Capitol / Financial District / Shockoe Slip

[I miss RVA]

Really no "new" reporting - but a brief overview by the RT-D regarding the state of play of shuffling agencies out of the Monroe Building. One point - not sure if the General Assembly has actually finalized the budget to send to the governor's desk - however, if the currently amended legislation is passed, there is no budget for demo of the Monroe Building, and the only office-related line item (that the governor could certainly veto) would be funding added to study the feasibility of constructing a new state office building at 7th and Main (a.k.a., downtown's newest squirrel park).

Not sure if the budget legislation has been approved or - if not - when the G.A. might do so. This year is a short-session year, correct?

Either way - hoping the amended budget passes with zero funding for Monroe Building demo. Would SO love the state to sell the building - and as we've seen in previous/recent reporting, they are actively considering that option. Unless there is some "urgent" need for the property, I can't see ANY reason for NOT selling the building, which not only would save the state a TON of expenditures (either to demo or to maintain) - but also would net the Commonwealth's coffers quite a few extra shekels - which is always a plus.

From yesterday's (Saturday's) Richmond Times-Dispatch:

https://richmond.com/news/state-regional/government-politics/virginia-general-assembly-james-monroe-building-youngkin/article_1fad9e04-dd9a-11ee-9893-1b64ad91db1e.html

[ancientcarpenter]

22 hours ago, I miss RVA said:

Really no "new" reporting - but a brief overview by the RT-D regarding the state of play of shuffling agencies out of the Monroe Building. One point - not sure if the General Assembly has actually finalized the budget to send to the governor's desk - however, if the currently amended legislation is passed, there is no budget for demo of the Monroe Building, and the only office-related line item (that the governor could certainly veto) would be funding added to study the feasibility of constructing a new state office building at 7th and Main (a.k.a., downtown's newest squirrel park).

Not sure if the budget legislation has been approved or - if not - when the G.A. might do so. This year is a short-session year, correct?

Either way - hoping the amended budget passes with zero funding for Monroe Building demo. Would SO love the state to sell the building - and as we've seen in previous/recent reporting, they are actively considering that option. Unless there is some "urgent" need for the property, I can't see ANY reason for NOT selling the building, which not only would save the state a TON of expenditures (either to demo or to maintain) - but also would net the Commonwealth's coffers quite a few extra shekels - which is always a plus.

From yesterday's (Saturday's) Richmond Times-Dispatch:

https://richmond.com/news/state-regional/government-politics/virginia-general-assembly-james-monroe-building-youngkin/article_1fad9e04-dd9a-11ee-9893-1b64ad91db1e.html

VERY curious to see how this plays out. Would be interesting to see what a private developer does with this land/property. 

Something to remember: This was meant to be a "twin tower" as the foundation work was done to build the identical tower next to it but the 70s recession stopped all of that. A private developer is getting more than "just an old building to deal with" as I've put it before. There is some real value here even if they need to buy it and demo it themselves. These interest rates make it tough though... 

[Flood Zone]

On 3/10/2024 at 10:39 AM, I miss RVA said:

Not sure if the budget legislation has been approved or - if not - when the G.A. might do so.

GA approved the 2-year budget and adjourned on Saturday. Now it's with the governor. Not a prognosticator, but one could guess we may see a special session.

[I miss RVA]

26 minutes ago, Flood Zone said:

GA approved the 2-year budget and adjourned on Saturday. Now it's with the governor. Not a prognosticator, but one could guess we may see a special session.

Hasn't that more-or-less become somewhat of the "norm" any more? Seems like the G.A. gets called back into special session pretty routinely - especially in budget years. What do you foresee as the over/under that they do get called back into session?

Re: the office issue: while the governor might very-well veto the budget line-item for the study for the new office building, I'm not sure how much traction there would be for adding in the significantly larger budget amount for Monroe Building demo - especially since the state HAS already stated publicly that they're exploring all options, including sale of the property. Employees are going to be shuffled out of the Monroe building regardless of the disposition of the property. Not sure how fiscally "responsible" it would be viewed to reject a $3 million line item to study construction of a replacement office building only to add $50 million back to the budget for a demo that might not even be necessary if the state can sell the building. Heck - even a "lowball" purchase by a developer would still be money coming into the state's coffers they don't currently have. 

