A proposed $130 million development will bring 118 townhomes, 284 luxury apartments, 96 senior apartments and 6,000 square feet of retail space to Hampton.
The project, called The Olde Hampton Village, will span 16 parcels across nearly 23 acres near downtown Hampton, at the former site of the Lincoln Park housing development, on LaSalle Avenue, off Interstate 64 and near Langley Air Force Base and NASA Langley.
The former housing development closed and was demolished in 2016, according to the city’s staff report on the project. The proposal went in front of Hampton City Council on Wednesday night, seeking rezoning and use permits, and earned the council’s approval.
The Olde Hampton Village is a joint venture between Virginia Beach-based Axis Global Enterprises Inc. and Virginia Beach-based EDC Homes, and has been in the works for four years, according to a news release from the developer.
A rendering shows the pool and clubhouse area. Courtesy Axis Global Enterprises Inc.
The townhomes would each be three stories and the developers are proposing four multifamily buildings, each four stories high. The development will also have park space, a pool, a dog park and washing station, a clubhouse and a fitness center. It could also include a child care facility, hair salon and coffee shop.
The developers expect to break ground on the project in late summer 2023, after all site and building plans are approved and finalized. The project will be built in phases and is expected to be completed in 28 months, a spokesperson for Axis told Virginia Business.
“The Olde Hampton Village development is an opportunity to revitalize the gateway to the Olde Hampton community, which is rich in history for our region,” Ross Vierra, president and CEO of Axis Global Enterprises, said in a statement. “Bringing this vision to life has been a long road which we have been dedicated to ensuring the highest quality designs to honor the heritage and inspire a new generation of residents and businesses. Service is at the heart of our development process and this vote from the Hampton City Council permits our team to bring this transformational gateway project to life.”
The site was once a Hampton Redevelopment and Housing Authority housing project that was too old to rehabilitate, according to a news release from the city. The housing authority has approved the sale of the land.
Cox Communications Inc. has expanded Virginia executive J.D. Myers II’s’ role so that he now oversees much of the East Coast.
Myers, who is based in Chesapeake, previously had oversight of operations and business growth in Virginia. As senior vice president and region manager of Cox’s East Region, he now has oversight of the cable telecommunications provider’s service areas in Connecticut, Florida, Georgia, North Carolina, Ohio, Rhode Island and Virginia.
Cox is “more focused than ever on our local markets” a spokesperson told Virginia Business. The company has placed senior local leaders in each, while giving region managers, such as Myers, oversight over wider areas to “help drive consistency.”
“In J.D.’s expanded role, he’ll have oversight of Cox’s operations and business growth from Rhode Island to Florida. I’m confident that his passion for our employees and customers will ensure consistency as we compete to provide the best products and customer experience,” said Colleen Langner, executive vice president and chief operations officer of Cox Communications, in a statement.
Nneka Chiazor Photo courtesy Cox
As a result of the change in Myers’ duties, Cox has named Nneka Chiazor market vice president for Hampton Roads. In the newly created position, Chiazor, who also is based in Chesapeake, will oversee the company’s operations in the region, leading more than 1,200 employees.
Chiazor joined Cox in 2017 as vice president of public and government affairs in Virginia and North Carolina, 0verseeing state and local government relations, employee communications, media affairs and communications. Before that, she spent 20 years serving in various leadership roles in the telecommunications industry in Washington, D.C.
“Nneka is a talented leader with extensive experience in the technology industry,” Myers said in a statement. “I’m thrilled for Nneka and excited for her to bring her commitment to continue building innovative and inclusive communities in our Hampton Roads operations. Under her leadership, our employees, customers and communities will continue to thrive through connectivity, contributing to the overall 757’s growth and success.”
Chiazor serves on the boards of the Broadband Association of Virginia, Hampton Roads Chamber of Commerce, Virginia Beach Development Authority and Somos Inc., the telecommunications industry’s toll-free number administrator.
