Foundry Park - CoStar HQ

[Child2021]

[eandslee]

25 minutes ago, Child2021 said:

…like a phoenix rising!!

[I miss RVA]

10 hours ago, Child2021 said:

Love it!! Looking really good.

I believe we already have a shiny piece of RVA Silver Hardware on the way to you for this week, and normally, we dole out just one per person per week even for multiple outstanding finds or photographic/video submissions. But this one, methinks, is the exception to the rule and is worthy of its own trophy (even with one already on the way to you). With that in mind, all I can say is - MAZAL TOV!

Hope you're already drawing up blueprints for a trophy-room add-on in your home. Well done! Keep 'em coming, my friend.

Edited February 14 by I miss RVA

[Lluck002]

I work for Arlington County and am super upset that CoStar is gonna close down Central Place’s Observation Deck. It was originally designed by the same firm who designed One World Observatory. I read that they are getting rid of the public easement for it. It’s frustrating because I’m pretty sure one of the Conditions agreed to by the developer of the tower is that a public observation deck had to be maintained. 

[Shakman]

I never visited Central Place Observation Deck.   The cost to visit is not worth it

[ancientcarpenter]

[I miss RVA]

51 minutes ago, ancientcarpenter said:

It's making a ton of progress. Looking really good!

You know the drill, my friend. RVA/UP Silver Hardware time! Mazal Tov!

[Child2021]

[I miss RVA]

22 hours ago, Child2021 said:

Loving it! Since it's the seventh day of the week, I'm rolling these into this past week's collection of photographic goodness - meaning - they count toward the two shiny pieces of RVA/UP Silver Hardware coming your way for this week's outstanding photos.

Man - I particularly love the second pic because the juxtaposition of the cranes at the CoStar tower site with the old CNB Building (my all-time favorite RVA building) really brings "yesterday and tomorrow" together for me from the perspective of remembering when the CNB Building was the tallest building in Virginia with the promise of what will be the city's second tallest tower. Really really great photos.

Edited February 18 by I miss RVA

[Flood Zone]

A photo from lunchtime today.

[I miss RVA]

On 3/1/2024 at 4:18 PM, Flood Zone said:

A photo from lunchtime today.

Love it!! Great, timely photo, @Flood Zone. Man- the elevator bank is already making some serious progress. How cool.

Anyway - you know the drill. Some freshly polished RVA/UP Silver Hardware will be leaving the warehouse on the first available delivery truck (hopefully NOT driven by Paulie Walnuts or anyone else from Tony Soprano's crew. That could cause a few ... "problems" ... with the delivery... )  Anyway...

Mazal Tov!! Well done!

[ancientcarpenter]

Thought I'd revive this stale Co-Star topic with some life:

 

[I miss RVA]

4 minutes ago, ancientcarpenter said:

Thought I'd revive this stale Co-Star topic with some life:

 

Links are broken. Getting a "gone" 410 error.

[ancientcarpenter]

[I miss RVA]

14 minutes ago, ancientcarpenter said:

Lookin' good in the neighborhood. Love how the main elevator shafts are really progressing.

You already know what's coming your way. Order has been placed with the warehouse and polishing center. Your RVA/UP Silver Hardware will ship soon. Mazal Tov!

[eandslee]

3 hours ago, ancientcarpenter said:

Outstanding photos!  Way cool!  Love the progress they’ve made as well as the perspective - you don’t get this view on the webcam! Thanks soooo much for taking and posting these!

[Child2021]

An auger is on the site of the Riverfront amphitheater. 

[CitiWalker]

 

[I miss RVA]

WOW!!! These are FANTASTIC @CitiWalker! No question - some freshly polished RVA/UP Silver Hardware will be on the way to you.

Man - quite a bit of progress going on here. I can't wait to see floors start coming out of the ground so that we start to see the actual "shape" of the building begin to - no pun intended - take shape.

Looking REALLY good.

[Shakman]

I see embeds on the shaft which makes me think this will be a structural steel frame.  However at least the first two levels is cast in place concrete.  I don't see any post tension cables so perhaps this will be structural steel above?  We shall see.

