Richmond Developments

[D_C]

Another delay for Jackson Ward improvements. Trammel Crow pulls out. From Michael Martz in today's inRich:

http://www.inrich.com/cva/ric/news.apx.-co...01-01-0040.html

That's pretty sad but I do understand RRHA's position. Richmond City Council has been giving valuable land away for years. The vacant land is worth more than a simple dollar. RRHA should get a cut of the profits in my opinion.

It doesn't surprise me that Pantele is whining about RRHA growing a spine and not caving to a developer's strongarm tactics. After all, it's how he got the nickname "Dollar" Bill Pantele; as he has been a part to many great giveaways while sitting on chity council.

Now, in closing, I would like to say that if I were a developer, I would definately be interested in this project. Even if I did have to cough up a slice of the pie. I feel that a black developer should take this project and run with it. The area is probably one of the most historically famous black communities in America and should be proudly rebuilt by a black developer. If I were Al Bowers and I were considering a run at the Mayor's office, I believe I would jump on this puppy. He did a pretty good job breathing some new life into the Randolph area, maybe it's time he take on this one.

[jbjust]

Why is it necessary for RRHA to receive a slice of the profits going forward? If they think the future revenue streams that they would get under a profit-sharing arrangement would be X, then they should just take the net present value of X, adjusting it by some factor reflecting the risk that those revenues are lower/higher, and build that into the asking price. Insisting on a cut of the future revenues is nothing but politics and I can see how a developer wouldn't want to be shackled with RRHA looking over its shoulder for the foreseeable future.

Edited January 2, 2008 by jbjust

[wrldcoupe4]

I believe this is in reference to a high-rise in the works in Manchester near SunTrust and UPS Freight:

http://www.bidclerk.com/project.689854.html

[burt]

I believe this is in reference to a high-rise in the works in Manchester near SunTrust and UPS Freight:

http://www.bidclerk.com/project.689854.html

That site near the junction of Broad Rock Road and Hull street is a pretty dicey area, I think. Perhaps a Blackwell-style gentrification is being considered. If I recall, it is an attractive district from a visual standpoint. Existing homes just need sprucing up, and gang activity needs to be curbed.

Also, it is not far from the vast McGuire Veterans' Hospital, so they could be tapping into potential housing for medical employees.

[blake_p]

That site near the junction of Broad Rock Road and Hull street is a pretty dicey area, I think. Perhaps a Blackwell-style gentrification is being considered. If I recall, it is an attractive district from a visual standpoint. Existing homes just need sprucing up, and gang activity needs to be curbed.

Also, it is not far from the vast McGuire Veterans' Hospital, so they could be tapping into potential housing for medical employees.

I'm NOT sure the map is accurate on that website. I looked at some of the other listings and they had a bid for a Henrico maintenance building marked near the State Capital.

Edit: Oops. Forgot the not. Sorry :-(

Edited January 4, 2008 by blake_p

[burt]

I'm sure the map is accurate on that website. I looked at some of the other listings and they had a bid for a Henrico maintenance building marked near the State Capital.

A Henrico maintenance building near the State Capitol??? If that's the case, I'd doubt the southside midrise location as well.

[wrldcoupe4]

It's a general map.... you have to be a member to see the exact location. There is a tower approved of basically identical size, scope... 801 Semmes is the address I believe. Monroe Properties is the developer. We've discussed it before.

[burt]

It's a general map.... you have to be a member to see the exact location. There is a tower approved of basically identical size, scope... 801 Semmes is the address I believe. Monroe Properties is the developer. We've discussed it before.

I think you guys just try to rattle poor old Burt. The two thumbnail fotos show the site I have described above which is a good distance from Semmes Avenue.

Anyway, I take your word for it and accept that bidmark doesn't know what its talking about when it posts pix such as the little thumbnails.

[wrldcoupe4]

It's not that difficult Burt!

At the top of the thumbnails it says "Specific address information available to subscribers only. Sign Up Now!"

They do know what they are talking about, but you must be a subscriber to see.

Ignore the pinpoint in the thumbnails.

Given the details: "Site work and new construction of a mixed-use development in Richmond. Conceptual plans call for the construction of an 11-story high rise development including 3,078 square feet of retail space, up to 182 695-square-foot apartment units, and a two-story parking deck."

...I'm fairly confident it is in reference to this:

Robin Miller (Monroe Properties) has applied for an SUP at 801 Semmes Avenue to build a high-rise mixed use structure. At this point the building may be all office, all residential or a mix of both. The structure is slated to be 11 floors tall, with 2 levels of above ground parking at the base. Two retail spaces will also be in the ground floor. The height is at 160.00'

RyanR in the topic on RCW titled "[Proposal] 800 Semmes Avenue, 11 Stories."

