160-unit complex planned near VCU
March 15, 2010 by Al Harris · 2 Comments
More students means more need for housing.
Gilbane Inc., a Providence, R.I.-based construction and development company, is seeking permission to build 160 student apartments near Virginia Commonwealth University.
The company has a pending zoning request to allow new construction at the site, located at 8 1/2 Canal Street at the intersection with Foushee Street. The application was submitted Jan. 26.
The site is next to the new VCU Brand Center and close to the business and engineering schools.
Wes Cotter, director of communications for Gilbane, confirmed the company's intent to build.
"The budget is not available publicly yet," said Cotter. "The timeline will be decided by approvals."
Cotter said the building would be a mid-rise and exceed four to five stories. The 1.07-acre site is owned by Kanawha Company LC, which purchased it in 2004 for $1.9 million from Schnabel Real Estate Holdings.
Gilbane Construction worked on ...
Kansas company wants to buy Qimonda property
March 5, 2010 by Al Harris · Leave a Comment
The former Qimonda plant in eastern Henrico County has a prospective buyer.
According to bankruptcy court documents, Richmond Semiconductor, LLC is making a stalking horse bid to buy the shuttered facility for $12 million. The plant sits on 210 acres, and the buildings total 1.3 million square feet.
Richmond Semiconductor is an entity of Overland Park, Kan.-based Quality Group of Companies. Quality Group owns and manages a number of data centers across the country and also has a real estate investment division. CEO Chad Williams did not return phone calls seeking comment.
The Pipeline: Commercial Real Estate Round Up for 2.26.10
February 25, 2010 by admin · Leave a Comment
Thalhimer reports the following deals:
The Pipeline: Commercial Real Estate Round Up for 2.5.10
February 5, 2010 by Al Harris · Leave a Comment
Thalhimer reports the following deals:
Three Way Logistics leased 85,420 square feet at 4810 Eubank Road in Henrico.
Elite Auto Wholesale leased 5,220 square feet at 712 Grove Road in Chesterfield
Stevens Law Firm leased 1,810 square feet in Westerre Commons Office Condos at 3711-B Westerre Pkwy. in Henrico
Sunrise Transport leased 1,000 square feet in Parham One, 827 Parham Road in Henrico.
Ali Medical Transport leased 730 square feet in Cloverleaf Office Park, 300-310 Turner Road in Chesterfield.
Guardian Life Insurance leased 4,260 square feet in Reynolds Office Building, 6641 W. Broad Street in Henrico.
Adams & Garth, Inc. leased 1,960 square feet in Highland II, 7229 Forest Avenue in Henrico
Law Offices of Michael G. Phelan, PC leased 1,750 square feet in Reynolds Office Building, 6641 W. Broad ...
Green building and adaptive reuse under one roof
February 4, 2010 by Al Harris · 6 Comments
Developers love talking about historic tax credits and green building, but the two are not so easy to combine in the same project.
Developer David Gammino is giving it a whirl with the renovation of 408 N. 3rd street, which he is turning into an 18,000-square-foot apartment building with indoor parking.
The building will have 15 one- and two-bedroom units. Gammino said the building should be ready to lease in the spring.
Rent starts at $900 a month.
Less rent means lower appraisals
February 2, 2010 by Greg Pearson · Leave a Comment
This story first appeared in the Chesterfield Observer, which is an RBS News Partner.
Property values in Chesterfield are taking a tumble.
The value of existing commercial real estate in Chesterfield County dropped an average of 6.4 percent, or $418 million last year, according to the county assessor’s office.
When will condos rebound?
February 1, 2010 by Al Harris · 9 Comments
Bigger isn’t always better.
That’s proving true in several senses for condo developers around Richmond.
Take the case of the Hamlet Cleaners conversion project on Stafford Avenue in the Fan.
Chris Johnson of Monument Construction converted a defunct dry cleaners into 16 units priced between $119,000 and $209,000. Since finishing construction in August, he has sold 11 of the units.
That’s probably the envy of the local condo industry.
Shockoe apartments heading to auction
January 28, 2010 by Al Harris · 2 Comments
A Shockoe Bottom apartment complex is scheduled to be auctioned on the courthouse steps Feb. 9.
Shockoe Place Apartments, a 42-unit complex at 19th and Franklin streets, was built in 1853 and was heavily renovated in 2000. Renovations cost at least $1.6 million, according to city permit data. The property is owned by Shockoe Place Apartments LLC.
Rain delay for storm water rules
January 21, 2010 by Al Harris · 4 Comments
Proposed storm water guidelines favored by outgoing Gov. Tim Kaine have hit a kink.
The regulations, which would reduce the amount of pollution runoff allowed by real estate development, have been put on hold for another 30-day public comment period after receiving the necessary number of petitions.
The storm water rules are intended to prevent pollution in the Chesapeake Bay by requiring developers and home builders to reduce the amount of water flowing to the bay from impervious surfaces such as parking lots. They also encourage builders to use “green building” methods such as green roofs and grey water recycling to accomplish the pollution goals.
But the development community has resisted the new standards, which they say will make the costs of building prohibitive just as the industry is trying to recover from the recession.
...Commercial broker flies solo
January 18, 2010 by Al Harris · 3 Comments
A Henrico-based commercial real estate firm is shedding its national brand and starting from scratch.
For seven years, broker Jim Tucker has operated his brokerage as a franchise of Sperry Van Ness, a mega-brokerage with advisors nationwide. But recently his franchise agreement ended, and he decided to leave the franchise behind.
His firm is now NetWorks Commercial Real Estate.
