.Keeping the rest of the community abreast of the newest developments happening in Richmond, Va.
With the ink dried on a $9 million Manchester acquisition, a local real estate firm is unveiling plans for its massive Reynolds South renaissance.
Cushman & Wakefield | Thalhimer last week released marketing materials giving the first clear picture of what the company has in mind for the 17-acre former Reynolds South plant.
Conceptual drawings show two 13-story additions to the Southside skyline, as well as a new construction retail section anchored by a 34,000-square-foot shop at Hull and Fourth streets.
That’s in addition to three historic rehab projects planned on the site, one of which is already in the demolition phase.
Thalhimer broker Jeff Cooke said the overall development could total more than $100 million in renovations and new construction at one of the city’s largest tracts that has been untouched by the downtown development drive.
The conceptual plan calls for each building to reach 13 stories, although Cooke said they could grow as tall as 15 stories.
The residential tower is slated for 10 floors of housing on top of three levels of parking. It will total 250 total units, adding to the 263 apartments planned for the three rehab buildings.
The office building shows four parking levels and nine floors of space on the other side of Perry Street. Cooke estimated about 250,000 square feet of space for that building.
Fountainhead Development and WVS Companies are clearing the way for a fifth apartment building at the Locks, a more than $40 million mixed-use development on the Haxall Canal at the former Reynolds North plant.
The project, whose working title is Locks Building 5, is the first new construction job at the seven-acre complex that includes 174 apartments and the Casa Del Barco restaurant.
“We did the four historic buildings that were at Reynolds,” Fountain principal Tom Papa said. “The shell of this building already existed, but it will be basically taken down to the ground, and then there will be a new four-story structure.”
Locks Building 5 will replace part of an L-shaped warehouse just east of the corner of 12th and Byrd streets. Papa estimated that construction would cost about $11 million, bringing WVS and Fountainhead’s total investment in the Locks to almost $45 million.
WVS and Fountainhead hope to finish the building this year. Walter Parks is the architect, and KBS is the general contractor. BB&T is providing financing.
The Locks also has the potential to add to the downtown skyline: Plans call for a tower structure to take the place of a warehouse at 10th and Byrd streets, immediately east of Riverfront Plaza.
“It could be an office tower, it could be a residential tower, it could be a mixed-use tower,” he said. “What that tower ends up being remains for the market to decide.”
A year after sealing a deal with the Oregon Hill Neighborhood Association, Guy Blundon is throwing open the doors at a new apartment building in the downtown neighborhood.
Blundon’s CMB Development has almost finished construction at the Victory Lofts apartment building on Cherry Street, and leasing is underway for its 12 units – a number Blundon slashed from 24 planned apartments to win neighbors’ support.
As a result, Blundon said, his building has some of the largest one- and two-bedroom apartments in the area.
“The light and the spaciousness is what really sets it apart,” he said. “The sun and the space and the location right in the shadow of VCU and right next to Hollywood Cemetery, which is very park-like.”
Local developer Bill Chapman is planning six modern row houses at 2615-2619 Floyd Ave.
The project, dubbed Citizen 6, will be built on a half-acre currently occupied by a parking lot and a 1950s-era office building, Chapman said. When the chance to buy the property came up, Chapman jumped.
“We thought, in this area of the Fan, the idea of new construction would be very appealing,” he said.
Chapman has the location under contract, pending city zoning approval. He would not say how much he’s paying for the property. The two parcels were most recently assessed at a combined $656,000, according to city records.
Chapman hired architect Burt Pinnock of Baskervill to design houses with a modern design that is reflective of the surrounding Fan buildings, Chapman said.
“We see that neighborhood as a neighborhood of fine period architecture,” he said. “It is a privilege to have an opportunity to build something in the Fan. That opportunity is rare, so design has to be our focus.”
Offers from potential buyers will be accepted beginning in February, and construction should begin in the spring pending zoning approval.
One South Realty Group is handling the listings for Chapman.
for more info click here: http://richmondfanrealestate.net/citizen-6
The units come with granite countertops, stainless-steel appliances, tile backsplashes and hardwood cabinets.