[burt]

This man needs a private trainer to teach him public speaking, but oh, boy! what he says sure makes sense. With all the embarrassing National exposure about AAA ball leaving Richmond, Ukrop is the man of the hour, IMO:

http://www.inrich.com/cva/ric/news.apx.-co...01-16-0182.html

PS: When I see this kind of upbeat talk it renews my hope for Metro Richmond.

[wrldcoupe4]

American Model Tobacco may become apartments

Hunt Investment LLC is proposing an $84 million renovation of the building, an Art Deco landmark on Jefferson Davis Highway near Hopkins Road. The developer expects to create almost 600 apartments in the project's two phases, with rents ranging from $600 to $1,500 a month.

[ric75]

I got my copy of Creative Workspace the other day and noticed a fairly big development going on in Manchester from 203 to 207 Hull Street. I searched here but couldn't find anything about it. They call it the Paper Company (formerly Cauthorn Buildings). Demolition is supposedly already underway on this development. The project includes one 4 story, 58,000 sf warehouse, a 1 story, 4,000 sf with Hull St. frontage, and a 21,000 sf, 3 story warehouse. All this is supposed to be converted into 79 loft apartments and 12,000 sf of commercial space. Does anyone have the scoop on this? I haven't been down Hull in a while to notice if there is any demo going on.

[burt]

If any of you get Venture Richmond's Inside Buzz, today's (Friday's) has nice pix of the VCU BrandCenter.

Edited February 2, 2008 by burt

[ric75]

Just wanted to draw attention to my above post again. I guess either everyone is shaking their head wondering how I completely missed a widely known and discussed project or no one is familiar with it?

[wrldcoupe4]

I heard about it before seeing it in Creative Workspace, but I don't know anything more than what you've mentioned.

[ric75]

I heard about it before seeing it in Creative Workspace, but I don't know anything more than what you've mentioned.

Thanks coupe. I'll have to head down there one day and see what's going on demo-wise.

[mhbarber]

I apologize if this isn't the ideal spot to post this.

I'm doing some appraisal work in the Bottom and I'm trying to put together a list of residential and/or mixed-use projects at varying stages of development. I'll just copy and past what I've jotted down so far. Any thoughts/corrections/addtions would be greatly appreciated. This forum is an excellent resource.

RESIDENTIAL MARKET DATA

Richmond Cold Storage

The former cold storage warehouses (7 buildings) are situated on approximately 2.5 acres on 17^th and 18^th streets, and East Clay and East Marshall streets in the northwest portion of Shockoe Bottom. The developers propose roughly 300 apartment units and commercial space which will include a micro-brewery. The first of two phases is projected for completion in Spring 2009.

Sterling Row Condominiums

This infill project features eight townhome-style units centered around a private courtyard. Priced (January 2008) in the mid-$400s, these units have not enjoyed a short marketing period.

The Preserve/Reserve?

Anyone know of any other condominium developments in the Bottom?

Cedar / Broad

On January 21, 2008 a public meeting was held by developer George Emerson to present his newest project. He proposes to construct a 3-4 story apartment complex on the city block bound by 18^th, Cedar, Marshall, and Broad streets behind McDonald's. The building will contain 160+ apartment units and minimal retail space. A private parking garage with 176 spaces is proposed. He has not applied for a conditional rezoning to allow for residential use, but hopes to break ground by mid-2008.

1714 East Cary Street (Cubit Storage)

A conditional rezoning request to B-5 to allow residential use in this 5-story mini-storage building has been pending mid-2006. With over 120,000 square feet of GBA (as reported by the City of Richmond), this building could produce roughly 100 apartment units in addition to 1^st-floor retail. Anybody know what's going on here?

Haxall View (www.haxallview.com)

Located at 2101 East Main Street, this 40,000 square foot former cigar factory will be converted into seventeen loft apartments above office, restaurant, and retail uses. The developer is Fulton Hill Properties (www.fultonhillproperties.com).

Echo Harbor

The developer of Rockett's Landing proposes the construction of two high-rise residential towers and a marina for a riverfront site just east of Shockoe Bottom.

RETAIL MARKET DATA

Richmond Cold Storage

As noted above, the proposed Cold Storage development will feature restaurants and a micro-brewery.

