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Foundry Park - CoStar HQ


georgeglass

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I'd like to know from what point on the ground is the 510 feet measured.  Is it from the base of the tall tower or the base of the multipurpose building?  I'm just struggling with the rendering above with the Fed Reserve tower beside it.  It just doesn't look like it's that much taller than the Fed Reserve...unless it's just the angle from which the rendering is showing.

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5 minutes ago, eandslee said:

I'd like to know from what point on the ground is the 510 feet measured.  Is it from the base of the tall tower or the base of the multipurpose building?  I'm just struggling with the rendering above with the Fed Reserve tower beside it.  It just doesn't look like it's that much taller than the Fed Reserve...unless it's just the angle from which the rendering is showing.

I think it is a combination of the angle of the image itself plus the angle of photography.  Hopefully we will see the actual render soon rather than just a press-shot of it.

25 minutes ago, blopp1234 said:

If you zoom in real close on the rendering from Fred far street, it appears to have a boutique sign in the window and what looks to be a restaurant on the ground floor.

Good catch.  Glad to see it activating the canal side of the property.

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15 minutes ago, I miss RVA said:

My apologies, my friend! I'm dragging anchor today - I got my COVID booster (3rd) shot yesterday afternoon -and as a result didn't sleep at all well last night and have felt really schvach since about 9 p.m. last night... Mind you, I'm quietly doing my Snoopy dance today, celebrating! This is absolutely EPIC - to the point that even feeling 100% I'm so gobsmacked by all of this -- WOW ... 510 feet. Tallest in the Commonwealth. And a GORGEOUS building/complex. Combined with Westrock - it gives the CoStar campus an amazingly mighty presence on the riverfront.

Honestly - I figured Elvis was the only way to express everything - because I'm just blown away. This is SUCH a game-changer for downtown, for RVA, for the metro. Bruce and a few others on the RBS comment section to the story there made an outstanding point - Bruce said - "anyone want to building some new apartments?"  He's right - 2,000 jobs will mean the likelihood that significantly MORE than merely 2,000 people will be moving to RVA in taking those jobs. How many of those CoStar workers will bring families with them. I'm sure quite a few. Another poster wrote that this could trigger the development of taller apartment buildings - because of the influx of people coming in. I concur. 

My hope is that this really is the door-buster for downtown and for RVA. That this kicks in the door on breaking height "barriers" downtown -- obviously, economics are the big drivers - and when you consider that when the CoStar HQ is completed - the two most recent PRIVATELY developed/owned (non-state gov't or state-supported (VCU)) buildings that will have been built - will be the tallest (CoStar) and 3rd tallest (Dominion) in the city -- with CoStar, for now, the tallest in the state. 

The biggest thing now that comes to mind is building on this momentum- and bringing MORE companies here - who steps up to build the next "tallest in Virginia" skyscraper in downtown RVA? 

Someone earlier has posted that perhaps Capital One could be persuaded to relo their entire workforce from West Creek to downtown RVA. As unlikely a scenario as that might seem -- did we realistically see THIS (huge CoStar) building coming even a year ago? Much as we were joking about the UP site "sanitizing" my use of a Yiddish turn of phrase -- who's to say that once CoStar brings its huge workforce here to the downtown riverfront, someone at Cap One might get the wild idea to try to "one-up" CoStar? Maybe a vanity project of some kind - another "pesto-measuring" contest so to speak -- but who knows - what if they DID bring the entire workforce downtown and build a tower 550-600 feet tall? Perhaps they manage to pry loose from Dominion the block where OJRP once stood. Imagine having 3 of the 4 tallest buildings in the city - and the two tallest in the state - just blocks apart from each other on the downtown RVA riverfront.

No matter how unlikely it might be right now -- it COULD happen! We didn't see this coming. And I can't help but believe that CoStar's epic presence downtown is going to start a period of real bullishness on building big in downtown RVA. 

I'm warming up the popcorn maker because I can't wait to see how this all plays out.

