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Richmond-based Shamin Hotels has purchased two former car dealerships in Colonial Heights with plans to turn them into medical office buildings with out-parcels for restaurants. The former Dominion Chevrolet-Buick-Cadillac Southpark and Priority Nissan properties were bought late last year for a combined purchase price of $4.4 million.
Neil Amin, Shamin’s chief executive, cited that the reason he bought the properties was because of the enormous amount of acreage that was available for mixed-use projects. Totaling 15-acres, he envisions both properties being anchored by medical office space with at least five out-parcel opportunities available. Shamin has already signed their client Colonial Orthopaedics for the Dominion site which they purchased together in November. A tenant for the Nissan site has yet to be signed.
Economic development officials from around Virginia remain optimistic about the region’s prospects, although they acknowledge a number of potential challenges. Representatives from the Virginia Economic Development Partnership and three local economic development offices discussed what trends they’re seeing in the region at today’s Greater Richmond Association of Commercial Real Estate (GRACRE) monthly event. (more…)
Virginia’s Gateway region received some very welcome news yesterday when Amazon.com announced that they would be building two new fulfillment centers in Chesterfield County and Dinwiddie County. The two new centers will employ over 1,300 full time employees which will assist a region that has struggled with high unemployment numbers. (more…)
Counting on strong demand for apartments and office space near Fort Lee and Virginia State University, Richmond-based developer Tom Wilkinson has been working on the largest adaptive reuse development in Petersburg. He now hopes to secure financing for a $40 million, 300,000 square-foot apartment and office project that will complete the $100 million conversion of seven buildings in a former cigarette factory downtown. (more…)
Less than a year after the city of Petersburg hired a law firm to collect overdue real estate taxes from 587 delinquent properties, over half – more than $1 million – of the total amount owed to the city has been payed. Nearly half of those properties have payed or started to pay their taxes in order to avoid foreclosure auction, while others have already been auctioned. A Regency Hotel property made among the largest payments to city at $200,000. City officials expect the delinquency rate to significantly decrease as a result of the strong collection effort.