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Developers break ground on rent-restricted, solar-powered apartments
Developers broke ground May 30 on the The Helios, a $54 million, rent-restricted, solar-powered apartment building in Henrico County, according to an announcement by Bank of America, which is financing construction. A joint venture between Spy Rock Real Estate Group and Crescent Development, both based in Richmond, the apartment[...]
Fed’s Fifth District shows modest economic growth
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew modestly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released May 29. Published eight times per year, the Beige Book [...]
Co-founder steps down from Franklin Johnston Group
Tom Johnston has stepped down from The Franklin Johnston Group, the Virginia Beach-based multifamily development and management company he co-founded, the company announced May 30. Johnston is leaving to pursue other business opportunities, a release stated. Johnston, Wendell Franklin and his son W. Taylor Franklin as well as Steve Cooper left S.L. Nusbaum Realty in […]
Norfolk property management firm promotes president, principal broker
John Chandler has been promoted to president and principal broker of Berkshire Hathaway HomeServices RW Towne Property Management, the Norfolk-based real estate firm announced Wednesday. Chandler was previously director of facilities and compliance for Berkshire Hathaway HomeServices RW Towne Realty and chief operating officer o[...]
40 acres in Spotsylvania sell for $6.36M
Close to 40 acres in Spotsylvania County sold for $6.36 million, according to a May 29 news release from Cushman & Wakefield | Thalhimer. WorkSpace Property Group purchased 39.8 acres at 0 Northeast Drive from Cosner Industrial Park for future industrial development. WorkSpace Property Group is registered to an address in Gr[...]
The retail experience
Twisted Branch Tea Bazaar on Charlottesville’s Downtown Mall entertains its Tea Club members with monthly tastings, while nearby New Dominion Bookshop offers story times and “Friday Night Writes,” an event featuring emerging writers. And about a mile north at McIntire Plaza, outdoor gear and clothing consignment shop H[...]
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 [...]
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 modernizatio[...]
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[...]
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[...]
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 Marc[...]
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 Coun[...]