She graduated from the Cable Executive Management program at Harvard Business School and earned a bachelor’s in computer science from Concordia University in Montreal, Canada, as well as a master’s degree in telecommunications management from the University of Maryland.
When Jessica Bronner wants to meet up with friends for a drink or meal, she doesn’t have to move her car from the garage at Ink, the luxury apartment building where she lives in Richmond’s trendy Scott’s Addition neighborhood.
Developed by Glen Allen-based Capital Square and completed in January 2022, the 80-unit Ink is one of the newest luxury apartment communities to rise in the area.
“Scott’s Addition is a booming area, and it’s close to everything, and that’s what drew me here,” says Bronner.
Plus, as a previous homeowner, she has no interest in taking on a mortgage again anytime soon.
“I don’t think it’s super-affordable for anyone 20 to 35 to buy a house unless they’re married or someone else is financially contributing,” she says. “I know I couldn’t afford to buy a house right now on my own.”
Bronner, 30, who owns a commercial flooring sales business, is part of a growing demographic of young, affluent adults who are — at least for now — eschewing the idea of home ownership as too expensive. Instead, they’re turning to apartment communities like Ink that provide a mix of high-end amenities and convenience.
Luxury apartment buildings with high density and high rents are popping up in some of Virginia’s most populated areas at a record pace. Multifamily developers are targeting stylish, in-demand neighborhoods such as Richmond’s Scott’s Addition and Arlington County’s National Landing, fueling fast growth of Class A apartment spaces.
As of late December 2022, multifamily inventory in Northern Virginia was 218,140 units, up about 3,000 from the end of 2021. It’s projected to get to 225,459 by the end of 2023, according to data from Washington, D.C.-based CoStar Group Inc., a commercial real estate data and analytics provider. Nearly all the new construction is Class A, or luxury apartments, according to CoStar.
“If you think about the supply side, developers have been moving into multifamily for a variety of reasons,” says Kevin Boyle, Willis Blackwood director of Virginia Tech’s Blackwood Department of Real Estate. “One relates to good demand [for] housing and a shortage of supply satisfying that. Another factor is there is money to be invested, and where are you going to invest it? Multifamily has been, for a long time, a relatively safe investment.”
Other factors feeding the demand for luxury units include a shortage of available homes for sale, as well as higher home prices and interest rates.
“There are people likely priced out of the homeownership market and [who] may not have that down payment ready and are opting to rent a bit longer,” says Ryan Price, chief economist for Virginia Realtors. “A lot of people are voluntarily pushing pause or getting priced out.”
In November 2022, there were 6,057 pending home sales in Virginia, nearly 4,000 fewer than the same period in 2021, according to a report from Virginia Realtors.
Additionally, home prices have risen dramatically since the pandemic, and there is a dearth of “starter home price points” in the market, Price says. In November 2022, the statewide median sales price was $364,900, about 2.6% higher than the year before. Combined with higher interest rates — hovering around 6% to 7% — it’s putting the brakes on the housing market.
But rental prices are skyrocketing as well. Average rents in Arlington rose from $2,219 in the first quarter of 2020 to $2,356 at the beginning of 2023, with rents in National Landing rising from $2,348 to $2,492 during the same period, according to data from CoStar Group. In Richmond, average rents have risen from $1,165 to $1,347 since 2020, and Scott’s Addition has seen rents climb from $1,536 to $1,721.
Most new multifamily development in Virginia is higher end because the rising cost of construction and materials makes it difficult to build profitable multifamily communities below that level of quality, says Mike Cobb Jr., director of market analytics with CoStar Group.
Says Virginia Tech’s Boyle: “While there is a huge need for affordable [housing], the margin on them is not as high and the management challenges can be higher.”
Zom Living is building Hazel & Azure, two high-rise apartment towers with a total of 491 units, in Arlington. Rendering courtesy Zom Living
“What developers are doing, whether it’s in Virginia or across the country, is building into this flight to quality,” says Cobb.
