Foundry Park - CoStar HQ

[georgeglass]

Exciting news this morning! Costar looks like they want to build a new riverfront office building!

 

https://richmondbizsense.com/2020/07/27/costar-eyes-new-riverfront-office-building/

[RVA-Is-The-Best]

Argh!! you beat me to the punch just barely. Anyway, glad Costar didn't decide to just leave the market out of frustration over the Navy Hill thing (not that they would have anyway, they already have 1000 people working in their Richmond office).

 

Now finally that 'Foundry Park' development parcel will slowly fill in. 

Edited July 28, 2020 by RVA-Is-The-Best

[eandslee]

I would love to think they would build something tall and signature-ish, but that property is so big that they could conceivably spread out 400,000 sq ft across that parcel with maybe 3-4 stories, max.  Maybe, they won’t build on the entire parcel and go for a tall, signature tower!  Maybe another company will go in on the deal with them and share the new building, making the building even taller.  There are many possibilities here.  Just hoping for something good!  Please don’t disappoint us, CoStar!

[Wahoo 07]

This is an excellent opportunity for a mixed-use development.  Office, hotel, and riverfront condos would be perfect (their views could never be obscured).  Really hope that Costar nails this one.

[rjp212]

One thing I will give Costar (from when I briefly worked there) is the CEO is very urban oriented.  They tout walkability and  access to nearby amenities.  I’d be surprised to see him do a suburban office layout in this location.  Not sure they are in the business for building hotels/condos, but they would kill it overlooking Browns Island. 

[I miss RVA]

Here's hoping, guys! While it's pretty unrealistic for us to hope they would put up a 40-plus-story tower, I think we CAN at least hope that they won't go short and squat. If they partnered with the right folks, a multi-tower mixed-use complex would fill that parcel very nicely. The CoStar tower... (maybe we could hope for 25 stories?? I know... I'd love MUCH bigger as well - but we've gotta be realistic...) ... maybe a high-rise hotel... and a couple of residential towers, with the residential buildings right on the riverfront and the office building the farthest inland... 

I'm afraid to get my hopes up that this will be a killer project - but it's hard not to hope that CoStar teams up with some folks and seriously nails this!

[Richmonder23]

Oh please... please be taller than 6-10 stories (or whatever they have now). I won't get my hopes up for signature tower heights, but SOMETHING to add more vertical density to the skyline.

[eandslee]

Just for comparison, Dominion Energy has about 1,000 people working (or assigned to work) in its new 20-story tower.  So far, CoStar employs 1,000 people in Richmond.  Dominion Energy's new tower is just under 1 million sq feet.  CoStar was calling for an office building of only about 400,000 sq feet back when it was planning to move to Navy Hill before that project died.  The current WestRock/CoStar building totals 310,000 sq feet.  Take what you will from those figures, but thought these might help us set our expectations.  However, it is anyone's guess what will happen here.  Best case scenario is that CoStar partners with a developer looking to do a mixed use project that will include office space for CoStar and also housing, hotel, retail, etc...and a new tall (even signature) tower is born downtown.  Worse case scenario is that this project ends up being a squatty 5-6 story, cubic suburban piece of poo.

Edited July 28, 2020 by eandslee

[I miss RVA]

I think I'll lose my mind if they announce something with a short, flat, squat design. Really hoping for a multi-building mixed-use complex that CoStar develops in conjunction with other major developers who are really looking to go all in to put up a dazzling complex on the Richmond riverfront. I'd love nothing fewer than four towers built into a complex - the primary tower - CoStar's HQ - plus a hotel tower and a couple of high rise condo towers.

PLEEEEEASSSE!!!

[rjp212]

Don't get your hopes up too much.  Lending requirements are extremely strict on built from scratch Condo hi-rises, and outside of a few major US cities, you won't see any built anytime soon.  They require a certain sales percentage before they can even break ground, and a large downpayment from potential buyers.  Even Charlotte recently failed at launching a condo tower.    Concrete and Steel costs continue to be through the roof, so you'd need to build at at least $300/sf for a high rise.  To make profit, the builder would probably sell them at $400/sf, and nobody in Richmond is paying that much for a condo.

On the Development Map, there are old plans for Foundry Park.  I imagine it will be somewhat closer to that.  Current building is 310,000 sf, so at 400,000 sf in the back lot, you'd be looking at maybe an extra floor or two compared to their current building.  Costar is very connected to Developers and currently owns Apartments.com.  Hotels have basically put their expansions on hold, until the pandemic is over.  Apartments are easier to lend to (hence why they sprout up like weeds) and can always be converted to condos as the market matures.  Costar tends to rely heavily on recent college grads, so having an apartment complex on campus would probably be a marketing tool.  Probably an onsite market/cafe and a restaurant overlooking Brown's Island.  

Side note:  Can the admins un-archive the "Foundry Park" subforum?  I feel like we could move this conversation there so it doesn't get lost in the generic "Richmond Development" forum.

Edited July 28, 2020 by rjp212

[Wahoo 07]

If this is done right, it could really boost the Canal Walk.  Adding hotel guests and/or permanent residents would transform the western end of it.  Foundry Park could be the catalyst that unlocks the area around Gamble's Hill and Monroe Ward.  Here's hoping!

[I miss RVA]

rjp212 - thanks! Great information and lots to think about. Since apartment construction, including high rise, has been chugging long in the last couple of years, perhaps that would be the better option if residential buildings could be included as part of any kind of complex there.  I'd love to see the Foundry Park subform and see what's there!

