Virginia Beach is the fourth least expensive commercial real estate market in the nation, according to a Building Owners and Managers Association report, which states that the city costs $5.11 per square foot in operating expenses. In contrast, that number is $12.46 in the most expensive market in the country, New York City. (more…)
Yesterday we reported on the Dollar General that the presumed new owner of a tract of industrial land in Henry County wants to build, and last night the Board of Supervisors approved the necessary rezoning that allows for the development to move forward. The county now awaits a site plan for the 1.59 acres on which a 91,000 square-foot store with 42 parking spaces is expected. The land is part of the former Stanley Furniture 125-acre site.
A couple months after Henry County approved a dollar store and accompanying parking to be developed in Martinsville with an estimated tax assessment of $1.1 million and $22,000 in annual tax revenue, the Board of Supervisors is again likely to give the green light to a similar project by the same developer in an industrial area. If approved, the parcel, which housed lumber storage for a furniture manufacturer, would be rezoned to allow for commercial development like the 91,000 square-foot dollar store with 42 parking spaces the new owners want to build. (more…)
Hoping to replicate its success in Fredericksburg, where several physicians purchased lots next to Mary Washington Hospital to build medical offices, the Mary Washington Healthcare company is planning to develop 10 lots on 22 acres adjacent to Stafford Hospital in Stafford County. Site work has already begun with target completion around late autumn. (more…)
Late last week news broke that the city of Virginia Beach and Comcast-Spectator were considering an initial pitch for a new 18,000-seat arena to bring a professional sports team to Virginia Beach. The major development is proposed near the Virginia Beach Convention Center and not far from the oceanfront. Comcast-Spectator, which owns a professional sports complex in Philadelphia, is rumored to be trying to lure the NBA’s Sacramento Kings to the area. (more…)