As used by the commercial real estate industry lately, the term “flight to quality” is a common one, referring not only to developers flocking toward high-end, high-profit properties, but also consumers such as the affluent young professionals who are gravitating toward rentals with premium features.
“You have all those amenities right there,” says Boyle. “I think it is kind of falling into that category of people that want something they don’t have to maintain but also want to have those amenities available to them.”
In-demand perks include gyms, pools, dog parks, bicycle repair stations, coworking spaces, rooftop spaces, urban views, community gathering spots and proximity to transit, grocery stores, retail and restaurants.
Ink resident Craig Rollyson, 29, says renting is a better fit for him than buying. He recently moved to Richmond to be an occupational therapist and was drawn to Ink and its “clean, cool vibe,” he says.
“Before I want to put roots down, I have some fact-finding to do first,” Rollyson says. “Renting, there is not as much of a commitment. There is certainly some flexibility there that is appealing.”
NoVa luxury boom
National Landing is seeing a wave of high-end apartment development, driven by Amazon.com Inc.’s multibillion-dollar HQ2 East Coast headquarters, which is under development in the neighborhood, as well as Virginia Tech’s $1 billion-plus Innovation Campus, which is under construction in nearby Alexandria. The extension of Metro’s Silver Line is also boosting development.
“We already liked the neighborhood, [but] development was happening there much slower than what’s happening today and … Amazon … really supercharged interest by us and many, many other developers,” says Andrew Cretal, senior vice president of Florida-based Zom Living, which is developing the Hazel & Azure luxury apartment buildings, 15 and 11 stories apiece, in National Landing.
Launched in April 2022 and slated for completion by mid-2024, the $235 million project will have 491 units, with rents ranging from $2,225 for a 548-square-foot studio apartment to $5,780 for a 1,688-square-foot penthouse unit.
Zom’s target audience for Hazel & Azure is 25- to 35-year-old professionals, both singles and couples, as well as middle-aged professionals who have chosen not to purchase a home or who are living in the area temporarily, Cretal says.
“Our project will also appeal to empty nesters who desire the carefree lifestyle a Class A apartment affords,” he says. “The location near U.S. Route 1 and I-395 will appeal to residents who work in Arlington, Alexandria, the District of Columbia and other locations in the Washington metro area, including couples with split work locations. Clearly Amazon employees are included in this, as well as other nearby employers.”
Bethesda, Maryland-based developer JBG Smith Properties, the primary developer for Amazon’s HQ2, has 1,583 units under construction in National Landing across two $765 million luxury multifamily projects.
1900 Crystal Drive, which has 808 apartments spread across two 26- and 27-story towers, broke ground in March 2021 and is scheduled for completion in 2024. Another project, 19- and 25-story towers with a combined 775 units at 2000 and 2001 S. Bell St., broke ground in 2022 and is slated to deliver in 2025.
Another area with a high concentration of luxury apartments under construction is the Dulles corridor, where Reston-based Comstock Holding Companies Inc., developer of Reston Station, has several projects in development. Comstock has developed about 10 million square feet of transit-oriented and mixed-use properties, including along Metro’s Silver Line.
“I think we are probably the most prolific developers along the Silver Line,” says Chris Clemente, Comstock’s CEO and chairman of the board of directors. “It’s because people want to live here [and] … want to live in the best new product.”
For more than a decade, Comstock has been developing Blvd, a luxury multifamily apartment brand, in Fairfax and Loudoun counties. The newest properties in the collection are Blvd Hadley at Reston Row with 420 luxury apartments planned, Blvd Gramercy West at Loudoun with 270 units and Blvd Midline at Reston Station with 250 units. All three will have studio, one- and two-bedroom apartments, with the Loudoun community also offering three-bedroom options.
