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Third-quarter economic review for the Fredericksburg area
-REZA MARVASHTI/THE FREE LANCE-STAR View More Images from this story Visit the Photo Place |
Date published: 10/16/2011
In apartment news, Home Properties Inc. moved forward on its Cobblestone Square complex in downtown Fredericksburg. Johnson Development Associates received a special-use permit from the city to build Phase Two of its Haven complex at Celebrate Virginia South and then put the completed Phase One on the market. More apartments, along with a law-enforcement training center, were planned for Celebrate Virginia North. A proposal was submitted to redevelop the Fox Chase Apartments off U.S. 1 in south Stafford into a 99-unit townhouse community.
Books-A-Million opened at the Village at Spotsylvania Towne Centre. The Borders store in Central Park closed after a liquidation sale, and former Colonial Forge High School teachers Mark Doherty and Jeremy McCommons bought the building at auction.
Wachovia Bank officially became Wells Fargo. BB&T again led the way in area deposits. StellarOne Bank closed a branch at 5996 Plank Road in Spotsylvania.
Rosner Auto Group opened its new Nissan dealership in Stafford, and a new showroom was completed for Fiat of Fredericksburg in Spotsylvania. Bill Britt Motors in Spotsylvania ceased to be a Suzuki franchise.
Tom Rumora was named Spotsylvania's new economic development director.
The University of Mary Washington opened its $15 million Anderson Center sports and entertainment complex and inaugurated President Rick Hurley.
American Indoor Karting closed its facility in Fredericksburg's Central Park Town Center and made plans for an indoor paintball complex there.
The second-largest earthquake in Virginia history caused significant damage in the area, particularly in Mineral, near its epicenter in in Louisa County. Germanna Community College lost use of one of its Spotsylvania campus buildings, and the two nuclear reactors at the North Anna Power Station were shut down for many weeks.
The transfer of 2,767 BRAC-related jobs to Marine Corps Base Quantico was completed. Construction continued on the third 140,000-square-foot office building at the nearby Quantico Corporate Center despite a minor setback when a crane hit the tower.
The Augustine Golf Club off Courthouse Road in Stafford reopened to the public following a seven-month renovation that overhauled the course.
Spotsylvania bought the Merchant Square building at Courthouse Village from W.J. Vakos & Co. for $10 million. Vakos planned more apartments and retail space at the development, and also back-filled restaurant spaces at its Southpoint II center.
The Fredericksburg Expo and Conference Center landed the Historicon 2012 convention, expected to be one of the biggest in the facility's five-year history.
Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com
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Here is a look at some local economic indicators for the three months ending Sept. 30. The data are for Fredericksburg and the counties of Caroline, King George, Stafford and Spotsylvania unless otherwise noted. The latest available data are used. Home sales Q3 2011: 1,033 Q2 2011: 1,167 Q3 2010: 1,015 --Metropolitan Regional Information Systems Inc. Median housing prices September 2011: $200,000 September 2010: $215,450 --Metropolitan Regional Information Systems Inc. Hotel nightly revenue per available room (Fredericksburg, Stafford, Spotsylvania) YTD 2011 (through August): $45.05, $40.28, $38.97 YTD 2010 (through August): $44.90, $46.28, $41.21 --Smith Travel Research Unemployment rate August 2011: 6.2 percent August 2010: 6.3 percent --Virginia Employment Commission New vehicle registrations Q3 2011: 3,531 Q3 2010: 3,443 --Virginia Automobile Dealers Association Local sales tax receipts July-Aug. 2011: $6.39 million July-Aug. 2010: $6.06 million --Virginia Department of Taxation Commercial real estate vacancy rates (Office, Industrial/Flex, Retail) Q3 2011: 12.3 percent, 18.8 percent, 6.9 percent Q3 2010: 15.4 percent, 18 percent, 7.4 percent --Cushman & Wakefield | Thalhimer This is a quarterly feature in which The Free Lance-Star Business team gives a snapshot of area market conditions and reviews some of the important happenings over the past three months that have affected the area's economy. Look for it a few weeks after the end of each quarter, and let us know if there are additional things you'd like to see here. FREDERICKSBURG HARDWARE AUGUSTINE GOLF CLUB NATIONAL SLAVERY MUSEUM Buttermilk & Old Lace restaurant |