4 hours ago, Wahoo 07 said:

If this is done right, it could really boost the Canal Walk.  Adding hotel guests and/or permanent residents would transform the western end of it.  Foundry Park could be the catalyst that unlocks the area around Gamble's Hill and Monroe Ward.  Here's hoping!

AMEN!

[I miss RVA]

Would this be the Foundry Park subfolder?  A lot of pictures and links are broken/missing so it's hard to tell what may have been proposed 12 or 13 years ago. Hopefully it can be unarchived so we can post new information regarding the potential CoStar development here.

Man -- the crash of 2008 really wiped out a lot of good stuff that Richmond could have had a decade-plus ago. Centennial Towers... the James Center expansion (Three James Center being boosted to 26 stories??? Holy moly... and the other towers built that were part of the original 1983 James Center plan???) ... 16 and 20-story residential towers in Manchester...  Imagine if the crash of '08 doesn't hit - how much different Richmond might look today.

 

Edited July 28, 2020 by I miss RVA

[Shakman]

Perhaps at least a mixed use tower of both residential and commercial can be built to add height to COSTAR's potential development. 

 

Edited July 29, 2020 by Shakman

[Richmonder23]

Looks like a few moves are being made down by the river - for both New Market and CoStar 

 

https://richmondbizsense.com/2020/08/10/newmarket-files-rezoning-application-for-tredegar-iron-works-site/

[I miss RVA]

3 hours ago, Richmonder23 said:

Looks like a few moves are being made down by the river - for both New Market and CoStar 

 

https://richmondbizsense.com/2020/08/10/newmarket-files-rezoning-application-for-tredegar-iron-works-site/

Here's hoping some tall and impressive buildings come out of all of this!

[rjp212]

11 minutes ago, I miss RVA said:

Here's hoping some tall and impressive buildings come out of all of this!

At the Costar lot, sure.  With the hillside next to Civil War Museum, NewMarket and War Memorial, that would be completely out of place/context.  Something akin to Georgetown waterfront's scale would be more appropriate here.    Still some decent height, but allows for the taller buildings to be towards the hilltop and won't dwarf the museums.  Plazas and parks that can still be used for festivals, outdoor dining, etc.

[Wahoo 07]

22 hours ago, rjp212 said:

At the Costar lot, sure.  With the hillside next to Civil War Museum, NewMarket and War Memorial, that would be completely out of place/context.  Something akin to Georgetown waterfront's scale would be more appropriate here.    Still some decent height, but allows for the taller buildings to be towards the hilltop and won't dwarf the museums.  Plazas and parks that can still be used for festivals, outdoor dining, etc.

Agreed.  It's a good spot for some interesting architecture and layered depth.

[I miss RVA]

13 hours ago, Wahoo 07 said:

Agreed.  It's a good spot for some interesting architecture and layered depth.

Indeed! Mind you, I hope (and pray) they don't go overboard getting too cutesie. I WOULD like to see some interesting building design and nice architecture -- but not at the expense of height. PLEASE nothing short and squat. Smaller footprint if necessary to put some impressive height on the skyline. Multiple buildings would be even better. The 6-12-story thing MUST NOT HAPPEN!!! Would love to see CoStar go bold and make a statement on the Richmond skyline.

[wrldcoupe4]

Costar has purchased the 4 acres for $20m per BizSense. 

[eandslee]

22 minutes ago, wrldcoupe4 said:

Costar has purchased the 4 acres for $20m per BizSense. 

Boy, CoStar must have some very deep pockets!  I think it is possible they they won’t used all 4 acres for their tower...is it possible that they could have bought all this land to build their tower as well as for an investment?  That way they can control the area around their tower and make it how they want it to be.  I would love to think they’d move their entire HQ from DC to Richmond, plus maybe convince a few other DC companies to move down to Richmond with them and build a series of towers right there at Foundry Park!  Pfew!  Maybe I’m over thinking this? 

[Icetera]

2 hours ago, eandslee said:

Boy, CoStar must have some very deep pockets!  I think it is possible they they won’t used all 4 acres for their tower...is it possible that they could have bought all this land to build their tower as well as for an investment?  That way they can control the area around their tower and make it how they want it to be.  I would love to think they’d move their entire HQ from DC to Richmond, plus maybe convince a few other DC companies to move down to Richmond with them and build a series of towers right there at Foundry Park!  Pfew!  Maybe I’m over thinking this? 

I definitely cannot imagine them building something suburban with that land value!

[I miss RVA]

On 8/10/2020 at 6:31 AM, Richmonder23 said:

Looks like a few moves are being made down by the river - for both New Market and CoStar 

 

https://richmondbizsense.com/2020/08/10/newmarket-files-rezoning-application-for-tredegar-iron-works-site/

Things are moving in the right direction, it seems!

[wrldcoupe4]

8 hours ago, Icetera said:

I definitely cannot imagine them building something suburban with that land value!

They paid so much for the land maybe all they can afford to build now is a low rise 

Edited August 25, 2020 by wrldcoupe4

[eandslee]

1 hour ago, wrldcoupe4 said:

They paid so much for the land maybe all they can afford to build now is a low rise 

It's funny - we laugh, but you may not be wrong.  I've been disappointed before.  Just hoping for the best!