Capital Square Co-CEOs Whitson Huffman (L) and Louis Rogers led development of Ink, one of five apartment communities the real estate investment firm has built in the Scott’s Addition area of Richmond. Photo by Matthew R.O. Brown
A similar story
About 100 miles south of Arlington, a similar story is playing out in the Richmond market. At the end of 2021, there were about 95,000 apartments in the region. Another 3,000 were expected to come online by the end of 2022, and the forecast for 2023 jumps to 101,540, according to CoStar data. The majority of this new multifamily construction is Class A, according to CoStar.
Since early 2020, about 8,600 units have been delivered in the Richmond area, increasing market inventory by about 10%. Another 6,200 units are currently under construction, with an additional 8,700 planned for the near future, says Liz Greving, research manager with Cushman & Wakefield | Thalhimer, a commercial real estate company with offices around the mid-Atlantic.
One of the neighborhoods seeing a lot of development is Scott’s Addition. Barely a decade ago, it was a declining industrial district. Now, it’s a hotspot for millennials and Gen-Zers.
Between 2020 and 2022, Capital Square built Ink, Viv and Gem, a collection of three five-story luxury apartment buildings, with a total of 209 apartments. Two more are in various stages of development: six-story Otis, with 350 units, was delivered in January, and another 350-unit development with three buildings will be finished in 2025. All of these apartments are 600 to 1,400 square feet and rent from about $1,500 to $3,800, ranging from studios to one-, two- and three-bedrooms.
Across its five developments in Scott’s Addition, Capital Square has invested more than $260 million.
“It’s just a cool place to live,” Capital Square co-CEO Louis Rogers says of Scott’s Addition. “In our experience, more than half the residents are coming in from out of state … [and] it resembles neighborhoods in big cities. People like that.”
Co-CEO Whitson Huffman adds that they have delivered buildings “that had different personalities and design aesthetics that would specifically target different segments of Scott’s Addition’s broader demographic. We thought there was an untapped segment of the market looking for higher end finishes, unit design and amenities.”
Also under development in the neighborhood is Crescent Communities’ Novel Scott’s Addition, a five-story, 275-unit complex that will be renting in a similar price range for studios to two-bedrooms.
“As a Class A developer, you’re always going to chase employment and population growth. You’re going to go where there are new jobs and new employment,” says Brandon Wright, Crescent Communities’ managing director for Washington, D.C., Virginia and Maryland.
As with Scott’s Addition and National Landing, population growth and job growth are also driving luxury apartment development in western Chesterfield and Henrico counties, says CoStar’s Cobb.
From Willow Lawn west in Henrico, about 2,440 units, many of them luxury, are under construction, with more than 1,700 additional units proposed. In Chesterfield’s Midlothian area, about 1,200 units are under construction and another 900 are proposed.
But the boom won’t last forever.
Wright, with Crescent, says developers are going into 2023 with “eyes wide open, knowing we will have challenges on the financial front.”
That includes rising construction and labor costs, labor shortages, supply chain disruptions and other economic headwinds across the board for the industry, including the potential for recession.
Adds Boyle: “I think that multifamily across all different product types is probably reaching the peak of this development.”
Downtown Norfolk’s struggling mall, MacArthur Center, is officially on the market.
A listing from real estate company JLL describes the 23-acre property as “a compelling redevelopment opportunity.” The listing encourages prospective buyers to “reimagine a major asset in the Norfolk [central business district] into a premier mixed-use development to include hotel, residential, restaurant and entertainment uses.”
The property includes 914,751 square feet of leasable area. Current mall anchors are Dillards, with 253,616 square feet, and Regal Cinemas, with 80,210 square feet. Another 160,000-square-foot anchor spot is vacant. Those three anchor spaces account for 493,826 square feet, or about 54% of the total space at the mall, which also has a multistory parking garage with about 4,000 spaces.