The first stages of construction on a long dormant downtown skyscraper are taking shape.
More than $500,000 worth of building permits were issued in late October for work on the Central National Bank building at 219 E. Broad St.
The permits, which authorize interior demolition and renovation, scaffolding, and barricades, are the first major public signs of progress toward the planned rebirth of the 23-story, 240,000-square-foot tower.
Washington-based Douglas Development Corp. plans to transform the former bank building into more than 200 apartments. Cindy Morris, asset manager for the developer, confirmed that Douglas plans to begin construction in the coming months. W.M. Jordan has been awarded the contract for this initial phase of the development approved in the permits.
“We’re in the beginning,” Morris said. “It’s very preliminary.”
In addition to adding hundreds of apartments downtown, the finished product will feature a section of first-floor commercial space. Douglas Development has had discussions with potential tenants for the ground floor space, Morris said, but has not signed any leases. The company plans to have the apartments ready in 2015, she said.
read the complete article here: http://www.richmondbizsense.com/2013/11/07/downtown-bank-towers-rehab-begins/
New stores aren’t the only things popping up at Stony Point.
Atlanta-based developer Wood Partners is planning a 282-unit apartment complex next to Stony Point Fashion Park on a 27-acre plot just north of Dilliard’s. The $40 million project will include four buildings standing three and four stories tall and a handful of smaller carriage units.
“The idea is to make it look like a little village, or a small neighborhood,” said Carter Siegel, Wood Partners’ regional director.
Wood Partners hopes to break ground in summer 2014, Siegel said, and expects an eight-month construction phase. The complex is dubbed Alta Stony Point.
The company has yet to name a contractor for the job. North Carolina-based Cline Design is the project’s architect. Design Resource Group and Richmond-based Timmons group are in charge of planning and engineering.
A few years ago, an apartment building and conversion spree took hold of Richmond’s Southside Manchester neighborhood. Almost 1,000 units later, local developer Wayne Cole has plans to drop 9,000 square feet of retail into the growing community.
“They don’t have shopping around there, retail, anything like that,” Cole said.
Cole is set to take plans for a Dollar Tree at the southeastern corner of Cowardin and McDonough streets to the city’s planning commission today. Cole’s family has owned the property, which most recently housed Boyd’s Cafe, for about 50 years. If approved, the Dollar Tree would be the space’s first retail use since it housed a used car lot in the 1950s, Cole said.
The project could be an indicator of what’s to come in a neighborhood that has reaped the rewards of the state’s historic tax credit program. Thirty-seven rehab projects have been approved for tax credits in Manchester since 1997, with four more in the application process, according to the Virginia Department of Historic Resources, which administers the program.
There are at least four residential developments set to come online next year in the nine-block stretch between Semmes Avenue and Stockton Street. Cole thinks his project could be a leading edge on a shift toward retail.
Rob Hargett, whose Midlothian-based Rebkee Development owns more than 15 shopping centers with grocery store tenants, said it might be just a matter of time.
“Definitely the demographics are screaming for those people to have a place to shop at,” Hargett said. “It’s kind of a no-brainer.”
Hargett, whose holdings include shopping centers with both Kroger and Food Lion as anchor tenants, called Kroger the most likely suitor for a potential Manchester supermarket, at least for now.
read the complete article here: http://www.richmondbizsense.com/2013/09/03/southside-development-pivots-toward-retail/
Chicago developer Clayco began construction Friday, August 23rd, on the Gateway Plaza, a $110 million, 16-story project at 8th and Cary Streets. It also closed that Friday on the acquisition of two triangular lots needed for the tower from Dominion Resources. It paid the utility giant $6.2 million for the properties, which comprise about an acre and sit next to its Dominion’s headquarters at Eight, Ninth, Cary and Canal streets.
“We’ll turn on the equipment Friday and work over the weekend; pretty much two shifts a day for the foreseeable future,” said Clayco Principal Larry Chapman.
“Now is when that action really starts,” Chapman said of leasing activity. “Once people see a building under construction, all the people we’ve been talking to start getting serious. No one believes until it’s real in our business.”