The person that replied to Bruce about taller apartment buildings was me. I just really see that as a real possibility. I hope the more stuff like this happens the more it starts to shut the nimbys up and makes there power become powerless. I will say would love to have a booming development scene but on a slower scale like Austin Texas is experiencing, if we boomed Austin has fast like they have I couldn’t keep up with everything. But seeing the costar news on so many business website all over the internet we are being noticed even if it’s just for today. All it takes is just one person to see it to really get the ball rolling. On the booster shot I got mine on November 19th had a really bad reaction from it for a whole week.  Making me extremely weak. Then I got sick last week and had a bad cold and cough and sinus viral type junk. Then today I found out I have shingles. So health wise it’s been rough the past few weeks but It could definitely always be worse. Just happy to be alive to see this. 

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19 minutes ago, Downtowner said:

The person that replied to Bruce about taller apartment buildings was me. I just really see that as a real possibility. I hope the more stuff like this happens the more it starts to shut the nimbys up and makes there power become powerless. I will say would love to have a booming development scene but on a slower scale like Austin Texas is experiencing, if we boomed Austin has fast like they have I couldn’t keep up with everything. But seeing the costar news on so many business website all over the internet we are being noticed even if it’s just for today. All it takes is just one person to see it to really get the ball rolling. On the booster shot I got mine on November 19th had a really bad reaction from it for a whole week.  Making me extremely weak. Then I got sick last week and had a bad cold and cough and sinus viral type junk. Then today I found out I have shingles. So health wise it’s been rough the past few weeks but It could definitely always be worse. Just happy to be alive to see this. 

@Downtowner I agree with you and Bruce. Development of apartment buildings will only continue to boom in the wake of this. Just from CoStar's expansion alone, we're about to see a significant influx in population -- and I think you're right -- this very well could trigger a push toward taller apartment buildings. I was just looking at what @whw53had posted today in the Shockoe Bottom thread re: doings at 1801 E. Main - and when the upzoning request to TOD-1 for that parcel went before the planning commission over the summer, one of the commissioners said he was in favor of the upzoning WITHOUT the proffer to limit construction to 11 floors instead of the full 12 -- AND -- he said he would just as soon the developer take advantage of the zoning and go the full 12 - as he said - the city is land locked and it has to take advantage of every possible means of adding density -- a definite inference of going vertical whenever and wherever possible.

I'd be curious to know how/why 12 stories is the height limit for TOD-1 zoning -- is that number arbitrary? If there was greater demand for taller development, is it possible that the city could go back and push TOD-1 up from 12 to, say, 15 or 18 stories?  OR - create an intermediate zoning step between TOD-1 and B-4. 

Either way - this CoStar announcement has SO much upside for RVA in general and downtown in particular - it's almost too mindboggling to really comprehend the entirety of the potential impact.

One thing I wonder: once CoStar builds ... and once other parts of downtown start to take off (and I could EASILY see this huge development being the lit match that ignites the fuse of significantly more downtown development) -- I wonder if there will be increased pressure on Dominion to either fish or cut bait regarding the block where the OJRP once stood?  While we were joking about Capital One possibly at some point wanting to one-up CoStar in establishing THEIR presence on the RVA skyline -- what if they get a change in upper leadership who has exactly THAT mindset? I wonder what it might take for a deep-pocketed company like Cap One to potentially pry that block free from Dominion so they could put their own epic skyscraper there?

I really do think at least some of the shackles are about to come flying off of RVA development. Like you said - it happened in Austin. We've seen it happen in other cities - Nashville, Charlotte, Raleigh... of course, Atlanta. But older, established cities that are more akin to RVA from an urban footprint standpoint - Baltimore, Philadelphia, Pittsburgh... once the ball starts rolling, provided the economy remains robust, that ball is very difficult to stop momentum-wise. I literally am salivating like Pavlov's dog at the prospect of what could be coming down the turnpike for RVA in the next 3 to 5 years. Getting the airport situation fixed will help things go a long way, too.

It's hard not to project that RVA is poised for EPIC growth now over the next decade. We just have to do everything possible to keep this momentum rolling. Pedal to the metal - light those afterburners - all systems GO!!!

Re: the booster - yeah, it sucks because I really do feel like crap today. I'm sorry you had such a bad reaction to yours -- and -- ended up getting sick just recently. Shingles? Ugh... my father (of blessed memory) had shingles when I was a kid. He was younger when he got it than I am now, if I recall (and I'll be 60 next fall - ugh...). It wasn't pretty. I've been thinking about getting a shingles vax maybe after I get over this COVID booster and feel a little better.