[I miss RVA]

Eric Kolenich has reporting in today's RT-D that City Council has approved an ordinance that will refund some of the property tax money to be collected on CoStar's new downtown centerpiece office tower once it's complete. The breaks would extend over the course of ten years in increasingly diminishing percentage increments. Those breaks are also dependent on CoStar meeting certain measurable metrics, such as jobs/employees brought to RVA, capital investments, as well as investments in small businesses, particularly those that are minority-owned and/or owned by women.

Smart move on the part of the city to incentivize the huge corporation that's essentially establishing darn-near EVERYTHING except the executive office (as in the "actual" HQ) not just in Richmond but in DOWNTOWN Richmond. CoStar is making ginormous investments in the city, and not just with their huge riverfront campus. It's a win-win - if for no other reason than the following from Eric's reporting:

CoStar currently employs 1,200 people in Richmond and aims to eventually have 4,000. The average wage here will be at least $85,000, according to city documents.

The office building is expected to be complete and open for business by late 2025 or early 2026.

THIS (having a workforce of 4,000 people) is HUGE for the city and for downtown RVA. Again - put this one in the column of an EXCEPTIONALLY BIG WIN for Richmond.

From today's Richmond Times-Dispatch:

https://richmond.com/news/local/business/real-estate/costar-office-tower-richmond/article_2fc0901a-0196-11ef-812e-bf03a8f8fb2a.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioslocal_richmond&stream=top#tracking-source=mp-homepage

[Flood Zone]

Makes sense. Based on my limited understanding, mostly from colleagues whose kids work there, CoStar employs a lot of young, single people who have few responsibilities outside work hours, i.e., the type who are likely to live in the city. The pay is good enough that the trade-off of having basically no life for a few years is worth it. Then that stock moves on, and new kids come in. Rinse and repeat.

[I miss RVA]

5 minutes ago, Flood Zone said:

Makes sense. Based on my limited understanding, mostly from colleagues whose kids work there, CoStar employs a lot of young, single people who have few responsibilities outside work hours, i.e., the type who are likely to live in the city. The pay is good enough that the trade-off of having basically no life for a few years is worth it. Then that stock moves on, and new kids come in. Rinse and repeat.

Really good intel, @Flood Zone. It would really be something if this influx of worker bees could somehow spur an uptick in high-density residential development downtown. And by that, I don't mean the 5 or 6-over-1 boxes like those built on Canal Street a few years ago. Rather, I mean something with some height on smaller footprints - at least 12, 15 or 16 stories. God knows there's enough space downtown to build out a veritable forest of those kinds of buildings. No idea if the CoStar workforce would be able to afford something in a larger/taller apartment building. But as much as we talk about how downtown RVA simply lacks the "demand" for these kinds of buildings that some of our competitors are enjoying in the residential buildup of their downtowns, it would be amazing if this kind of workforce presence on the CoStar campus could create enough demand for even just one or two residential buildings in Monroe Ward along the size of what Avery Hall is planning over in Manchester.

I know... pipe dream.

[ancientcarpenter]

On 4/25/2024 at 11:02 AM, Flood Zone said:

Makes sense. Based on my limited understanding, mostly from colleagues whose kids work there, CoStar employs a lot of young, single people who have few responsibilities outside work hours, i.e., the type who are likely to live in the city. The pay is good enough that the trade-off of having basically no life for a few years is worth it. Then that stock moves on, and new kids come in. Rinse and repeat.

This is their entire sales and marketing department... aka "research analyst" role. 

Lots of these kids are coming out of VCU, ODU, CNU, etc. and making $50-80k hitting their target numbers. Not the funnest work and lots of cold calling but it's a great first gig that pays well. Everyone I know that does this is working downtown (of course) in person and living in Manchester or Scott's Addition, all new build style apartments with pools and whatnot. These are (some of) the target groups by these "luxury" 1-2 bedroom apartment complexes going up. 

[Child2021]