Big Commercial Development in Bristol Moves Forward
The Falls, a major commercial development proposed in the city of Bristol, seems ready to move forward as financing falls into place. The city has been working to arrange financing support for the retail center through revenue bonds. Earlier this week, the city learned that the he Virginia Tobacco Commission approved a $5.5 million funding guarantee, making the bond sale much more attractive and likely. City officials have been pursuing this massive project because they believe it will be a major economic driver for the city.
Major Mixed-Use Rezoning Approved in Orange County
The Orange County Board of Supervisors this week approved the rezoning request for Signature Station, a major mixed-use development in the County near Route 3. The 3-2 vote signified a major turnaround for the project which was first proposed by the developer and rejected by the county in 2006. Signature Station returned earlier this year when the developer, Signature Series Development LLC, asked the county to rezone 76 acres of agricultural land to 47 acres of multifamily and 28 acres of commercial. The county’s Planning Commission had recommended approval of the project to the Board of Supervisors, which voted in favor of the proposal after the developer negotiated proffer concessions with the county.
Virginia Housing Market Shows Improvement
More good news for the Virginia residential real estate market as new data on home sales across the state was released by the Virginia Association of Realtors. Virginia home sales increased 10.8% in April 2013 compared to April 2012 and reached 8,540 sales, which was the highest figure since last summer. The sales volume of real estate sold in Virginia during April 2013 also marks a significant 16.7% increase in the volume of real estate being transferred compared to last April. Further positive signs were in the home prices as well. Median home sale prices across the state were up more than $10,000 and reached $250,000 in April 2013, compared with $238,990 in April 2012. (more…)
Thompson Reveals Plans for Cavalier Hotel Site
Virginia Beached-based developer Bruce Thompson revealed his plans for the Cavalier Hotel and the surrounding site at a special meeting of the Virginia Beach City Council yesterday. The proposed $200 million plan includes renovating the historic 86-year old hotel and adding low density housing including condos, cottages, and larger homes on vacant land around the property. Thompson’s goal is to keep the historic charm of the property in tact while making it more “hip” to tourists and buyers. (more…)
Alexandria Development Lands Major New Tenant
A large, mixed-use development in Alexandria will benefit from one of the largest recent moves of federal workers in Northern Virginia as the National Science Foundation (NSF) announced last week that it will relocate from Arlington’s Ballston area to Alexandria’s Hoffman Town Center community. NSF will occupy more than 660,000 square feet at its new site and the move is expected to be completed by 2017. The General Services Administration, which handles real estate matters for the federal government, negotiated the 15-year lease. The agency’s headquarters, which will house 2,100 employees and host more than 60,000 visitors per year, will be built on parking lots next to the existing AMC movie complex at the development. The building will be within close proximity to the Eisenhower Avenue Metro station as well.
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