Hang in there - feel better, stay strong and may you be well speedily and soon!

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20 minutes ago, I miss RVA said:

@Downtowner I agree with you and Bruce. Development of apartment buildings will only continue to boom in the wake of this. Just from CoStar's expansion alone, we're about to see a significant influx in population -- and I think you're right -- this very well could trigger a push toward taller apartment buildings. I was just looking at what @whw53had posted today in the Shockoe Bottom thread re: doings at 1801 E. Main - and when the upzoning request to TOD-1 for that parcel went before the planning commission over the summer, one of the commissioners said he was in favor of the upzoning WITHOUT the proffer to limit construction to 11 floors instead of the full 12 -- AND -- he said he would just as soon the developer take advantage of the zoning and go the full 12 - as he said - the city is land locked and it has to take advantage of every possible means of adding density -- a definite inference of going vertical whenever and wherever possible.

I'd be curious to know how/why 12 stories is the height limit for TOD-1 zoning -- is that number arbitrary? If there was greater demand for taller development, is it possible that the city could go back and push TOD-1 up from 12 to, say, 15 or 18 stories?  OR - create an intermediate zoning step between TOD-1 and B-4. 

Either way - this CoStar announcement has SO much upside for RVA in general and downtown in particular - it's almost too mindboggling to really comprehend the entirety of the potential impact.

One thing I wonder: once CoStar builds ... and once other parts of downtown start to take off (and I could EASILY see this huge development being the lit match that ignites the fuse of significantly more downtown development) -- I wonder if there will be increased pressure on Dominion to either fish or cut bait regarding the block where the OJRP once stood?  While we were joking about Capital One possibly at some point wanting to one-up CoStar in establishing THEIR presence on the RVA skyline -- what if they get a change in upper leadership who has exactly THAT mindset? I wonder what it might take for a deep-pocketed company like Cap One to potentially pry that block free from Dominion so they could put their own epic skyscraper there?

I really do think at least some of the shackles are about to come flying off of RVA development. Like you said - it happened in Austin. We've seen it happen in other cities - Nashville, Charlotte, Raleigh... of course, Atlanta. But older, established cities that are more akin to RVA from an urban footprint standpoint - Baltimore, Philadelphia, Pittsburgh... once the ball starts rolling, provided the economy remains robust, that ball is very difficult to stop momentum-wise. I literally am salivating like Pavlov's dog at the prospect of what could be coming down the turnpike for RVA in the next 3 to 5 years. Getting the airport situation fixed will help things go a long way, too.

It's hard not to project that RVA is poised for EPIC growth now over the next decade. We just have to do everything possible to keep this momentum rolling. Pedal to the metal - light those afterburners - all systems GO!!!

Re: the booster - yeah, it sucks because I really do feel like crap today. I'm sorry you had such a bad reaction to yours -- and -- ended up getting sick just recently. Shingles? Ugh... my father (of blessed memory) had shingles when I was a kid. He was younger when he got it than I am now, if I recall (and I'll be 60 next fall - ugh...). It wasn't pretty. I've been thinking about getting a shingles vax maybe after I get over this COVID booster and feel a little better.

Hang in there - feel better, stay strong and may you be well speedily and soon!

Oh cool my uncle will be 60 in November of 2022 

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News story from NBC12 containing another new rendering, a Twitter video of the model, and some very encouraging words regarding Richmond's economic future:

https://www.nbc12.com/2021/12/17/costar-group-expanding-campus-adding-2000-jobs-richmond-location/

Based on the model in this story (the Twitter video), the topography looks like it doesn't make this tower much taller than the Fed Reserve since this location is downhill a bit from the Fed (kind of a disappointment).  Still 510', but won't look that tall, I guess.

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57 minutes ago, KJHburg said:

I guess those boys from Charlotte were right including  me and my good friend @TheRealClayton  Congrats  on your new tallest in the state.   Hmm I predicted all this since last summer with of course some help from my friend.   2nd HQ means basically it is the headquarters and a few hold outs will stay in DC but all job growth and whatever they can consolidate will be in Richmond in the future.  We have a couple of 2nd HQs in Charlotte which are de facto HQs of the operations.  

