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Centennial Tower

eandslee

By eandslee
in Richmond

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burt Megalopolis

burt

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UPDATE:

Remediation is almost complete. Expect a construction fence in the next few weeks. Demo will begin after the construction fence is erected. A sales office will open in February 08. Design completion and Groundbreaking will occur in 2008 with completion slated for 2010. The total project cost is $141 million.

This is very reassuring news. Thanks, Coupe.

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Richmonopoly
Richmonopoly

I contacted Goodstein about the potential of this being reborn.  The response from Lenny Bayer was:   "No, we are working on another development."  

RVA-Is-The-Best
RVA-Is-The-Best

That's this article from BizSense in 2016. It was linked on the development map under a completed project "The Centennial (Phase 1)". In the description I pasted the excerpt that would match the

journiyin Hamlet

journiyin

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UPDATE:

Remediation is almost complete. Expect a construction fence in the next few weeks. Demo will begin after the construction fence is erected. A sales office will open in February 08. Design completion and Groundbreaking will occur in 2008 with completion slated for 2010. The total project cost is $141 million.

Woop for one more construction site within a block of me... ill keep my eyes peeled for that fence. Lord knows I have groaned every time I walk by this site and see nothing going on.

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thatguy Whistle-Stop

thatguy

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Here is the hint to changes..."Design completion". This project was slated to begin in the Spring 07. Was the design not completed then? They made changes...significant ones if it is going to take a while to get them ready..spring 2008. more Apartments is my guess...just a guess.

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thatguy Whistle-Stop

thatguy

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The market has changed, regardless of how it is in Richmond. Granby towers is an example, albeit it is a different beast. Cent. is not on the leading edge of the market, it is on the tail end of the swing. They have to had felt the affects of these changes. I can not see this project being immune from what is going on...I see changes. The condo lending market is crap, no big house lender can afford to have a condo loan in its portfolio. How did the get the loan? If they are condos, the loan is not released until they hit a condo sale preconstruction target...no presales yet? At least in any significant amount to satisfy the debt. which takes us back to the issue with Granby. Don't hit the numbers...carpet gets pulled from under you.

I see changes to insulate them from any variable in the lending market...more apts.

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Downtowner Burg

Downtowner

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I saw an article today in the times dispatch that showed an old rendering of centennial tower and it was on Hotels and condominums put together in one tower and it mentioned that centennial would be like that and said they would still be condos. My impression was that I thought they were going to convert them to apartments from condos since the condo market is slow. So my question is are they still condos and why did the RTD put an old rendering of it in the newspaper saying groundbreaking in 2008? Heres the article

http://www.inrich.com/cva/ric/news/busines...10-14-0115.html

Edited by Downtowner
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eandslee City

eandslee

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This article is from Virginia Business and a few weeks old. Media General owns both, which is likely why it was in the RTD as well.

So, is the groundbreaking really in 2008? If so, that's a huge setback. Hopefully, there will not be another one when 2008 comes around. If there are any changes to the design, height, etc., I hope it is for the better and for the TALLER! Do you think that if they go the apartment route, do you think they would include more apartments than they would have included condos, thus making the structure taller? I'm not up on the current apartment market in Richmond, but it was just a thought.

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thatguy Whistle-Stop

thatguy

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If they do go with Apts. They will not increase the total sqft, they will just make the apts smaller to get more apts, than the number of predevelopment condos. A larger % of Apts would be smaller. A certain % of apts would be the equal if it was a condo. They will simplify the majority of the units to slim the budget a touch without sacrificing the image. Thats my guess. The Apts market does not do well when they are all big units. The markets tends to like smaller units and a smaller rent, those book first and rebook first. The larger tend to sit empty longer.

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Shakman Burg

Shakman

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If they do go with Apts. They will not increase the total sqft, they will just make the apts smaller to get more apts, than the number of predevelopment condos. A larger % of Apts would be smaller. A certain % of apts would be the equal if it was a condo. They will simplify the majority of the units to slim the budget a touch without sacrificing the image. Thats my guess. The Apts market does not do well when they are all big units. The markets tends to like smaller units and a smaller rent, those book first and rebook first. The larger tend to sit empty longer.

Based off of what facts???

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thatguy Whistle-Stop

thatguy

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trends. A large building is more stable financially with a larger % of its apts smaller. They may have turn over, but no high cost associated with them, thus more profitable for the owner in a slump. Remember it is always about profit, never prestige. If they say it is prestige, it is a cloak for profit. The owner must get his and the profit ratio leans towards smaller and more, versus large and few.

All that is based off my belief that Centennial will not be exclusively condos. If it will have condos, I believe it will be a encompass a very small part of their sqft. I do not see them getting a lender who is looking to place more condos on their portfolio, forcing them to have more apts. My most previous example is the Granby Towers. There is only one reason their lender backed away at the last minute. The lack of sales gave them that out they were preying for...dump the condo loan off their books and move on.

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eandslee City

eandslee

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It appears that CBRE (Office and Retail leasing) and Keller Williams (Condos) have been kicked off of this project and replaced with Thalhimer. Any news on that?

Who knows how this project is really going. It just seemed to me that this whole thing is on shaky ground right now - nothing is set in stone. I wouldn't doubt that IF they even start building this thing that it will look completely different...to include a degrade in the number of stories (20 stories sounds only optimistic with the way the real estate market is going). I hope they prove me wrong, but I just have this "funny" feeling.

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