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    Richmond Development: Projects Continue Despite Pandemic Delays

    With historically low-interest rates set to jump in the new year, commercial real estate in Richmond braces itself for the unexpected as COVID remains the backdrop. 2022 is set to be a year of growth for the city, with piqued interest from developers around the country. Richmond is positioned to capitalize on its continued investment in expanding communities.

    What’s New?

    Zach Frederick’s Crescent Preservation & Development company is planning to build a 6 story, 39 unit multifamily project between Bank of America and Lalo’s Cocina in an empty parking lot. The land was purchased for $1.2 million.

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    Charleston Developer, The Beach Co. breaks ground in the Manchester  neighborhood of South Richmond. This development is set to add 266,854 square feet of new apartments and 221 new units to the neighborhood.

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    A 350-unit apartment complex will be completed in late 2022 and add to the ever-growing Scott’s Addition neighborhood. The project is a joint venture between South-Carolina based Greystar and Capital Square after they purchased the land for $8.6 million. Scott’s Addition has been a hotspot for development in 2022. 

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    Capital City Real Estate Partners is planning to construct a 173-unit complex in Richmond’s Manchester neighborhood. The land was purchased for $1.753 million and the project has already broken ground.

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    Exciting Projects Transforming Richmond

    CoStar is building new headquarters in downtown Richmond, possibly being the biggest project announced in 2021 . The company is planning to invest $460 million in a two-building corporate complex. 

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    Changing with the ever-growing Scott’s Addition, The Diamond, one of the most iconic centers in Richmond and home to VCU Athletics and the Richmond Flying Squirrels, is planned to be redeveloped. The city will receive proposals in February.

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    In the nearby county, Chesterfield residents are preparing for a significant Spring Rock Green Center redevelopment. There has been discussion around what exactly to turn the space into, but county planners are looking for their next move with the shopping center becoming less and less popular.

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    The VMFA plans a $190 million expansion that includes 100,000 square feet of new exhibition and gallery space set to break ground in 2023. Since its inception, this is the fifth expansion of the renowned local cultural center. 

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