[I miss RVA]

The mystery buyer of the 158-year-old Branch Building at 1015 E. Main has been revealed. Ashley Williams, owner of the yoga and health company BareSOUL Wellness had the winning bid for the building - a crisp $1.5 million.

Pretty cool story!

From today's Richmond BizSense:

https://richmondbizsense.com/2024/04/17/yoga-studio-owner-was-winning-bidder-in-auction-for-downtowns-branch-building/

 

Edited April 17 by I miss RVA

[Flood Zone]

Perhaps not earth-shattering news on the level of "Future of the Monroe building!!!" but I thought I'd note today's RBS article reporting that Sub Central on Main Street is closing after nearly 20 years. Although both RBS comments laud its replacement, "Fat Kid Sandwiches," Sub Central will be missed. It's always crowded around noon, but I've noticed the husband-and-wife owner/operators have begun to slow down and it appears they are going to enjoy a well-earned retirement. 

[BigBobbyG]

4 minutes ago, Flood Zone said:

Perhaps not earth-shattering news on the level of "Future of the Monroe building!!!" but I thought I'd note today's RBS article reporting that Sub Central on Main Street is closing after nearly 20 years. Although both RBS comments laud its replacement, "Fat Kid Sandwiches," Sub Central will be missed. It's always crowded around noon, but I've noticed the husband-and-wife owner/operators have begun to slow down and it appears they are going to enjoy a well-earned retirement. 

I can attest that Fat Kid's makes a damn good sandwich but I will say that man their subs are pricey. I wonder if they will need to reduce the price down a bit considering how reasonable Sub Central's prices were.

[Flood Zone]

10 minutes ago, BigBobbyG said:

how reasonable Sub Central's prices were

Very reasonable! I could get a grilled chicken salad there for about 60% of what one would cost at Chopt.

[BigBobbyG]

I noticed that there was a pickup truck and a large construction dumpster in the former Dominion building lot as of yesterday. Today the dumpster is still there and there are more trucks. Anyone know anything about what's going on there? From what I can tell there's nothing filed for that space. It could totally just be maintenance but figured y'all might find it interesting or know more.

[ancientcarpenter]

48 minutes ago, BigBobbyG said:

I noticed that there was a pickup truck and a large construction dumpster in the former Dominion building lot as of yesterday. Today the dumpster is still there and there are more trucks. Anyone know anything about what's going on there? From what I can tell there's nothing filed for that space. It could totally just be maintenance but figured y'all might find it interesting or know more.

I really hope the city does something about "stagnant" construction sites. We've had parts of Cary st traffic downtown cutoff, have to look at ugly orange barricades, and overly sized fences for years now and it's an empty lot. If there's no ongoing construction permit then they shouldn't be able to keep that stuff up indefinitely. Feels like the citizens of the city have to take a burden to a corporation twiddling their thumbs with an entire empty block - IMHO, Dominion knocked  it down and created this mess... clean it up, sell it, or build something already.

 

If I build a fence that's an inch taller than 6ft then I'll get a notice from the city... while Dominon does *motions to the entire empty construction block of downtown Dominion rubble* and we're just expected to deal with it.

Edited Thursday at 01:18 PM by ancientcarpenter

[Flood Zone]

20 minutes ago, ancientcarpenter said:

Feels like the citizens of the city have to take a burden to a corporation twiddling their thumbs with an entire empty block - IMHO, Dominion knocked  it down and created this mess... clean it up, sell it, or build something already.

I know I've said this before here, but it really bears repeating: Dominion's use of that space is abhorrent and really annoying when the GA is in session because it reduces a downhill travel lane toward the Downtown Expressway!

[Child2021]

The workers were still there as of today, but on a side note I think a great way to get another tower built downtown might be to get a mid-major law firm to relocate here along with a convincing an existing wealth management firm to sign a lease within the tower.  

Edited yesterday at 12:07 AM by Child2021
EDIT

[I miss RVA]

1 hour ago, Child2021 said:

The workers were still there as of today, but on a side note I think a great way to get another tower built downtown might be to get a mi-major law firm to relocate here along with a convincing an existing wealth management firm to sign a lease within the tower.  

You're right about that. Getting that kind of a set-up in place could very well get the ball rolling.

Big question then is: HOW do we pry a major law firm away from another city? And from where do we pull? D.C.? NYC? One of the southern cities? I could see a major New York or D.C. firm opening up a Richmond OFFICE - and maybe leasing out a couple of floors in an existing downtown building (one of the James Center buildings, for example). But I'm not sure how we go about getting a big law form to uproot from (city of choice) - to come to RVA and bring with them enough people to make a big tower possible. It took CoStar being here for about six or seven years before there was movement toward the big riverfront tower.

