Activity heats up in Richmond

Forest City adds office buildings in Richmond

On Aug. 1, Forest City announced that it has acquired 11 office buildings, totaling approximately 600,000 square feet, in Henrico County near Richmond, Va. The properties are 95 percent leased to a mix of high-quality local and regional tenants.

Charles Ratner, president and CEO, Forest City Enterprises, said, "Richmond is a growth market for us. Along with our new office portfolio, we also have our residential development of 472 apartment units at River Lofts at Tobacco Row, the 1.2-million-square-foot Short Pump Town Center retail center that opened in 2003 and the 900,000-square-foot Shops at White Oak Village retail center that is under construction."

White Oak Village bringing destination retail to greater Richmond area

On July 27, Forest City celebrated the groundbreaking for The Shops at White Oak Village, a $161 million retail center near Richmond, Va.

The approximately 900,000-square-foot Shops at White Oak Village, located in eastern Henrico County, will include a 757,000-square-foot power center, a 150,000-square-foot lifestyle center component and a Hyatt Place hotel. Recently announced retailers will include Circuit City, Lowe's, JCPenney, PetSmart, Sam's Club, Target and Ukrop's. The grand opening of the center is scheduled for 2008.

"Continuing to develop new and exciting retail and mixed-use projects in the Richmond market is an important part of our growth and core market strategies," said David LaRue, president and COO, Forest City Commercial Group. "The Shops at White Oak Village will offer a wide variety of retailers and restaurants – it will be a true community gathering place."

The Shops at White Oak Village is being designed in accordance with Leadership in Energy and Environmental Design (LEED) standards, established by the U.S. Green Building Council (USGBC). Approximately 77,000 tons of concrete have been crushed on site and re-used for foundations, sidewalks and structural support for the center. In addition, 7,500 tons of aluminum, steel, iron, copper, and other ferrous and non-ferrous metals have been recycled and re-used.