The ‘almost impossible’ didn’t stop these projects
June 28, 2012 6:00 AMStories by Paula C. Squires
Creative developers, brokers and builders see promise where others see problems. In this year’s collection of winning projects from across Virginia, what stood out was a willingness to take on a challenge, be it the renovation of a deteriorating historic landmark in downtown Roanoke, the purchase of a vacant headquarters of a former Fortune 500 company in Richmond or the construction of a massive 2.4 million-square-foot office campus in Springfield.
As the editorial staff of Virginia Business reviewed submissions for the top deals, and nominated a few of our own, we picked up on some trends: It’s still hard to obtain financing on some projects, the realignment of military facilities is reshaping the commercial landscape in Springfield, and below-market prices are pulling investors from the sidelines.
Altogether, we selected six winning deals: Best Office Project, Best Historic Renovation, Best Public/Private Project, and Best Retail, Sales and Distressed Property Transactions. Assisting in the judging were Robert Taylor and David Downs with the Virginia Commonwealth University Real Estate Center and John Lombard with the E.V. Williams Center for Real Estate and Economic Development at Old Dominion University.
In the words of one developer, even when “everything was almost impossible,” these pros found a way to move their deals forward.
Best Office Project - NGA Campus East, Fort Belvoir, Springfield
Best Real Estate Transaction: Retail - Ten store rollout for Buffalo Wild Wings, Hampton Roads
Best Historic Rehabilitation - Patrick Henry Hotel, 617 S. Jefferson St., Roanoke
Best Real Estate Transaction: Distressed Property - Deep Run III, 9954 Mayland Drive, Henrico County
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