home Building Association of Richmond’s (HBAR) annual Pacesetters event. The program, which occurred this morning at the Hermitage Country Club in Goochland County, featured Bill White of Joyner Fine Properties discussing the state of the residential real estate market and Van Rose of Rose & Womble Realty providing a rousing motivational speech. (more…)
Hotel Updates in Richmond and Williamsburg
One of the most historic sites in downtown Richmond’s Shockoe Slip neighborhood will see a 134,000 square-foot double hotel now that City Council unanimously approved the project after the owner waited two years to successfully receive the special-use permit and assuage concerns about parking and traffic. Apple REIT is partnering with nonprofit First Freedom Center, which commemorates the 1786 Virginia statute that guaranteed religious freedom and was drafted on the site of the future development. A total of 210 rooms will be split between a Residence Inn and Courtyard by Marriott in a U-shape. The First Freedom Center will erect a monument and have office space in the building. Construction is planned to begin early next year. (more…)