Would there be any opportunities to lure this kind of firm in from the suburbs maybe? (Of course, if they're in the 'burbs, it's because it's cheaper than being downtown, etc.)

Mind you - I LOVE the idea! I'm just trying to wrap my head around how we'd pull this off. Definitely something for folks a LOT smarter than me (namely those fine folks at Greater Richmond Partnership and the city's Economic Development office.)

Edited yesterday at 12:01 AM by I miss RVA

[vaceltic]

Dominion is hanging onto that property for the tax write-off.  It’s unlikely they sell it soon because they can stretch the demo cost of the land out over years. That’s also why they proposed that ridiculous green EV parking lot - for the green energy tax credits and count it as a share of their green energy offset for traditional power generation (Nat gas, coal power, etc).

The company itself is in a tenuous financial state. The stock has lost over 1/4 of its value over the past two years. I don’t see them doing anything with that property to assist the city in its redevelopment, they are going to do whatever it takes to help themselves financially first.

Remember when they promised that twin tower was going to pay a load of tax revenue for the Navy Hill costs? They sure got a lot of you with that whopper! 

[Flood Zone]

12 hours ago, I miss RVA said:

HOW do we pry a major law firm away from another city? And from where do we pull? D.C.? NYC? One of the southern cities? I could see a major New York or D.C. firm opening up a Richmond OFFICE - and maybe leasing out a couple of floors in an existing downtown building (one of the James Center buildings, for example). But I'm not sure how we go about getting a big law form to uproot from (city of choice) - to come to RVA and bring with them enough people to make a big tower possible.

The answer is you don't. That's never going to happen.

[ancientcarpenter]

1 hour ago, vaceltic said:

 

Remember when they promised that twin tower was going to pay a load of tax revenue for the Navy Hill costs? They sure got a lot of you with that whopper! 

As much as people here loved the Navy Hill development, I'm happy Dominion didn't get their hands on it. Not only do we have much better (in my opinion) plans for City Center, but imagine the headaches we'd see with a massive development like Dominion's Navy Hill when we see that they can't even appropriately decide what to do with their own property that sits literally right next to their HQ...of which they had plans for a second tower. We dodged a bullet with Navy Hill. 

[I miss RVA]

2 hours ago, vaceltic said:

Remember when they promised that twin tower was going to pay a load of tax revenue for the Navy Hill costs? They sure got a lot of you with that whopper! 

Very true. They got everyone with that double whopper with cheese. They should've served fries and a chocolate shake with that whopper.

[wrldcoupe4]

No one anticipated COVID and its impact on the work environment and Dominion’s whole corporate mindset has shifted greatly since Tim Farrell passed away with the divestiture of major businesses. None of you “I told you so’s” are Nostradamus. You just didn’t like the project. Hey look on the bright side at least we still have a big glaring hole downtown that is dead as a doornail. Must feel good to be right lol. 

Edited 21 hours ago by wrldcoupe4

[I miss RVA]

17 minutes ago, wrldcoupe4 said:

No one anticipated COVID and its impact on the work environment and Dominion’s whole corporate mindset has shifted greatly since Tim Farrell passed away with the divestiture of major businesses. None of you “I told you so’s” are Nostradamus. You just didn’t like the project. Hey look on the bright side at least we still have a big glaring hole downtown that is dead as a doornail. Must feel good to be right lol. 

We have a LOT of big glaring holes in a downtown that's quite often dead as a doornail. I'd SO love for all of that to change - and it's beyond me to figure out what it would take to make that happen.

[wrldcoupe4]

More yimbys lol

[Brent114]

It didn’t take Nostradamus to know that Navy Hill was trash from the get-go.    The financing was dubious at best and nearly every aspect of it was unwanted, unneeded or was just spending money to demolish then rebuild existing buildings/services. 

Long before COVID, office buildings were becoming obsolete. The Dominion  second tower was never needed, which is why it wasn’t built along with the first one. 

[wrldcoupe4]

Your second comment doesn’t exactly jive with pre COVID reality. And office buildings are not obsolete as an asset class today either. There is a cleansing of obsolete buildings and a desire to be in higher quality space, but the spin on the death of the office could not be further from the truth.