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BizSense Beat: Dec. 15, 2023

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BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.

Here’s a recap of the top stories for the week of Dec. 15, 2023:

Massive Kinsale Center project OK’d by Henrico Board
Reported by Richmond Bizsense’s Mike Platania

A nearly half-billion-dollar development near Willow Lawn has been given the thumbs up by Henrico supervisors.

The county board voted Tuesday to approve Kinsale Center, a massive mixed-use project planned to bring nearly 700 apartments, an eight-story hotel and multiple new office buildings to the 29-acre former Anthem Inc. campus at Staples Mill Road and West Broad Street.

Kinsale is located nearby and is planning to relocate its headquarters to a former office on the property. Last month, Kinsale and the Marchettis unveiled their plans for the broader development that’ll span the former Anthem campus at 1912 Maywill St. Anthem rebranded last year to Elevance Health, which maintains a presence on the site.

Building sale signals start of downtown YMCA redevelopment
Reported by Richmond Bizsense’s Jonathan Spiers

With two more property transfers that closed in recent weeks, the pieces are now in place for the planned redevelopment of the downtown YMCA complex to get underway.

The YMCA of Greater Richmond last week sold its Franklin Street building to the development group it’s working with to add market-rate apartments to the building’s top floors and in new-construction buildings planned to fill adjacent parking lots.

One of those lots, at the corner of Adams and Grace streets, also sold in recent weeks to an LLC tied to developer George Emerson, who’s heading up the project with frequent collaborator Phil Roper and fellow developers Tom Papa and Dennis Lynch.

Emerson said the purchases will allow construction to start on the apartments in the building, where renovations to the downtown Y branch have gotten underway to provide members access during the project. The branch will remain partially open throughout the construction, which Emerson said is getting started and is scheduled to last about 18 months.

Developer pays $10m for apartment project site on Grove Ave.
Reported by Richmond Bizsense’s Mike Platania

For the second time this year, a piece of the Museum District has fetched eight figures ahead of a major residential redevelopment.

The former Windsor Senior Living building at 3600 Grove Ave. has sold for $10 million, city records show.

The buyer was Georgia-based Flournoy Development Group, which is planning to raze the structure to make way for a new six-story, 253-unit building.

Flournoy’s project would be among the highest-density new builds seen in the Museum District in recent years.

Costco buys more local land, this time from Bill Goodwin in Midlothian
Reported by Richmond Bizsense’s Mike Platania

For the second time this fall, Costco has struck a land deal next to one of its Richmond-area stores.

The retail giant last week purchased an undeveloped plot at 1218 Koger Center Blvd. for $1.1 million, Chesterfield County records show.

The 3.6-acre site is wedged between Costco’s Midlothian warehouse store at 1461 Mall Drive and a recently built Pet Paradise.

The deal comes just weeks after Costco closed a similar deal in Henrico County. In October it spent $13 million on a pair of buildings that sit on 5 acres next to its locationat 9650 W. Broad St.

It remains a mystery what the Washington-based company is looking to do with its new holdings. A Costco spokesperson declined to comment, citing a company policy to “not comment regarding future Costco warehouses until we are ready to share details.” The company similarly declined to comment on the Henrico deal, and no plans have been filed for either site.

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