OFFICE MARKET DATA

The Power Plant at Lucky Strike

This unique property has had an equally interesting ownership history. Built in 1930 it was knows as the American Tobacco Power Plant, now commonly referred to as the Power Plant at Lucky Strike. In May 2005 Tobacco Row Land, LP (Forest City Enterprises) sold the property to Sewan Enterprises, LLC for $850,000. Sewan reportedly ran out of money, subdivided the property, and sold the portion with a former parking structure to _______ for $_______ . This structure contains approximately _______ square feet of GBA, and has since been renovated into _______ . The other portion of the property which comprises 18,000 to 19,000 square feet of shell building area was purchased for $1,550,000 in October 2007 by a group of investors/developers headed by ________ and _______ which will reportedly occupy 12,000 to 15,000 square feet of office space upon completion of construction.

1709 East Clay Street

This former textile factory comprises 42,000 square feet on five floors plus a basement. Purchased below-market for $480,000 in March 2005 by a group of investors headed by ___________, this building is proposed for renovation with office and retail uses.

[Shakman]

The last time I was down by Cold Storage, I saw a construction fence up around part of the site with dumpsters inside. Since the stadium deal for the Bottom is dead, I look forward for that area to be developed rather than sitting vacant.

[nhughes]

Speaking of Shockoe Bottom, the meeting regarding the Dowtown Master Plan and how it affects Shockoe Bottom and Shockoe Slip is being held at Main Street Station tonight from 6pm-8pm.

If anyone else is planning to be there, let me know and be sure to say hello at the meeting.

[wrldcoupe4]

Gotta love this "things nearby" image from the Haxall View website showing what appears to be a European city:

[wrldcoupe4]

Thought this was interesting:

Can we have some shopping stores in Downtown?

Sophia

Chesterfield

The city encourages developers to create a Downtown that offers more shopping opportunities for citizens. A great example can be found at Second and Broad streets, an area being revitalized by Washington, D.C., developer Doug Jemal of the Douglas Development Corp. to provide new retail space for incoming businesses. About 15,000 square feet of retail space will be available on the first floor of the Hilton Garden Inn at Fifth and Broad streets, which is scheduled to open in the fall of 2008. Retail space is also available at the former Cokesbury Book Store on Grace Street. To boost the return of retail business along Grace Street from Secnd to the Capitol, once known as the "Madison Avenue of the South," the city is bringing in a national consultant next month to develop plans for re-establishing business activity there.

The city's proposed Master Plan recommends that new Downtown construction should align with the scale and character of existing buildings and provide storefront retail. Rapid transit service, envisioned to extend from Rocketts Landing through Downtown to Short Pump, will further enhance customer support of a variety of businesses that you, and many other Richmonders, would like to see come to Downtown. As with many other cities across the U.S., our Downtown has shifted from what once was a large department store venue to what is increasingly described as "boutique shopping" as already evidenced by the numerous art galleries and smaller stores along Broad Street.

Richmond.com's Ask the Mayor

[Cadeho]

So I'm not the only person who thinks we need retail downtown and not rely on the status quo of "let the surburbs get everything"? Interesting indeed.

[journiyin]

So I'm not the only person who thinks we need retail downtown and not rely on the status quo of "let the surburbs get everything"? Interesting indeed.

Thankfully you were never the only person who thought that...

[Cadeho]

Whew! I thought I was crazy. It seems like a lot of people just support the inside-out nature of our city as the way it ought to be on the basis that it exists now. If they pumped the money they did into Short Pump, we'd have a downtown all Richmonders could be proud of and enjoy. Instead they ran. No one can tell me downtown needs a mythical "critical mass" to attract retail and draw people because it is in the center of a million people. Short Pump is regional, it is not a neighborhood strip drawing only from the subdivisions along Lauderdale, Nuckols, or Pouncey Tract. Downtown doesn't need to have millionaires living in Jackson Ward, Oregon Hill, and Church Hill to deserve the retail opportunities thrown at Short Pump which now is to the point of near oversaturation/gluttony. The market around Richmond makes excuses because of deep, unresolved issues that are immoral. They will still have their defenders, but someday, maybe the wall will come down and all will be righted.

[Icetera]

Whew! I thought I was crazy. It seems like a lot of people just support the inside-out nature of our city as the way it ought to be on the basis that it exists now. If they pumped the money they did into Short Pump, we'd have a downtown all Richmonders could be proud of and enjoy. Instead they ran. No one can tell me downtown needs a mythical "critical mass" to attract retail and draw people because it is in the center of a million people. Short Pump is regional, it is not a neighborhood strip drawing only from the subdivisions along Lauderdale, Nuckols, or Pouncey Tract. Downtown doesn't need to have millionaires living in Jackson Ward, Oregon Hill, and Church Hill to deserve the retail opportunities thrown at Short Pump which now is to the point of near oversaturation/gluttony. The market around Richmond makes excuses because of deep, unresolved issues that are immoral. They will still have their defenders, but someday, maybe the wall will come down and all will be righted.

Amen!