Originally built in 1999, the mall has lost many of its tenants, including anchor Nordstrom in April 2019, after 20 years. An Apple Store left in 2021 and more recently, restaurants Texas de Brazil and California Pizza Kitchen departed.
The mall is now 62% vacant, according to JLL.
In the brochure marketing the mall, JLL writes that the site could potentially support 200,000 square feet of ground floor space and more than 800,000 square feet of mixed-use space, including residential uses.
Starwood Property Trust bought the mall in 2014 for $265.5 million from Michigan-based Taubman Centers Inc., as part of a purchase of seven regional shopping malls for $1.4 billion. But Starwood defaulted on a $750 million loan in 2019, and MacArthur Center is now owned by Wells Fargo and managed by Syracuse, New York-based Spinoso Real Estate Group. The city owns the land the mall sits on at 300 Monticello Ave. and has a leasehold interest.
JLL’s listing does not include an asking price for the mall, but in July 2022, MacArthur Center was assessed at about $51.8 million, including $24.8 million for the land, according to city records.
A re-envisioning of the mall was included in Norfolk’s Downtown 2030 plan, a guide for development into the next decade.
Norfolk officials are encouraged about what the mall could become.
“We are hopeful that this move is the first step in reimagining the MacArthur Center property,” Norfolk City Manager Larry “Chip” Filer said in a statement. “The city looks forward to working in partnership with any potential new owners should the property sell.”
Norfolk Mayor Kenny Alexander echoed the sentiment.
“Whatever is decided in the reimagination, I hope the new buyers take into consideration Norfolk’s history and its character,” he told Virginia Business. “It’s a grand opportunity for transformation and for reimagining. All of that will be taken into consideration. We look forward to partnering and making the best and highest use a reality.”
“Certainly the city will be at the table in the discussions and cultivate that reimagination of that facility and the property.”
Charlottesville Regional Chamber of Commerce President and CEO Elizabeth Cromwell will step down in February after four years helming the organization, the chamber said Tuesday. Cromwell’s last day is Feb. 17.
Copeland
Andrea Copeland, the chamber’s director of committee engagement, has been named interim president to manage the organization until a new president is named. The chamber’s board has appointed a search committee to find a new president.
“Elizabeth led several high-profile strategic initiatives that have positioned the chamber as a willing partner and convener, raising the stature of our organization,” said Guy Browning, immediate past board chair, in a statement.
In an email to chamber members, Cromwell offered insight into her decision. “Like so many others, I have given my personal and professional life a thorough self-assessment while navigating COVID and more. My aspirations and goals have changed, and the time is right to make some life changes,” she wrote. She plans to take a one-year sabbatical starting next month and travel to volunteer and work while immersing herself in various cultures.
“I will always be grateful for the colleagues and friends I have made in and around Charlottesville,” Cromwell said in a statement. “I was welcomed here with open arms and still see a business community primed for deeper collaboration and shared success. Personally and professionally, the time is right for me to take on some new challenges and adventures. I have learned a lot during my time here and am grateful to the board, the chamber staff, our many volunteers, our chamber members, and for all of my experiences here.”
Copeland began her career with the chamber in 2007, volunteering with the chamber’s ambassador corps. In 2012, she joined the chamber’s professional staff as director of member education services. She is also a graduate of Leadership Charlottesville, the Virginia Association of Chamber of Commerce Executives Management Program, and the Center for Nonprofit Excellence (CNE) Emerging Leaders Circle.
This summer, she will graduate from the U.S. Chamber of Commerce’s executive leadership development program with an Institute for Organization Management (IOM) designation.
Earlier this month, the chamber announced six new members of its board of directors and new board officers: Rita Bunch of Sentara Martha Jefferson Hospital; Libby Edwards-Allbaugh of The Tax Ladies Inc.; Rudy Fernandez of Northrop Grumman Corp.; Allison Linney of Allison Partners; David Mitchell of Great Eastern Management Co.; and Todd Rowley of Old Dominion National Bank began three-year board terms this month.