As I said we dream BIG in Charlotte and achieve big now start thinking that way in Richmond.  and this wont be  your last.  And I do think you might get your local Dominion Realty Partners do a high rise apartment tower like the 29 story one they did in Charlotte too.  

Hey 2 feet is 2 feet and there is no way Va Beach should have had that title of tallest in the state that long.  

1.) Got it right: You and @TheRealClaytonhammered it outta the park on this one, my friend. I raise a glass to you both and offer a hearty a' salute!! (I'm Jewish, so I also offer a heartfelt "l'chaim!!!" to you both) :beers: 

2.) Dreaming Big: Yes - you (Charlotte - collectively) DO dream big - a HUGE lesson that we (collectively) in RVA need to learn and learn well. Good to know how these 2nd HQs work (and that you have them in Charlotte adds even more fuel to the optimism fire for how this one turns out here). 

3.) Think this way in RVA - won't be our last:  Indeed, from your keyboard to God's eyes, my friend! 

4.) High rise apartment tower-Dominion: From your keyboard to God's eyes -- and bartender, make that a double!!

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3 minutes ago, I miss RVA said:

1.) Got it right: You and @TheRealClaytonhammered it outta the park on this one, my friend. I raise a glass to you both and offer a hearty a' salute!! (I'm Jewish, so I also offer a heartfelt "l'chaim!!!" to you both) :beers: 

2.) Dreaming Big: Yes - you (Charlotte - collectively) DO dream big - a HUGE lesson that we (collectively) in RVA need to learn and learn well. Good to know how these 2nd HQs work (and that you have them in Charlotte adds even more fuel to the optimism fire for how this one turns out here). 

3.) Think this way in RVA - won't be our last:  Indeed, from your keyboard to God's eyes, my friend! 

4.) High rise apartment tower-Dominion: From your keyboard to God's eyes -- and bartender, make that a double!!

FYI, the tower would have been closer to 600' had covid not happened.  Something we know all too well in Charlotte, our Duke Energy Tower under construction was slated to be 780' behind closed doors, but was cut because the board didn't think it would be right for a tower that tall to be built by a utility company, now we have 3 feet shorter than 600 feet :-(

Edited by TheRealClayton
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7 minutes ago, TheRealClayton said:

FYI, the tower would have been closer to 600' had covid not happened.  Something we know all too well in Charlotte, our Duke Energy Tower under construction was slated to be 780' behind closed doors, but was cut because the board didn't think it would be right for a tower that tall to be built by a utility company, now we have 3 feet shorter than 600 feet :-(

That's a very good point.

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14 minutes ago, eandslee said:

News story from NBC12 containing another new rendering, a Twitter video of the model, and some very encouraging words regarding Richmond's economic future:

https://www.nbc12.com/2021/12/17/costar-group-expanding-campus-adding-2000-jobs-richmond-location/

Based on the model in this story (the Twitter video), the topography looks like it doesn't make this tower much taller than the Fed Reserve since this location is downhill a bit from the Fed (kind of a disappointment).  Still 510', but won't look that tall, I guess.

I wouldn't worry too much about the renderings. What really matters is the final product, and none of the renderings give the perspective where the height difference will necessarily be as apparent once we see the live building, standing in all her glory. What do I mean? Somewhat up close, the Dominion building really doesn't look any taller than the Fed - despite having an even better topographical location, enough to emphasize the fairly minimal actual height difference. But from a distance, it IS apparent that the pointed top on the right side of the front of the Dominion building IS higher than the top of the Fed. 

The CoStar rendering (photographic - taken from the vantage point of just above the Tredegar Iron Works) DOES make the CoStar building (at least to my weird eye) appear noticeably taller. I think at a distance -- like from the south side of the river, for example, that height difference will be even more pronounced.

Yes - the topography DOES favor the Fed building - but only slightly. I don't think CoStar is really giving up more more than maybe two floors worth at most. And I'm not sure about that, tbh. I think at the end of the day, when the new tower is standing, it will be readily apparent that this is absolutely the tallest building in the city. I think when viewed from a distance, it will stand above the Fed, above Dominion, above Monroe - above the skyline. Will it dwarf the skyline? No - we'd need something either much higher up (crest the hill and put this baby on Broad Street and see what happens) -- or significantly taller (600-650 feet). But it will stick out, up and above the skyline - I feel certain about that.

