Richmond Developments

[wrldcoupe4]

On 2/3/2020 at 4:21 PM, Icetera said:

At this rate, all of the abandoned private properties will be restored while the city and state properties are left to rot (ABC, Blue's Armory, Coliseum, Dept. Public Works, Fulton Gas Works, Intermediate Terminal Building, etc.).  Thanks city council!

If only there was a way to raise proceeds and taxes from the sale of city owned properties to private entities that could develop them to provide housing, hotels, office space, etc for the citizens of our city... has anyone heard of such a concept? I’m sure it’s been done somewhere before. You know, if I was in charge, I would probably hire a consultant to tell me if this would be a good idea AND THEN in an unexpected twist, I wouldn’t make up my mind. What would I fill my time with if I wasn’t yelling “but the schools!”

[Brent114]

The city is free to sell the land at market rate.   
 

We should move on.  The city has. 

[wrldcoupe4]

8 minutes ago, Brent114 said:

The city is free to sell the land at market rate.   
 

We should move on.  The city has. 

That is a brilliant idea. How long has 6th Street marketplace Food court and Blues Armory been closed? Have you tried to buy property from the city?

[vaceltic]

1 hour ago, wrldcoupe4 said:

That is a brilliant idea. How long has 6th Street marketplace Food court and Blues Armory been closed? Have you tried to buy property from the city?

Again. This was attempted over a decade ago..

https://m.styleweekly.com/richmond/empty-promises/Content?oid=1374389

[wrldcoupe4]

Yes PC Amin tried to buy this over a decade ago. At market prices for which the city was free to do. Odd that it still sits idle today given the high level of proficiency at City Hall. If I had to guess, I’d say this is probably Tom Farrell’s fault? 

[RVA-Is-The-Best]

Did we all just sort of miss this?

VCU had their own component part of Navy Hill...

https://www.richmond.com/news/local/vcu-health-shares-details-of-plans-that-rely-on-navy/article_9b805953-6207-5873-8d7e-994914a6677a.html

Including new towers for VCU Health, Doorways, and Ronald McDonald House

Quote

VCU Health said the plan — including offices for medical school faculty, retail shopping and dining, 1,500 parking spaces, and housing for the families of sick patients in need — is dependent on the $1.5 billion Navy Hill downtown redevelopment project.

And this mildly bewildering paragraph below that:

 

Quote

 

City Councilwomen Kim Gray of the 2nd District and Reva Trammell of the 8th District said the added details won’t change their opposition to the Navy Hill project.

“I don’t care if they say the queen of England is coming down here to live, it isn’t going to change my mind,” Trammell said.

 

 

[eandslee]

To me, this just means that they don’t care about the future of the city...this fight is personal to them.  Really - they are not even using common sense thinking at this point (not that they ever were, but now it is just blatant)!

Edited February 5, 2020 by eandslee

[Brent114]

Does anyone know what’s going on with the Old City Hall renovation?   When the fence first went up  I thought it was a part of the Lobby Day barricade.  A construction company screen went up around it shortly thereafter.  This morning I saw that  there’s a story of the building printed on the screen (I was stopped briefly in traffic, just caught a glance)  which makes me think it’s a high dollar renovation.    
Does anyone  know if it is for anything specifically (A dedicated tenant) or just a freshening up?  I hope the city finally gets around to lighting up the exterior. 

[Icetera]

4 minutes ago, Brent114 said:

Does anyone know what’s going on with the Old City Hall renovation?   When the fence first went up  I thought it was a part of the Lobby Day barricade.  A construction company screen went up around it shortly thereafter.  This morning I saw that  there’s a story of the building printed on the screen (I was stopped briefly in traffic, just caught a glance)  which makes me think it’s a high dollar renovation.    
Does anyone  know if it is for anything specifically (A dedicated tenant) or just a freshening up?  I hope the city finally gets around to lighting up the exterior. 

I seem to recall there being something in conjunction with the General Assembly building but I could be way off.

[Brent114]

I did see some new metal studs going up through some of the windows (just reshaping office areas I assume, nothing major.

It looks like a big project though.  I hope the exterior gets cleaned up (I think there may be some plywood where windows should be in the  clock tower?) and illuminated.  This building would be so striking lit up at night. 

[wrldcoupe4]

4 hours ago, Brent114 said:

I hope the city finally gets around to lighting up the exterior. 

It isn't owned by the city.

[Wahoo 07]

https://richmondbizsense.com/2020/02/06/hardywood-building-neighboring-properties-in-city-eyed-for-new-development/

Article about re-zoning in the area east of the Diamond.  It is being done as a prelude to new development.  Exciting times for N. AA Boulevard.

[Henrico Weather]

20 hours ago, Brent114 said:

Does anyone know what’s going on with the Old City Hall renovation?   When the fence first went up  I thought it was a part of the Lobby Day barricade.  A construction company screen went up around it shortly thereafter.  This morning I saw that  there’s a story of the building printed on the screen (I was stopped briefly in traffic, just caught a glance)  which makes me think it’s a high dollar renovation.    
Does anyone  know if it is for anything specifically (A dedicated tenant) or just a freshening up?  I hope the city finally gets around to lighting up the exterior. 

I worked for the state a couple of years ago and got to see the RFP. Although I moved on from the state, I am still bound by confidentiality on the specifics. I assume the RFP is probably still posted on eVA for public scrutiny, so I'd probably not be sharing anything that's not already public. However, to err on the side of discretion, I will only speak in general terms. Yes, it is a BIG dollar renovation. They will be repairing the building envelope including the stone exterior and windows. There had been water infiltration and there is a lot of work that needs to be done on that. The interior will also be re-done, with attention being made to historical architectural detail. The finished product will be well worth the money spent to bring this amazing piece of architecture back to its glory. Much of the work will be done in parallel with the new GAB.