Rebecca Ivins of Hourigan will lead the board as 2023 chairwoman. Along with Ivins, the board’s new executive committee includes Sasha Tripp of Story House Real Estate as vice chairwoman; Charlie Rogers of Innovative Software Solutions Inc. as governance committee chairman; Todd Rowley of Old Dominion National Bank as finance committee chairman; and Yolunda Harrell of New Hill Development Corp. as equity committee chairwoman.
Dollar Tree Inc. CEO Mike Witynski will leave the Chesapeake-based Fortune 500 discount retailer and its board effective Jan. 29, with Executive Chairman Rick Dreiling becoming the next CEO, the company announced Tuesday.
Dollar Tree’s third quarter 2022 sales grew 8.1% year over year to $6.93 billion, but rival retailer Dollar General’s sales rose 11% to $9.5 billion during the same period.
While the company had a good third quarter, the most recent earnings report available, it took three years for Dollar Tree to produce those kind of results, and that’s a relatively long time from a business standpoint, noted Reuben Gregg Brewer, a contributing analyst with Motley Fool.
In his 2017 autobiography, the late Dollar Tree co-founder Macon Brock wrote that the dollar concept was “sacred. … Ditch the dollar, I believed, and we’d surrender our niche.” At the time of Witynski’s announcement that Dollar Tree was raising prices, Scott Mushkin, an analyst and co-founder at R5 Capital, told CNN that “it will be a shock to [Dollar Tree’s] loyal customer base. It could end up being one the worst decisions in retail history if it is not dialed back.”
“The opportunity to work with the talented and dedicated team at Dollar Tree has been the most rewarding of my career. During this especially dynamic period, we made the historic and consequential move to ‘break the dollar,’ and also rose to the historic opportunity to retool the company’s leadership ranks to face the challenges ahead with fresh eyes,” Witynski said in a statement. “As I depart, I have full confidence that this team will continue to move the company forward through the years ahead.”
Brewer said the timing of the price increase — before Witynski left — was not a coincidence. The heavy lifting was already done and the new leadership would have a clean slate to work with and the ability to say they didn’t raise prices, he said.
Edward Kelly, senior equity analyst at Wells Fargo Securities, weighed in on the leadership change in a note. He noted that Witynski is the final member of the prior management team to go, with the bulk of the other changes to be completed soon after Dreiling’s arrival.
“While many of the issues that made DLTR vulnerable to activism were not Witynski’s doing, we believe this move represents the final step of management house cleaning that is typical of these situations,” he wrote about Witynski’s departure.
Dreiling also thanked his predecessor.
Dreiling
“We greatly appreciate Mike’s contribution over his career with Dollar Tree, which included the acquisition and integration of Family Dollar, navigating COVID, and contributing to the company’s current transformation strategy,” Dreiling said in a statement. “Dollar Tree will continue to thrive, grow and win in the marketplace in this next chapter, and I’m thrilled for the opportunity to work with the extraordinary Dollar Tree team to advance our focus on delighting customers, associates and other key stakeholders.”
In June 2022, the company began overhauling its C-suite leadership, seeking a new chief operating officer, chief financial officer, chief information officer and chief legal officer.
Kelly, with Wells Fargo, pointed out Dreiling’s temporary position. “It’s important to note that DLTR did not name Dreiling as an interim CEO, suggesting he will be focused on leading the company for the foreseeable future. We believe Dreiling is less than one year into a five-year employment agreement, and expect the board to revisit succession planning at the appropriate time when the company is clearly on the path to achieving its long-term vision. This move is a statement of commitment from Dreiling,” he wrote.
He also noted that 2023 will be “another year of repositioning for DLTR and that consensus is too high. Today’s news probably only supports this view. That being said, we expect this guidance to be bought into what should be an action packed and positive analyst day this spring. We do expect 2023 guidance to be provided on the Q4 call, which creates a tricky near-term setup.”
