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 December 13, 2024:
Next piece of Chesterfield’s Springline development will be new $80M mixed-use building
Reported by Richmond Bizsense’s Jack Jacobs
Next year is shaping up to be a notable one for the Springline at District 60 development in Chesterfield, with a second mixed-use building slated to break ground and some of the first phases at the site expected to finish construction.
Connecticut-based Collins Enterprises is finalizing plans for a 245-unit, six-story apartment building with 15,000 square feet of ground-floor commercial space and structured parking. It would be built in the northeast corner of the project site, which was formerly home to the Spring Rock Green shopping center.
The new building is expected to cost $80 million and is slated to start construction in the third quarter of 2025, company President Arthur Collins said last week. The project is envisioned to take 18 months to build.
VMFA expansion project gets thumbs down from state advisory board
Reported by Richmond Bizsense’s Jack Jacobs
The VMFA’s largest expansion project in its nearly 90-year history has hit a snag.
The state Art and Architectural Review Board (AARB) rejected the design proposal for a 173,000-square-foot expansion being planned by the Virginia Museum of Fine Arts.
During a presentation to the board by VMFA’s design team, some board members voiced concerns about the size and shape of the new wing, among other issues with the project.
The VMFA is seeking state approval for the upcoming McGlothlin Wing II, which would bring new gallery space for American, African and contemporary art and other facilities to the art museum on Arthur Ashe Boulevard.
Museum CEO Alex Nyerges told BizSense shortly after the vote on Friday that VMFA remained committed to the project. He said the $261 million project’s scope and budget has already been approved by the General Assembly, and though the AARB had qualms about the design, the museum wasn’t in a position to scale back the scope.
Lincoln Saunders to step down as Richmond’s chief administrator
Reported by Richmond Bizsense’s Jonathan Spiers
Richmond’s top administrator for the past four years will not continue in the role under the next mayor and City Council.
Lincoln Saunders, the city’s chief administrative officer since late 2020, informed department directors Friday that he will be stepping down at the end of this month, coinciding with the close of Mayor Levar Stoney’s final term.
In a statement, Saunders – who was Stoney’s chief of staff for four years before filling in as CAO and later being appointed to the role – thanked Stoney and councilmembers for their support, describing the past four years as “the greatest period of collaboration between a City Council and the administration” since the change to an elected-mayor form of government 20 years ago.
Developer closes out year with $6M in deals in Scott’s Addition, Willow Lawn area
Reported by Richmond Bizsense’s Mike Platania
It’s a busy end to 2024 for an out-of-town developer that spent nearly $6 million for sites in and around Scott’s Addition in recent weeks.
Last week, Breakwater Cos. bought 1701 Roseneath Road for $4.7 million. The 1.2-acre site spans half a city block and is where Breakwater is planning a five-story mixed-use building.
The Roseneath purchase was preceded by a nearly $1 million deal that Breakwater closed in late November for 4627 W. Broad St., a small building that’s part of the Commonwealth Building assemblage that the developer is planning to raze to make way for a six-story mixed-use building.
Breakwater paid $725,000 for 4627 W. Broad St., which the city most recently assessed at $495,000. Property records list the seller as Kingsly LLC, an entity tied to Byron Chafin of Kingsly Properties.
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