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BizSense Beat: June 16, 2023

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Here’s a recap of the top stories for the week of June 16, 2023:

Amphitheater deal, casino agreements pass Richmond City Council
Reported by Richmond Bizsense’s Jonathan Spiers

Two entertainment venues on the table for Richmond were given the City Council’s endorsement at its meeting Monday night, one of them two years after voters narrowly rejected it.

Councilmembers unanimously approved a performance grant agreement for the planned Richmond Amphitheater on the riverfront near Tredegar, and almost unanimously approved ordinances authorizing agreements that set the stage for a potential second referendum in November on Urban One’s proposed casino in South Richmond.

Stony Point Fashion Park seeks permit to allow customers to drink while they shop
Reported by Richmond Bizsense’s Jack Jacobs

Stony Point Fashion Park is eyeing booze as a means to bring more energy to the mall.

The South Richmond mall submitted an application last week for one of the ABC’s commercial lifestyle center licenses, which would allow Stony Point’s restaurants to serve to-go alcoholic drinks that customers could take with them and consume as they walk around.

The move at Stony Point comes as the latest effort by Second Horizon Capital, the mall’s relatively new owner, to turn things around after the center has struggled to retain tenants in recent years.

Report finds ‘insufficient due diligence, institutional eagerness’ as flaws in VCU Health’s downtown development deal
Reported by Richmond Bizsense’s Jonathan Spiers

“Insufficient due diligence,” turnover in management and “inadequate in-house real estate expertise” were contributing factors to VCU Health’s costly exit from an ill-fated downtown development, according to a third-party review presented Wednesday.

The report from the law firm that conducted a monthslong review found that the health system’s handling of the proposed redevelopment of the city’s Public Safety Building “followed a pattern of prioritizing mission, vision and values over financial terms.”

That was among other findings presented to the boards for the health system and Virginia Commonwealth University in a closed meeting Wednesday that stretched four hours. A joint task force of both boards voted to release the presentation from national law firm Saul Ewing to the public.

Thalhimer takes reins of final piece of Westhampton Commons with Bon Secours-anchored mixed-use building
Reported by Richmond Bizsense’s Jack Jacobs

After years of evolving plans, Bon Secours appears closer to having a presence at the redeveloped Westhampton School by way of an office-anchored mixed-use building slated to begin construction later this year.

The health system is handing the reins of the final parcel of what’s now known as Westhampton Commons to Thalhimer Realty Partners, which is planning a five-story, 103,000-square-foot building that will feature office space, to be mostly occupied by Bon Secours, as well as apartments.

The $21 million building will front Libbie Avenue with 51,000 square feet of office space in the lower two levels and 53 apartments in the upper floors.

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