Dollar Tree, which operates more than 16,000 Dollar Tree and Family Dollar stores in the United States and Canada and employs more than 200,000 people, will report its fourth-quarter earnings March 1.
In 2022, Dollar Tree ranked No. 137 on the Fortune 500 list. Its stock price opened at $148.27 Tuesday and was down 2.96% at $146 per share at 4:30 p.m.
When Rivers Casino Portsmouth opened its doors Monday, Christopher Hoffman was among the thousands of patrons attending opening day at the first permanent casino to open in Virginia.
A Hampton resident and manager at Rosie’s Gaming Emporium, Hoffman said he wanted to be “part of history” happening in the state. He gave the casino a good review, saying he plans to visit about twice a month, but said he wished the 250,000-square-foot casino would designate a smoking area, instead of allowing smoking in the entire gaming room in a way reminiscent of Las Vegas casinos. Others guests Virginia Business spoke to agreed with the sentiment. (The Virginia Clean Indoor Air Act, which generally prohibits smoking in restaurants and other indoor public places, carves out exceptions for “any portion of a facility licensed to conduct casino gaming.”)
Nevertheless, it didn’t deter the crowd inside the casino Monday as they pulled levers on slot machines, slid playing cards across tables and sipped on cold drinks at the multiple bars. Chips flipped and dice rolled across gaming tables. Lights flashed from slot machines and people simultaneously celebrated wins and bemoaned money lost.
Officials cut the ribbon Monday at Rivers Casino Portsmouth, the commonwealth’s first permanent casino. Photo courtesy Rivers Casino Portsmouth
After initially delaying its opening by about a week, the $340 million Portsmouth casino opened to bustling crowds as people lined up early ahead of its 10 a.m. Monday opening. Norfolk State University’s Spartan Legion marching band kicked off the opening and Portsmouth Mayor Shannon Glover, Portsmouth Economic Development Director Brian Donahue, Virginia Lottery Executive Director Kelly Gee were present at the grant opening with Tim Drehkoff, CEO of Chicago-based Rush Street Gaming LLC, which operates the casino.
Gina Smith, the Virginia Lottery’s deputy director of gaming compliance, presented the casino its official operator license during the Monday opening ceremony.
“We’re here to serve the community, our guests and our team members,” Roy Corby, general manager of Rivers Casino Portsmouth, said in a statement. “We’ll accomplish that mission by creating a stellar guest experience and becoming the entertainment destination of choice for Portsmouth, Hampton Roads and visitors to our area.”
The casino had two soft opening nights benefitting three local charities before Monday’s opening. Proceeds from those nights went to Children’s Hospital of The King’s Daughters, USO Hampton Roads and Central Virginia and Wesley Community Service Center. Each group received $170,000 in total contributions. Glover, state Sen. Louise Lucas and House Minority Leader Don Scott placed the ceremonial first wagers during the charity event Saturday.
The casino has hired about 1,000 employees so far, with plans to eventually employ 1,300 permanent workers. Rivers Casino Portsmouth’s estimated annual payroll will be $62 million.
Beatrice Joseph of Virginia Beach occupied a chair at one of the 1,446 slot machines in the casino’s gaming room. She arrived at the casino at about 2 p.m., but was unable to snag a seat at one of the 24 poker tables. Still, she deemed it a “really nice establishment,” saying she planned to come back often.
Another area of the casino has 57 game tables. Chesapeake cover band Better by Tuesday played on the stage of The Sound Bar. Meanwhile, casinogoers crowded around tables and bar at the sportsbook, with its 753-square-foot screen — a 12-foot-by-62-foot-wide viewing wall that can simultaneously display dozens of televised sports events.
The casino’s restaurants, which include Admiral’s Steak & Seafood, Crossings Cafe, Mian, Slice Pizzeria and Starbucks, also attracted long lines of patrons Monday. Later this year, a Yard House restaurant will open.
