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VCU receives approval to purchase Altria Richmond research facility
Virginia Commonwealth University received state approval this week to buy Altria Group’s 450,000-square-foot research building in downtown Richmond. The Altria Center for Research and Technology, which opened in 2007, sits on more than four acres at 600 E. Leigh St. and is assessed for $275 million. Discussions between officials with VCU and Henrico County-based Fortune […]
Kastle takes majority stake in Mich. security business
Kastle Systems, a Falls Church security solutions company, has taken a majority stake in i2G Systems, a Michigan-based electronic security service provider firm. Kastle did not clarify the amount of the investment. “Kastle’s strategic investment in i2G — a majority stake — is the largest investment in our company’s 50-year history,” Kastle CEO Haniel Lynn […]
Developers break ground on $1.4B Petersburg casino
Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground Wednesday on the much-anticipated $1.4 billion Live! Casino & Hotel Resort in Petersburg. The mixed-use development’s backers say it will create about 1,400 permanent jobs, increase tourism and generate billions in economic benefit for Virginia. In November 2024, more than 80% of […]
Hitt is co-contractor for Boeing’s $1B expansion in Charleston, S.C.
Falls Church construction company Hitt Contracting announced Wednesday it has scored a joint contract on Arlington County-based Boeing’s $1 billion expansion project in North Charleston, South Carolina. Hitt will partner with North Carolina’s BE&K Building Group to expand Boeing’s 787 Dreamliner airplane production facilities in North Charleston, announced by South Carolin[...]
Feds to consider ‘compelling offers’ for real estate
The Trump administration’s push to sell federal office buildings across the nation appears to be far from dead. A revised version of the “non-core” federal properties list is being prepared, a spokesperson for the General Services Administration, the federal property management agency, stated on Monday. “We anticipate the list will be republished in the near […]
Hitt acquires Central Consulting & Contracting
National commercial general contractor Hitt announced Tuesday that it has acquired health care construction firm Central Consulting & Contracting. Headquartered in Falls Church, Hitt Contracting provides commercial construction services throughout the country, including complex core and shell buildings, renovations, interior fit-outs and routine service work. The company has 14 office locati[...]
Executive to retire after three decades at S.L. Nusbaum
Frank H. Cowling, Jr. a partner and senior vice president of private asset management at S.L. Nusbaum Realty, plans to retire at the end of March after four decades working in commercial real estate, according to a Tuesday announcement by the Norfolk-based real estate development company. Cowling joined S.L. Nusbaum in 1994 as vice president […]
231-unit apartment complex near U.Va. slated to open in 2027
Work began in mid-February on Blume on Ivy, a 231-unit apartment building on Ivy Road, near the University of Virginia’s School of Data Science. The project is being developed by Up Campus Student Living, a Chicago-based investor, developer and manager of student housing and campus-area real estate. It’s slated to open in fall 2027. A […]
Timmons Group opens Roanoke office
Timmons Group has opened an office on Norfolk Avenue in Roanoke, according to a Thursday announcement by the engineering, design and technology services firm, which has headquarters in Chesterfield County. Timmons has 20 offices, including the new Roanoke office and its headquarters, located across Virginia, North Carolina, Maryland, South Carolina, Texas and Washington, D.C. Located […]
Retired Newport News Shipbuilding prez joins Armada Hoffler board
Virginia Beach-based real estate investment trust Armada Hoffler announced Monday that it has appointed former Newport News Shipbuilding President Jennifer Boykin to the company’s board of directors. “We are excited to welcome Mrs. Boykin to our board of directors,” Armada Hoffler President and CEO Shawn Tibbetts said in a statement. “Her extensive leadership experience and […]
Real Estate and Construction: Stagnant with some silver linings
Realtors slogged through another sluggish market in 2024. Pollyanna types will point out that the commonwealth did see 4,000 more home sales in 2024 than in the previous year, according to Virginia Realtors data. On the other hand, the 102,509 homes that sold in Virginia in 2024 were down 18.8% from 2019 sales. Mortgage rates remained […]
Charlottesville-area apartment complex sells for $57M
A 324-unit apartment complex just outside Charlottesville has sold for $56.75 million. Tysons-based Willow Creek Partners sold the property, Barracks West Townhomes & Apartments, to West End Capital Group, according to a Feb. 14 news release from commercial real estate brokerage KLNB, which arranged the sale. Willow Creek Partners acquired the apartment complex at 255 […]
