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BizSense Beat: January 31, 2025

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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 of the week of January 31, 2025:

A Washington D.C.-based firm sets a record-high bar for land purchases in Richmond with a $13.3 million deal in Scott’s Addition
Reported by BizSense’s Mike Platania

This week, Hoffman & Associates agreed to purchase an entire city block at 3200 W. Moore St., where the company is planning a mixed-use building with hundreds of apartments.

The price for the 2.4-acre plot comes to $5.6 million per acre, the most paid by any developer for land per acre in the city. The previous record was held by Henrico-based Capital Square, which paid $5.2 million per acre for the former Dairy Bar complex in Scott’s Addition last year.

The seller was an entity tied to the Nichols brothers, who formerly owned HandCraft Cleaners.

Hoffman is a major developer throughout the Mid-Atlantic and Southeast, with 75 properties in its portfolio valued at over $6 billion. Although the firm vied for the city’s Diamond District project in 2022, the Moore Street purchase is Hoffman’s first deal in the city of Richmond.

The company’s $130 million-plus development at Moore St. location has been in the works since 2023. The plan includes 366 apartments and 17,000 square feet of commercial space.

Construction is expected to begin before the end of 2025.

Haleon, a global healthcare company, is investing millions of dollars into a research facility based in Northside Richmond
Reported by BizSense’s Jonathan Spiers

Haleon is investing $54.2 million to upgrade its existing building at 1211 Sherwood Ave, which spans 32 acres north of Virginia Union University between Interstate 64-95 and Brook Road.

Gov. Glenn Youngkin announced the investment at an event at the Richmond facility Monday, alongside Richmond Mayor Danny Avula, Virginia Secretary of Commerce and Trade Caren Merrick, and Lisa Paley, Haleon’s president for North America.

Youngkin said Virginia competed for the investment, which could have been given to Haleon facilities located in England and China, or one of the company’s “global hubs” in New Hampshire, Switzerland and Singapore.

The Virginia Economic Development Partnership worked with the City of Richmond and regional economic development group Greater Richmond Partnership to secure the project.

About 400 of Haleon’s 24,000 employees are based at the Richmond facility.

A local real estate group is proposing to build around 450 new apartments near Chesterfield Towne Center
Reported by BizSense’s Jack Jacobs

Richmond-based Spy Rock Real Estate Group submitted plans to build an apartment complex at 10800 Center View Drive, where Midlothian Athletic Club currently stands.

The 10.6 acre site would feature a mix of age-restricted and non-age-restricted units across three buildings that would be built alongside amenities on the 10.6-acre site.

Spy Rock said it was too early to say when the project would get started, and declined to comment on the development’s anticipated cost.

Midlothian Athletic Club, which has operated on the property for years, would be demolished to make way for the project.

Representatives of the gym haven’t responded to BizSense’s request for comment.

The housing project is tentatively expected to go before the Chesterfield Planning Commission in the spring. The Board of Supervisors would make a final decision on the zoning request at a later meeting.

One married couple is planning to open a new taco shop in the Church Hill area of Richmond
Reported by BizSense’s Mike Platania

Rachel and Milton Rodriguez are preparing to open Taco Vegana at 1004 Oakwood Ave.

The first-time restaurateurs plan on offering a suite of options for the vegan community including making their own seitan, a wheat-based meat alternative, as well as vegetable-based substitutes such as cauliflower.

“Within the vegan community, there’s a lot of different types of vegans: those who are all about the meat substitutes, those who really just want more vegetable-forward dishes, and those who are gluten-free,” Rachel told BizSense. “We’re trying to be really mindful of having those types of options for everyone.”

The owners plan to obtain an ABC license to serve beer, wine and spirits. The restaurant will offer counter service and have seating for around 25 people.

Taco Vegana is targeted to open in late February or March.

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Lyndon German covers Henrico and Hanover counties for VPM News.