Richmond August 2023 – Key Take Aways
Maynard Grizzard – Whiting- Turner
Whiting-Turner is a contracting company based in Baltimore, MD
Involved in all construction work except highways and single family homes
Whiting-Turner turns over 10 million a year in volume
The projects range in size from $10,000 to multi-million dollars
As of today, the market is challenging because of cost. Prices are leveling out and hopefully will continue to
Read Goode – Divaris Real Estate Inc.
Divaris Real Estate Inc. handles commercial real estate and Read is a commercial broker
Based out of Virginia Beach, VA
Manages 3 million sq. footage
Divaris is the only brokerage representing the Commonwealth of Virginia
Has a team in Virginia Dept. of General Services Building
Read’s main focus in on urban leasing in Scott’s Addition and land transactions
There is a housing crisis coming soon
Lauren Comet – Quinn Evans
Senior Interior Designer at Quinn Evans
Recently moved from Nashville, TN
Lauren previously focused on commercial, government and hospitals space and now specializes in education and libraries
Charles Piper – Quinn Evans
Primarily out of Baltimore and Detroit currently focusing on National Parks and Smithsonian
Just completed renovations on Old City Hall in Richmond, VA, unveiling coming soon
Rich Gjerulff – Geneva Financial
In the local market Rich forecasts tremendous debt within 6 months – 1 year
Interest rates are unpredictable
Rich remembers when interest rates were 16%-17% and there was still lending so he sees there is still lending opportunities in today’s market
Geneva Financial is involved in a ground—up project in Atlanta, GA around $6 million
Petersburg, VA market has been underserved for years
Plenty of capital available
Chris Messersmith – Divaris Real Estate, Inc
Focuses on office space
Main areas are Richmond and Charlottesville
Darrell Davis – Richmond Redevelopment and Housing Authority
RHA is currently demolishing units
Bc of this more vouchers are given to replace the subsidized rent at apartment units
This is causing Richmond to lose money bc recipients move from the city to neighboring counties with the vouchers
Neighboring counties don’t want to accept the vouchers causing more concerns
When demolishing units they are rebuilt – this causes residents to move twice.
Once into a temporary location while new unit is under construction
5 of 6 of Richmond’s housing projects feed into the same school; therefore children aren’t switching schools during this phase
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