The casino also has a 25,000-square-foot multipurpose Event Center. The Epsilon Nu Lambda chapter of Alpha Phi Alpha Fraternity Inc. held its annual Martin Luther King scholarship luncheon as the venue’s first event on Jan. 16.
On the casino’s 90,000-square-foot main floor, nearly every seat was taken, and a line stretched out the door of folks waiting to get in to try their hand at gaming. Nearly every parking space in the 2,000-space lot was taken by mid-afternoon.
Ivory Ned of Chesapeake arrived at 9 a.m. He wanted to be there on opening day because he’s a fan of casinos and said he’s glad he won’t have to drive to Maryland to play now.
Rivers Casino Portsmouth was built by Virginia Beach-based S.B. Ballard Construction Co. and Philadelphia-based Yates Construction. Raleigh, North Carolina-based Kimley-Horn served as engineering consultant; Las Vegas-based Klai Juba Wald Architecture + Interiors was the architect of record; New York-based Jeffrey Beers International was the primary interior designer and Illinois-based DMAC Architecture & Interiors designed interior venues. The casino’s construction supported 1,400 jobs.
An industrial building in Petersburg that once served as the tri-cities headquarters for Pepsi has sold for about $4.6 million, One South Commercial announced Wednesday.
An entity connected with Waukeshaw Development Inc. in Petersburg sold the 100,492-square-foot building located at 1501 W. Washington St. in Petersburg to 1501 Petersburg LLC, an entity based in McLean. The industrial building, which includes close to 100,000 square feet of leased warehouse space and 8,500 square feet of office space, is on 8.52 acres, according to One South.
Tom Rosman, Ken Campbell and Ryan Rilee, all of One South Commercial, represented the seller.
A Richmond-based real estate company has purchased three office buildings in western Henrico County for $5.35 million, Commonwealth Commercial Partners LLC announced Monday.
Formerly the headquarters of education research company EAB, the buildings are located at 1910, 1920 and 1950 E. Parham Drive. Marwaha Property Management, doing business as Marwaha Business Park LLC, purchased the buildings from SIR Properties Trust, a Henrico real estate developer. The buildings are 33,900 square feet, 28,800 square feet and 26,190 square feet.
In June 2022, EAB announced it would expand and relocate, consolidating its operations into another space in Henrico.
The buyer plans to rebrand the vacant complex Marwaha Property Management, according to Commonwealth’s announcement. Marwaha manages commercial and residential real estate across Virginia, and it plans to relocate its office into one of the buildings and lease the other two to other tenants.
Tucker Dowdy and Michael Good, both of Commonwealth Commercial, represented the buyer in the transaction.
Colliers will be the leasing and management company for City Center at Oyster Point in Newport News, Florida-based real estate investment firm Murphy Property Group announced last week.
Colliers will manage nearly 600,000 square feet across nine buildings. City Center, which is 52 acres, serves as sort of a central downtown area for Newport News and is a high-density, mixed-use development zoned for 250,000 square feet of retail, 1 million feet of Class A office space and 600 residences. MPG purchased the portfolio in 2021, and their holdings include nearly 450,000 square feet of Class A office space and more than 100,000 square feet of retail space.
“We have seen a trend where companies are moving to Class A mixed-use submarkets as a way to encourage employees to get back to the office,” Perry Frazer, executive vice president, said in a statement. “Amenity-rich Class A offices are in high demand as recruiting and retention are critical to companies moving forward in 2023. City Center checks all the boxes as a vibrant, active, walkable community filled with best-in-class companies.”
Colliers’ Frazer, Brian Davidson and Robbie Berndt will handle office leasing. Harrison Hall, Peter Vick, Tyler Brooks and Maddy Spear will handle retail leasing. Todd Willett and Jessica Poyner will lead full-service property management.
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cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
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