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Metro releases 10-year strategic plan for development
The Washington Metropolitan Area Transit Authority, which runs Metrorail and Metrobus, released its first-ever strategic plan for joint development on Thursday, announcing an ambitious initiative to bring in 26,000 new housing units in Virginia, Maryland and Washington, D.C. The document says that 40 Metro stations — including six in Northern Virginia — have more than […]
Va. Beach shopping center sells for $8.5M
A shopping center near Lynnhaven Mall in Virginia Beach has sold for $8.5 million. The Lynnhaven East and North Mall Shops, at 2701 and 2704 N. Mall Drive, have been sold by Rialto Capital Partners, but the buyer has not been disclosed, according to Colliers. The property has 106,524 square feet and more than 96,000 […]
Pembroke Mall to get makeover
Hanging out at the mall may soon take on new meaning in Virginia Beach. Within a few years, Pembroke Mall could be home to thousands of apartment dwellers as part of a $200 million makeover of the vintage 54-acre retail property announced in November 2021. “All we’re doing is changing with what the customer desires,” […]
April 2022 top five
The top trending major business stories on VirginiaBusiness.com from Feb. 15 to March 14 were led by news that Washington Commanders owner Dan Snyder bought Virginia’s most costly home, once part of George Washington’s Mount Vernon. 1 | Dan Snyder owns Virginia’s most expensive house The owner of the Ashburn-based Washington Commanders bought the $48 […]
Skanska tops out mixed-use building in McLean
Heming at 1800 Chain Bridge Road, a 28-story mixed-use building in McLean, has now been “topped out,’ Skanska announced March 23. Representatives from Skanska, CallisonRTKL, IMEG Corp., and Skanska’s construction partners commemorated the construction milestone by signing a steel beam and placing it at the highest structural feature of the building, a celebration referred to [...]
Hilton Richmond Downtown completes multimillion-dollar renovation
Hilton Richmond Downtown’s multimillion-dollar renovation is complete, New Orleans-based management company HRI Lodging LLC announced March 24. The renovation includes a new lobby bar and lounge and hybrid meeting space, as well as updating the fitness center, indoor pool and guest room bathrooms. The 250-room Hilton Richmond Downtown occupies the former Miller & Rhoads department [&hell[...]
Super Chix to open 10 locations in Va.
Super Chix Chicken & Custard, a Dallas-based chicken sandwich franchise, plans to open 10 locations in Virginia, beginning with one in Williamsburg, the company announced March 23. Virginia Beach-based management and development company S2K Hospitality will open the first restaurant in Williamsburg’s Midtown Row in the fourth quarter of 2022. “S2K Hospitality is excited to […]
Chesterfield medical office building sells for $12M
A medical office building in Chesterfield County sold for $12.25 million, Cushman & Wakefield | Thalhimer announced March 23. Located at 7300 Ashlake Parkway, the 27,606-square-foot property is 100% leased to four tenants: Vital Care Family Practice, LabCorp, James River Cardiology and Absolute Dermatology & Skin Cancer Center. Nashville, Tennessee-based Montecito Medical Real Estate bough[...]
McLean medical office building refinanced with $20M loan
Toronto-based commercial real estate firm Avison Young announced Wednesday that its debt and equity finance team had arranged a $20 million loan to refinance a medical office building in McLean. Built in 1985, the three-story, 47,000-square-foot medical office building is located at 1420 Beverly Road. A partnership between Stewart Investment Partners and Chestnut Funds owns […]
Richmond pares down Diamond District developer pool
Story updated, March 24 at 11:45 a.m. The city of Richmond announced Wednesday that six competing development teams have been chosen out of 15 applicants to continue in the competition to redevelop the Diamond District area near the Richmond Flying Squirrels’ stadium. The city requested applications late last year for the 67.57-acre site, which would […]
CowanGates opens Williamsburg office
Richmond-based law firm CowanGates has expanded to Williamsburg and opened a new office, the firm announced March 17. The new office is located at 439 W. Duke of Gloucester St., and will initially focus on real estate law, including contract and closing negotiations, construction and permanent financing, easement agreements, covenants and other real estate matters. […]
Capital Square promotes James Brunger to CSO
Henrico-based real estate firm Capital Square has promoted James Brunger to chief sales officer, the firm announced March 17. Brunger joined the firm in 2019 as executive vice president and national sales manager. Under his leadership, Capital Square launched 49 investment programs that have raised more than $1.2 billion in equity. “James Brunger brings an […]
