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Atlantic Park expected to open in spring 2025
The $350 million Atlantic Park project backed by music icon Pharrell Williams in his hometown of Virginia Beach is progressing, with the 2.6-acre surf lagoon, entertainment venue and other pieces of the project expected to be delivered in spring 2025, Kathy Warren, Virginia Beach’s planning director, told the city council Tuesday. Atlantic Park, a joint […]
George Mason receives $5M donation from Peterson Cos. family
The Peterson Family Foundation, the family behind the Peterson Cos. real estate development firm, donated $5 million to the George Mason University’s Center for the Arts improvement project, the university announced Tuesday. The gift to the university’s College of Visual and Performing Arts will support modernization of the Concert Hall auditorium, part of George Mason’s Center [...]
Dollar Tree to acquire 99 Cents Only stores
Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]
Va. housing market warms up in April
Virginia’s housing market is heating up this spring, with April sales increasing 14.1% from sales in April 2023, according to Virginia Realtors data released Tuesday. Last month, 9,416 homes sold in Virginia, up 1,164 sales from the same month last year. Sales activity in Virginia has been trending up in 2024, except for a dip […]
Vanguard Landing apartments under construction in Va. Beach
Vanguard Landing, an “intentional community” specifically designed for people with intellectual and developmental disabilities, is under construction in Virginia Beach. Developers broke ground on the first phase in April and started construction in earnest in May. The mixed-use community, which claims to be the first of its kind in Virginia, will eventually have housing for […]
NoVa home sales rise dramatically in April
Northern Virginia home sales in April rose 13.5% from April 2023, the region’s first double-digit growth in sales since November 2021, according to data the Northern Virginia Association of Realtors released Tuesday. In April, the region had 1,623 closed sales, up year-over-year and up 36% from the 1,191 homes sold in March, reflecting a spring […]
Arlington apartment tower sells for $48.5M
A 162-unit high-rise apartment property in Arlington County has changed hands. Fortis Cos., a Washington, D.C.-based real estate development and investment company, acquired Marlowe Apartments from Equity Residential for $48.5 million, according to Berkadia, a commercial real estate services and mortgage firm, and Arlington County property records. The 162-unit property located at 400 15th St. [&h[...]
Hampton Roads home sales, prices up in April
Home sales across Hampton Roads were up in April, as the region also racked up near-record median sales prices, the Real Estate Information Network (REIN) reported Friday. There were 2,189 settled sales for the month, up from 2,057 in March and 2,053 in April 2023, according to REIN. There were 2,569 pending sales, compared with […]
This iconic, round office building in Richmond’s Museum District sold for $1.2M
One of Richmond‘s most Instagram-worthy buildings has sold for $1.2 million. Located on the corner of Thompson Street and Floyd Avenue in the Museum District, the 1950s-era, circular building previously served as headquarters for Ellwood Thompson’s Local Market, a local organic grocer. The building sold on April 23 but Cushman & Wakefield | Thalhimer announced […]
The Lake takes shape in Chesterfield
The first wave of commercial tenants is coming to The Lake, a long-planned, 105-acre mixed-use development that’s slated to bring a surf park to western Chesterfield County. The Lake’s centerpiece will be a 13-acre artificial lake with a tow cable. It’s expected to be ready by summer 2025 for wakeboarding, kayaking, standup paddle boarding and […]
Top Five May 2024
The top five most-read daily news stories on VirginiaBusiness.com from March 13 to April 12 were led by news that Altria would sell a large portion of its stake in Anheuser-Busch InBev. 1 | Altria plans to sell 35 million Anheuser-Busch InBev shares The Henrico County-based Fortune 500 tobacco manufacturer holds about 197 […]
Va. housing market dampens in March
The pace of sales in Virginia’s housing market slowed in March, declining 7.3% over March 2023, according to data released by Virginia Realtors Tuesday. In March, there were 8,075 home sales in the commonwealth, 634 fewer sales than this time last year. At the end of the month, there were 14,950 homes on the market, […]
