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Construction firm Katerra's bankruptcy filing won't stall apartment projects


Construction firm Katerra’s bankruptcy filing won’t stall apartment projects
Photos by Jonathan Spiers)
Two apartment developments on opposite sides of the river will remain active and on schedule despite their general contractor’s recent bankruptcy filing, the developer behind those projects said this week.
Tennessee-based Bristol Development Group said it is continuing on with its Artistry at Winterfield and Tapestry West apartments amid the Chapter 11 filing from Katerra, the construction company it enlisted for both Richmond-area projects.
California-based Katerra made the filing Sunday after it was unable to procure bonding for projects following the insolvency proceedings of former lender Greensill Capital, according to media reports. A statement on Katerra’s website also attributed the filing to industry impacts from the pandemic and unsuccessful attempts to secure additional capital. ....

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500 apartments approved for Virginia Center Commons' JCPenney site


500 apartments approved for Virginia Center Commons’ JCPenney site
Courtesy of Poole & Poole Architecture)
Another piece in the puzzle of the planned redevelopment of Virginia Center Commons has been put into place, with hundreds of apartments replacing one of the former shopping mall’s anchor department stores.
Henrico supervisors have approved plans for as many as 500 apartments to be built on the site of the recently closed JCPenney store, which developers Rebkee Co. and Shamin Hotels added to their assemblage of properties there earlier this year.
The apartments would fill four buildings that would rise on the 7-acre parcel that currently houses the store building and parking lot. Sample elevations included with the plans show the new buildings would rise four stories. ....

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