Part of Hollymead Town Center property to be sold

One million dollars. Per acre. Wow. What does this sale mean for the future of this development?
Dr.Evil One Miliion Dollars

David Hendrick has the scoop and CvilleTomorrow pointed me to the story.

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4 Comments

  1. Matt May 23, 2006 at 15:40

    Kinda puts things into perspective when compared to Hollymeade’s sister area in the Richmond MSA, i.e., Short Pump @ $500k/ac.

  2. Sam May 23, 2006 at 20:24

    Proffit, proffit and more proffit for developers…and Albemarle residents get…more unaffordable housing.

  3. Jim Duncan May 23, 2006 at 22:17

    Matt – Short Pump brings *only* $500k/acre??? Fascinating. Is commercial real estate in the CharlAlbemarle market really that much more valuable??

  4. Matt May 27, 2006 at 10:22

    You got it…the two most recent high-profile transactions at Short Pump fetched $490k/ac (42ac) and $333/ac (110ac) respectively.

    Is C-ville commercial real estate more “valuable”? To some people. Let’s not confuse value and price though. The price disparity between the two seemingly similar (demographically speaking) areas is surprising isn’t it?