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The residential real estate market in Northern Virginia continues to show significant signs of strength. Last month we discussed the rise in home sales and pricing for the region. This month, the good news continues for the homes market in Northern Virginia as it passes the $1 billion mark. The region again saw marked increased in the number of sales and sales prices for home. This growth resulted to a total sales volume of $1.008 billion for the month of April 2013 and was up almost 21 percent compared to April 2012. Crossing this threshold represents a significant achievement and highlights how hot the residential real estate market has become in Northern Virginia.
Tobacco Row, which helped to jump start the revitalization of Richmond’s old tobacco warehouses in the Shockoe Bottom area of the city, has been put on the market. The project converted a number of old warehouses into hip apartments and office space. ForestCity, a national real estate firm based in Cleveland, Ohio, owns Tobacco Row and announced this week that the development is for sale. Although an asking price has not been disclosed publicly, the assessed property value is more than $105 million.
Real estate developers Genesis Properties and Armada Hoffler received some good news this week when Virginia Commonwealth University signed a new lease to remain at 700 Centre in downtown Richmond. The historic office tower was built in 1913 as the headquarters for Virginia Electric Power Company. After VEPCO departed, the building was used by various companies and state agencies. It had fallen on hard times over the past several years due to its age and a lack of amenities that many businesses have become accustomed to in Class A and B space. (more…)
Richmond’s urban core has been experiencing an extensive revitalization in the past few years as dormant or dated skyscrapers are redeveloped. We’ve previously discussed a number of major projects that converted space into apartments, including the John Marshall Hotel and Fidelity National Bank Building. Now an 18-story office building at 700 East Main Street is under contract. Shamin Hotels, a Virginia-based hotel operator, has the property under contract and is considering its conversion to a hotel.