Scott's Addition Development

[wrldcoupe4]

Here is the Novel project on AA Blvd 

 

[eandslee]

48 minutes ago, wrldcoupe4 said:

Here is the Novel project on AA Blvd 

 

Wow!  Nice!  Finally seeing the actual units taking shape!  Thanks for posting!

[upzoningisgood]

On 3/6/2023 at 9:24 AM, I miss RVA said:

Yes -- the project across A.A. Blvd from the Diamond is the Novel. AND - while Scott's Walk itself is about as "meh" as it can be, a new 7-story apartment buildings - with an urgent care facility anchoring the ground floor - is slated to get underway this year (I forget if the developers are planning to start construction in spring or summer - but last we heard in RBS when announcing the medical facility is that it will start later this year.)

Pretty exciting stuff. 

Novel Scott’s Addition is the one to root for. Crescent as a developer and ParkProperty as an equity partner is as legit as it gets. If that one hits, word will get around and big money will look into Richmond. 

[I miss RVA]

14 minutes ago, upzoningisgood said:

Novel Scott’s Addition is the one to root for. Crescent as a developer and ParkProperty as an equity partner is as legit as it gets. If that one hits, word will get around and big money will look into Richmond. 

Oh REALLY???  So these guys are, indeed, REAL heavyweights?  Given the rather limited and almost elite roster of market in which they have built, that would make sense. And if they're adding RVA to that roster (which, obviously they are) - WOW... this really COULD be a HUGE door-opener for the city.

QUESTION: when you say "hits" - do you mean this one building is successful (as in it's built, it fills up quickly)? Or would Crescent/ParkProperty need to develop other Novel properties in RVA as a result of success with this particular building? What's the trigger point that would start spreading the news to bigger and bigger money to start seriously looking in Richmond's direction?

Edited March 10, 2023 by I miss RVA

[upzoningisgood]

Highest rents possible that enable target lease-up velocity. If you can prove that an institutional deal can lease up for high rents, then it’s much easier for analysts around the country to make a deal in Richmond pencil in their spreadsheets because they can all point to Novel Scotts Addition as a comp. 
 

Institutional vs local matters because institutional quality is typically higher in all dimensions. So you could give Crescent and a local guy the same dirt and Crescent would have higher rents because their product is better and leasing team is better. 

[wrldcoupe4]

Think you could say the same about the Greystar / Capital Square collab (the Otis). 

[upzoningisgood]

26 minutes ago, wrldcoupe4 said:

Think you could say the same about the Greystar / Capital Square collab (the Otis). 

Yes. Did not know Greystar was doing that one.

[Urbs42]

Anyone know status of the proposed Level 2 apartment development? It was supposed to break ground last August but I think there was a permitting snag with the city. 

At 7 stories, it plus Novel will create the start of a true canyon feel along the Boulevard. 

https://richmond.com/business/80-million-mixed-use-apartment-project-planned-near-scotts-addition-buz-and-neds-would-have/article_ad7218e8-7779-5ed1-bbd6-19e72bd0778d.html

[wrldcoupe4]

Seems a bit stalled. They also bought the land next to Bow Tie on Leigh. 

[whw53]

They have permits in hand for the 'ashe addition' piece but not sure the time line. A mrual went up for woman's day(?) Or something like that a few weeks ago on one of the derelict structures slated for demolition.

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The project adjacent to movieland - I think that POD hasn't got the final review approval yet.

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[whw53]

Rando pic of belleville,;everything is slow but we can believe-love yal

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[I miss RVA]

20 minutes ago, whw53 said:

Rando pic of belleville,;everything is slow but we can believe-love yal

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WOW!! The neighborhood is changing FAST. I hope someone will snap up the other two-building apartment complex site on Belleville (next door to this one) and get moving with it. Would love to see two more six-story buildings at that edge of Scott's.

This is a really great picture that really captures how the neighborhood is transitioning from block after block after block of low-slung one-story industrial buildings to multi-story, multi-family residential buildings. This picture really captures things perfectly.

[I miss RVA]

11 hours ago, whw53 said:

They have permits in hand for the 'ashe addition' piece but not sure the time line. A mrual went up for woman's day(?) Or something like that a few weeks ago on one of the derelict structures slated for demolition.

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The project adjacent to movieland - I think that POD hasn't got the final review approval yet.

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I wonder how the city-caused delay in the review process will affect the prospects of this one getting off the ground in a timely manner, what with other developers starting to (please God, only temporarily) ice down some of their planned projects?

Edited March 12, 2023 by I miss RVA

[I miss RVA]

On 3/10/2023 at 5:57 PM, wrldcoupe4 said:

Think you could say the same about the Greystar / Capital Square collab (the Otis). 

So Greystar's involvement puts this development (the Otis) into the "institutional" category? And if so, does that mean that just like the Novel development, the Otis could ALSO contribute toward putting RVA on the radar screens of a lot of bigger money that might very well be willing to come to town to turn some dirt and invest some cash here?

Edited March 12, 2023 by I miss RVA

[wrldcoupe4]

They have nearly 800,000 units and $62 billion in assets under management. May be the largest multifamily player.  That definitely counts as institutional. 

[I miss RVA]

44 minutes ago, wrldcoupe4 said:

They have nearly 800,000 units and $62 billion in assets under management. May be the largest multifamily player.  That definitely counts as institutional. 

So that said, the success of the Otis bodes VERY well for Richmond, yes? As in, from a national perspective- amping up the prospects that bigger players with deeper pockets will start seriously looking into investing in multifamily developments in RVA. Am I in the ballpark on this one?

[wrldcoupe4]

I wouldn’t say it opens the flood gates, but if it’s successful from entry to exit, it’s a good indicator for others to look for deals to do in Richmond. 

[I miss RVA]

1 hour ago, wrldcoupe4 said:

I wouldn’t say it opens the flood gates, but if it’s successful from entry to exit, it’s a good indicator for others to look for deals to do in Richmond. 

Makes sense. Now - aside from jaw-dropping population growth, what would it take to open the flood gates?

[wrldcoupe4]

Richmond would need job creation the likes of Nashville and Austin. 

[wrldcoupe4]

The only thing I’ll add is that post pandemic, migration patterns probably start to look different and the path to success may look different as well. 

[I miss RVA]

2 hours ago, wrldcoupe4 said:

The only thing I’ll add is that post pandemic, migration patterns probably start to look different and the path to success may look different as well. 

Interesting. How so? Can you expound a bit on this for clarity?

[wrldcoupe4]

Remote work is more prevalent. 

[I miss RVA]

1 hour ago, wrldcoupe4 said:

Remote work is more prevalent. 

This is true. QUESTION: specifically how does this impact Richmond?

[wrldcoupe4]

I don’t know. 

[I miss RVA]

26 minutes ago, wrldcoupe4 said:

I don’t know. 

Okay - my friend, I'm thoroughly confused now. We were discussing that if RVA could really ramp up job creation a la Austin or Nashville, we'd see potentially a flood of institutional-level (national) developers looking to build in Richmond. And that post-pandemic migration pattens probably start to look different. Do you mean in the future? That migration patterns that are seeing metro Richmond lead the state in population growth will change? Or that they HAVE changed and RVA is benefitting from it -and - likely will continue to do so? What you're saying about the shift in remote work - does that play in RVA's favor in terms of folks who might work in D.C. living in metro Richmond? 

I'm really unclear what you mean. (Sorry - I'm pounding the obtuse button!)