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Va. Beach property management firm names director
Virginia Beach-based property management firm The Lawson Cos. announced Wednesday that David Carneal will be its director of property management. He will be responsible for management of the company’s portfolio of more than 5,500 units and will oversee the company’s six regional property managers. Carneal was most recently p[...]
Construction backlog, confidence remains low
The Associated Builders and Contractors (ABC) national trade association announced Tuesday that its Construction Backlog Indicator (CBI) fell to 7.8 months in April, the lowest it’s been in nearly eight years. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in the future, measured in dollars. “Backlog […]
Veterans affordable housing complex coming to Arlington
Arlington Partnership for Affordable Housing (APAH) has purchased the former Arlington American Legion Post 139 building for $8.8 million to construct apartment units and a new veterans programming center, Toronto, Canada-based real estate company Avison Young Inc. announced Monday. The Arlington chapter of the American Legion[...]
Norfolk buys former Military Circle hotel for $2.4M
Less than a week after Norfolk announced its purchase of the Military Circle Shopping Mall for $11 million, the Norfolk Economic Development Authority (EDA) said Thursday it has also approved a plan for the city to purchase the former DoubleTree Hotel at Military Circle for $2.4 million. The hotel property was listed for sale [...]
Nearly 1M U.S. construction jobs lost in April
The United States construction industry lost 975,000 jobs in April, according to an Associated Builders and Contractors (ABC) analysis of data released by the U.S. Bureau of Labor Statistics. It’s the largest recorded decrease in construction jobs since 1939 — when the government first started tracking employment, according to ABC. “The hope had been that […]
Land near Richmond stadium sells for $1.95M
A vacant plot of land in Richmond across from The Diamond baseball stadium has sold for $1.95 million, Colliers International announced Thursday. Located at 3110 N. Arthur Ashe Blvd., the property is 1.19 acres. The property is located directly across from the planned Boulevard redevelopment project, known as The Boulevard RVA. [...]
Va. Beach apartment complex sells for $6.575M
The Falcon Point apartment complex in Virginia Beach has sold for $6.575 million, Colliers International announced Thursday. Seminole Trail Properties purchased the property from The Runnymede Corp. Located at 2105 Lake Smith Drive, Falcon Point includes 64 apartment units. It was constructed in 1971 and has received both exteri[...]
Developers propose $350M tower to replace Richmond Public Safety Building
The development team that created plans for the failed $1.5 billion Navy Hill proposal in downtown Richmond has returned to the scene, this time with a lower-stakes proposal that would not require funding by the city, a sticking point in the earlier plan. Capital City Partners LLC, the partnership between Michael Hallmark of Los[...]
Reston-based construction firm to donate $3M to COVID-19 efforts
Reston-based construction company Bechtel Corp. announced Tuesday that its corporate foundation, in partnership with the crowdfunding nonprofit GlobalGiving, will donate $3 million through its new Bechtel COVID-19 Fund to support communities around the world coping with the impact of the coronavirus pandemic. The money will go to nonprofit organizations providing vital services to people affected by […][...]
Capital Square names VP of construction management
Henrico County-based real estate investment company Capital Square announced Tuesday that it has named Michael Ollinger as vice president of construction management. He will be responsible for construction management for existing assets and new development. Ollinger most recently worked as a design and construction consultant [...]
Henrico County restaurant property sells for $2.74M
A restaurant property in Henrico County, located on the outskirts of Regency Mall, has sold for $2.74 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Monday. The 3,615-square-foot property is fully leased to First Watch Restaurants Inc., which has a 10-year lease. The property is an outparcel of [...]
Last remaining corner plot in Henrico County’s Short Pump sells for $5.85M
The last remaining corner plot of land in Henrico County’s Short Pump area has sold for $5.85 million, Cushman & Wakefield | Thalhimer’s Mark E. Douglas said. Located at 12120 W. Broad St., the 12.27 acre vacant, wooded lot is less than one mile from West Broad Marketplace, a shopping center with anchor tenants including […]