When it's built - I think we'll see - CoStar isn't giving up THAT much topography to the Fed. Or to Dominion, for that matter.

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14 minutes ago, I miss RVA said:

I wouldn't worry too much about the renderings. What really matters is the final product, and none of the renderings give the perspective where the height difference will necessarily be as apparent once we see the live building, standing in all her glory. What do I mean? Somewhat up close, the Dominion building really doesn't look any taller than the Fed - despite having an even better topographical location, enough to emphasize the fairly minimal actual height difference. But from a distance, it IS apparent that the pointed top on the right side of the front of the Dominion building IS higher than the top of the Fed. 

The CoStar rendering (photographic - taken from the vantage point of just above the Tredegar Iron Works) DOES make the CoStar building (at least to my weird eye) appear noticeably taller. I think at a distance -- like from the south side of the river, for example, that height difference will be even more pronounced.

Yes - the topography DOES favor the Fed building - but only slightly. I don't think CoStar is really giving up more more than maybe two floors worth at most. And I'm not sure about that, tbh. I think at the end of the day, when the new tower is standing, it will be readily apparent that this is absolutely the tallest building in the city. I think when viewed from a distance, it will stand above the Fed, above Dominion, above Monroe - above the skyline. Will it dwarf the skyline? No - we'd need something either much higher up (crest the hill and put this baby on Broad Street and see what happens) -- or significantly taller (600-650 feet). But it will stick out, up and above the skyline - I feel certain about that.

When it's built - I think we'll see - CoStar isn't giving up THAT much topography to the Fed. Or to Dominion, for that matter.

Comparing elevation at tower center:

Monroe = 19m

Fed           = 20m

CoStar   = 21m

DE            = 27m

 

I do think the perspective is just off.  This should have a 129' difference over the Fed accounting for prominence.

image.thumb.png.a83de8fb496a0cd964a3cc8a52408304.png

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8 minutes ago, 123fakestreet said:

People talking about CapOne moving downtown... such a shame that West Creek campus was built when it was.  If they were building today it would almost definitely go downtown, both CapOne and CarMax. CarMax has already located a big chunk of employees over by Sauer Center because that's where Millennials and GenZ want to live and work, in the city, not way out in Goochland.  Had an opportunity for Altria to possibly move downtown too but they opted to expand their existing HQ.   What could have been.

Unfortunately I don't see another big company coming in and building a major office space like this again any time soon. What I do see is some residential density and height.  Those 3 whole blocks of surface lot next to each other in Monroe Ward between 3rd and 5th and the former Dominion site begging for big downtown residential towers. 

Don't despair! The game's not over yet. What do I mean?

CoStar hasn't built this baby yet. And a LOT of things can happen between now and when this building opens in 2024. (Hopefully all GOOD thing re: the economy in general, RVA in particular and downtown RVA specifically). Just because Cap One and other folks are settled -- for now -- doesn't mean that if there's a ground swell of corporate interest in downtown RVA that they might not want to hitch their wagon to that team of horses heading downtown. After all, did we see the residential construction boom that has been running unabated, full-steam ahead coming as recently as 3 to 5 years ago? Even though developers were sniffing around and people were moving here? No one could have predicted that Scott's and Manchester would be racing ahead at warp speed to build now literally thousands of apartments. Nor did we see Pinecrest ... or The Admiral on the horizon... and we certainly didn't see THIS from CoStar. This is HUGE!

Mind you - it could be several years before we get something this big downtown. BUT - I'm starting to think it might not be as long as we think it will be. Who's to say "Widget-ex" (a nice, generic corporation!) might not have been keeping their collective eye on what RVA is going - and as they watch the city boom - and see CoStar's new building rise, etc., - maybe they do what CoStar did... they set up shop here - and least out space somewhere downtown. Maybe they're a hot, growing company a la CoStar - and maybe before long (say 3 to 5 years into the burn) they're bringing more and more jobs to the city and to downtown. And then out of the blue - BOOM - a new 600-foot-tall tower on the way for downtown.

If it happened with CoStar, it can happen again with another company - be it one already well established in RVA metro - or - someone looking to relo from D.C. or NYC or somewhere where it's uber expensive to do business - and where the lower COL in RVA might be super inviting.

