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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.
A landmark building in downtown Norfolk has been saved by new owners who promise to restore the landmark to its former glory. The Bankers Trust building, located on Granby Street, has been in disrepair for years and an eyesore in the heart of Norfolk. The city has issued code violations, expressed safety concerns, and placed more than $100,000 in liens on the building to recover costs related to temporary fixes it’s made to ensure the safety of those walking near the building. Despite these issues, US Development sees potential in the property and announced Friday that it had purchased the building.
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…)
A national REIT has closed on a deal to buy the last remaining development site at Reston Town Center. Boston Properties purchased the site from Beacon Capital Partners last week as part of a larger acquisition of Fountain Square. Originally, Beacon had planned to develop an office tower on the site that catered to technology companies, which make up a significant portion of the office tenants along the corridor. As a result of the Great Recession, however, Beacon was not able to finance the project.
Developers for a major new mixed-use development in Roanoke are beginning to release more details of the project in building permit applications. Positioned across from the Virginia Tech Carilion School of Medicine and Research Institute, Riverside Station is expected to be a $100 million development that includes apartments, retail, restaurants, and offices. Permits for the first building in the development have been filed and call for a 150-unit apartment building. The anticipated cost of this first building is $12 million.