(Edit: I found the Invitation for Bid in the public section of eVA - https://m.vendor.epro.cgipdc.com/Vendor/public/download.jsp?app_name=ADV&attachment_id=612334&attachment_name=Invitation+to+Bid+Notice___Renovation+of+Old+City+Hall.pdf&connect=jdbc/VSSINFO_PROD ) Looks like the estimated value was $40 - $50 million.  I'm sure the final award is posted on there somewhere, but I just didn't have time to track it down. One of you other sleuths with time on your hands could probably find it.  8-}

Edited February 6, 2020 by Henrico Weather

[rjp212]

The Eastlawn Shopping Center next to Creighton is going to be redeveloped into a Teen Center in partnership with the Boys and Girls club.  
 

https://rvahub.com/2020/02/05/boys-girls-clubs-unveils-plans-to-transform-former-eastlawn-shopping-center-into-teen-center/

[Icetera]

Also, since the rehab tax-abatement program came up:

https://richmondbizsense.com/2020/02/13/rehab-tax-exemption-changes-worry-city-developers/

"Under the new program, abatements would be awarded only to multifamily and single-family residential rehabs with at least 30 percent of units set aside for residents making 80 percent or less of the area median income – currently $83,200 in Richmond’s metropolitan statistical area.

Commercial and industrial structures no longer would be eligible, and commercial space in residential mixed-use projects would not be counted in an abatement."

"The study also found that the amount of real estate tax revenue foregone due to the abatements during roughly the same period, from 2010 to 2017, totaled over $32 million that otherwise would have added to the city’s coffers."

[Brent114]

I “like” that you shared the article.  I’m not sure what to make of the new code. 

[Icetera]

51 minutes ago, Brent114 said:

I “like” that you shared the article.  I’m not sure what to make of the new code. 

Same.  There is the "thank" option though.

I know especially Brookland Park residents are pushing against the rehabs as they are the next  group being priced out.  We need housing but at this point we are about out of large structures to renovate and home demand may be high enough to not need the abatement, while slowing gentrification in single-family neighborhoods.  Manchester, Shockoe, Fulton, and Scott's Addition have moved on to new construction.

The big concern I see is the businesses.  We need to encourage them.  New residents = new service needs, such as schools (though the student population is still dropping even with 30k new residents).  We should be attracting businesses so residents from out of the city limits will come in and work/spend money without the need of as many services.

[Brent114]

While it isn’t that exciting (given what was slate for the lot a decade ago) , signs with readings have gone up on the Main Street lot where Centennial Tower was supposed to go.  I’m not sure how long it has been up but today was the first time that I’ve noticed.  It shows the rendering  that we’ve seen here .  I hope this means that construction is imminent (but Centennial also had some flashy drawings on the fence  around the lot so...),  

 

Also, here’s a photo of the new Tobacco Row apartments from noon today.  The colour is bold.  Not sure what to make of it yet  

[Icetera]

1 hour ago, Brent114 said:

Also, here’s a photo of the new Tobacco Row apartments from noon today.  The colour is bold.  Not sure what to make of it yet  

Going by there daily, I love it.  It is not visible from the canal side so the the boldness does not take from the historic wall of warehouses.  The unit in that top left corner is absolutely massive.

Edited February 13, 2020 by Icetera

[RiverYuppy]

Another article about the building going up on Broad and Lombardy.

12-story apartment building planned for Broad and Lombardy streets near VCU.

 

This will be a great replacement for that gas station

 

[rjp212]

I definitely appreciate the redevelopment of Broad St, but it still seems odd to throw a 12 story building essentially in the Lowe's Parking lot.   Would love to see Lowe's redevelop into a more urban footprint.

[Brent114]

The aggressive timeline is nice.  Construction staring in March or April is shocking (in a good way). 

[Icetera]

4 hours ago, rjp212 said:

I definitely appreciate the redevelopment of Broad St, but it still seems odd to throw a 12 story building essentially in the Lowe's Parking lot.   Would love to see Lowe's redevelop into a more urban footprint.

There was some ideas around building out the Lowe's parking with a deck and Broad Street frontage while restoring Marshall in front of Lowe's.  This was part of the Pulse and TOD marketing.

[rjp212]

Saw a job posting for Leasing Agents for "Spa Lofts" and had never heard of that complex.  Did a google search and came across a 1Q 2019 wrap up of proposed multi-family projects in the Richmond Area.   

https://www.berkadia.com/wp-content/uploads/2019/04/Richmond_Quarterly_Map.pdf

[Icetera]

2 hours ago, rjp212 said:

Saw a job posting for Leasing Agents for "Spa Lofts" and had never heard of that complex.  Did a google search and came across a 1Q 2019 wrap up of proposed multi-family projects in the Richmond Area.   

https://www.berkadia.com/wp-content/uploads/2019/04/Richmond_Quarterly_Map.pdf

I noticed signage for it as I drove to the meeting last night.  Looking at it now, it is surrounded by the casino property.  In this image, it is the corner lot blocked by the hotel.

SPA in Red:



Just came across this:
https://www2.colliers.com/en/Properties/lucky-strike-industrial-park/USA-1401-1504-commerce-road-richmond-va-23224/USA1052565


https://www.loopnet.com/portfolio-property/1100-Ingram-Ave-Richmond-VA/874687/

Edited February 21, 2020 by Icetera
Updated for Colliers discovery