Maybe we need to recruit our pals from Charlotte to advise the city how how to land these kinds of companies, especially since we don't (yet) have a top-tier airport or an NFL team or other things that might help lure a big firm to come to town.

NOW - I think you're spot on when it comes to the potential for big downtown residential towers. Bruce and @Downtownermade mention of this over on RBS today, and I agree with them. Getting the Admiral and Pinecrest sprouting soon will be as good start. And once we get to 2024 and that shiny new CoStar tower is up and full of workers, I'll be you dollars to doughnuts, we'll see some really dazzling high rise residential towers suddenly announced for this part of downtown or that. Perhaps in Monroe Ward. Perhaps on the riverfront. Perhaps up in City Center - and once I feel a little better, I have a few thoughts I've been working on to post on the City Center on some things we could possibly see in the near future (and CoStar's announcement gives me reason to think that some big developments in City Center MIGHT not be all that far behind - I have no information whatsoever - just a gut feeling - a hunch...)

 

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9 minutes ago, Icetera said:

Comparing elevation at tower center:

Monroe = 19m

Fed           = 20m

CoStar   = 21m

DE            = 27m

 

I do think the perspective is just off.

This is telling then - the 6m height-differential advantage that Dominion has topographicallay over CoStar works out to just 19.7 feet - so a little more than one floor (at worst, 1.5 floors). So the CoStar building will still rise about 73-to-74 feet higher (backing out the 19-plus foot differential) than Dominion in terms of skyline prominence.

Which then means - relative to the Fed - the 1m difference is all but negligible. The CoStar tower should still rise 114 feet higher than does the Fed. Particularly from a distance, that will be QUITE noticeable.

I agree with @Iceterathat since the renderings may not be exact, the perspective is off. At the end of the day, we'll clearly see the difference.

Edited by I miss RVA
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1 hour ago, Icetera said:

Comparing elevation at tower center:

Monroe = 19m

Fed           = 20m

CoStar   = 21m

DE            = 27m

 

I do think the perspective is just off.  This should have a 129' difference over the Fed accounting for prominence.

image.thumb.png.a83de8fb496a0cd964a3cc8a52408304.png

With all the posts coming hot and heavy, I missed your updated table. Your table says it all!

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20 minutes ago, DowntownCoruscant said:

Maybe every day should be full of meetings for me, because that was today and when I emerged, I found out we’re getting a state’s tallest.

Two thoughts.

A) I’m irrationally happy for I Miss RVA, a person I’ve never met, because I’m fairly certain he willed this into being.

B) CoStar has some cajones. They stared right into the Urban Planet RVA rule of thumb - take the height you hope for, then chop off 20% - and spit right in its face. 

Now if only I could will the winning Power Ball numbers into being - heh heh heh... :tw_wink:

Yeah - CoStar spat right in the face of the UP RVA rule of thumb. Heck - even my own little estimate the other day of 435 feet was so far off the mark it was ridiculous. Even using that arbitrary number (435) - it leapfrogged that one by a good 17.2%. Pretty fantastic, all-in-all.

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We’ll, not to be a downer, but CoStar’s details on their own site have this tower at 425’. 
https://www.costar.com/article/508382584/costar-group-plans-460-million-campus-expansion-in-richmond

“At 425 feet tall, the main tower could become the tallest building in Richmond when it is slated to be completed in 2024. The current title holder, the 449-foot James Monroe Building at 101 N. 14th St., is being eyed for demolition.”

Edited by wrldcoupe4
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14 minutes ago, wrldcoupe4 said:

We’ll, not to be a downer, but CoStar’s details on their own site have this tower at 425’. 
https://www.costar.com/article/508382584/costar-group-plans-460-million-campus-expansion-in-richmond

“At 425 feet tall, the main tower could become the tallest building in Richmond when it is slated to be completed in 2024. The current title holder, the 449-foot James Monroe Building at 101 N. 14th St., is being eyed for demolition.”

Dang, well now that rendering makes a lot more sense re: why it looks so similar in height to the Fed. But still, I'll take it.  Honestly, I'd rather have a bunch of well-designed 200-400 footers that fill in downtown surface lots and add density than one or two 500-600 footers. 

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