Even More Apartments Coming to Richmond
We’ve previously discussed the apartment boom in the city of Richmond and this week yet another new apartment project was announced. Spy Rock Real Estate seems has filed a special-use permit application for 193 apartments in a former Coca-Cola bottling plant in Richmond’s Scott’s Addition neighborhood. Despite Spy Rock’s general concern that the Richmond apartment market risks oversaturation, the developer is proceeding with this project because of a unique new construction component and ample parking. (more…)
Proffers Eliminated in Hanover and Challenged in Chesterfield
Proffers remain a hot topic around Virginia as two Central Virginia counties take a turn in the proffers spotlight. A rezoning request we reported about from developer Emerson Companies in Chesterfield that includes eliminating proffers was before the county’s Board of Supervisors last night after the planning commission and the planning department both recommended denial. The Board denied the rezoning application on a 4-1 vote. Supervisors opposed to the project rejected it because the request called for the end of cash proffers. A Supervisor noted that the county is currently evaluating its proffer policy and any action on proposals to eliminate proffers should not occur until the proffer study is complete. Emerson Companies was seeking the rezoning in order to build 44 additional apartments in the Chester Village Green community. That project seems unlikely now because the sale of the property to the developer was contingent on the rezoning request’s approval. (more…)
Lehman Unloads Archstone Properties
Almost a year ago to the day, we discussed what Lehman Brothers Holdings would eventually do with its investment in Archstone Enterprise LP as it worked to pay off creditors in bankruptcy. That day has come. Lehman announced this week that it has sold 40 percent of Archstone to Arlington County-based AvalonBay Communities, Inc. and the remaining 60 percent to Equity Residential. (more…)
Richmond Moves on Two Major Projects
Last night the Richmond City Council unanimously approved two key real estate projects that could reshape the city. The Council first voted to approve the city’s Riverfront Plan, an amendment to its 2001 Master Plan. The Riverfront Plan outlines development priorities along the James River, which runs through Richmond’s downtown. Further amendments to the plan are likely to be proposed by developers in the coming months. This has been a long process, as we previously covered, but the plan as adopted represents more than a year’s worth of planning and meetings. City Councilman Marty Jewell noted at the meeting that utilizing the river properly will require green space and commercial development. (more…)
Fairfax Measures Redeveloped Square Feet in Tysons Corner by the Millions
Two months after the Fairfax Board of Supervisors approved a massive expansion of the Capitol One headquarters in Tysons Corner, the board has now approved another 20-acre mixed-use development in the area. The county is taking aggressive steps to transform the mostly commercial, vehicle-congested Tysons Corner into an urban center. The mixed-use trend is something we’ve discussed before and is prevalent throughout Virginia. (more…)
