Commercial real estate has gone through tough times in the last several years. There is now hope for a return to normalcy in Charlottesville and across the United States. A recent survey on borrower’s trends reported a slow market beginning to speed up. Of all lenders, 56 percent foresee loans being approved more readily. Of the buyers surveyed, 44 percent concur.
Investments will be on the increase when more money is available. The area around the Martha Jefferson Hospital, Stonefield on Route 29 and Rivanna Plaza are seeing new commercial activity. New businesses are moving into Hollymead Town Center. The entire area is seen as desirable for national firms as well as local businesses.
A new lease was recently signed for a business in the Hollymead Town Center. This new concept in sandwiches is called “Which Wich.” Patrons place their order by marking what meats and toppings they want on their sub on a bag preprinted with the menu. There are times when customers are lined up waiting to place an order. They have a choice of 50 subs.
New construction is going on and more than 50 percent of the 52,000 square feet are already leased. At this time, no business names have been released. It is set to house small companies and a few large ones that operate on a national level.
Rivanna Plaza will soon house the Kiddie Academy, a day care center, a Dunkin’ Donuts and another yet to be named restaurant. A national retail store will be transplanted into the shopping strip center as well.
Pier 1, an IMAX theater with fourteen screens and a Trader Joe’s are all slated to open in Stonefield. Most leasing contracts for commercial real estate are not revealed until the paperwork is signed. No one knows what will be new in Shoppers World. Speculators suggest a deli will take the spot formerly occupied by Ragazzi’s. Other newcomers may be announced soon. There is certainly much activity going on in Charlottesville’s business world, indicating the increase in rentals will continue.