Build RVA

Keeping the rest of the community abreast of the newest developments happening in Richmond, Va.

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Manchester: Reynolds South conceptual plan

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.

read more here: http://www.richmondbizsense.com/2014/01/31/firm-reveals-vision-for-reynolds-south/

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Downtown: The Locks grows

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.”

read more here: http://www.richmondbizsense.com/2014/01/24/developers-lock-in-on-5th-building/

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Oregon Hill: "Unusual" Apartments become available

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.”

read more here: http://www.richmondbizsense.com/2014/01/25/historic-rehab-creates-unusual-apartments/

http://3w8xz81fa52o3466qi486tcn1agh.wpengine.netdna-cdn.com/images/Victory-Lofts-interior.jpg

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The Fan: Contemporary Row Houses

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

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Monroe Ward: Massey Building converted into apartments

The units come with granite countertops, stainless-steel appliances, tile backsplashes and hardwood cabinets.

http://www.timesdispatch.com/business/economy/massey-building-converted-into-apartments/article_0aef872c-e9f8-58f5-977d-a717672ccd50.html?mode=image&photo=1

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Broad St: Movement on the Central Bank Building

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/

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Stony Point: 282 Apartments planned

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.

read more here: http://www.richmondbizsense.com/2013/09/11/282-unit-complex-planned-for-stony-point/

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Manchester: Retail space planned

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/

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Downtown: Construction begins on newest tower

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.”

read more here: http://www.richmondbizsense.com/2013/08/26/let-the-digging-begin/

[fanrva]

The One South Realty site has a nice look at the renovation of their new building on Main Street:

The ‘Kickers Building’ as it was known (due to the paintings of soccer players on the side of the property) was an 8,000 SF warehouse built (beginning) in the 1920′s. Built in what appeared...

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Shockoe Bottom: Office conversion

Monument Construction, in a joint venture with Howard Kellman of the Edison Companies, plans to turn the 78,800-square-foot Exchange Place at 1313 E. Main St. into a 63-unit mixed-use apartment complex.

Monument purchased the four-story building this month through Duesenberg Properties LLC for $3.9 million, according to city records.

“It is a further example of the trend: the tough-to-lease office being converted to something other than office,” said Austin Newman, a Cushman & Wakefield | Thalhimer broker who represented the buyer. “It’s an office building that’s an old, not real leasable class C job, and it’s eligible for historic tax credits.”

The conversion will cost about $9 million, said Chris Johnson, principal at Monument Construction. The work will be financed by Union First Market Bank, as well as federal and state historic tax credits.

Plans call for mostly one-bedroom apartments and 30,000 square feet of commercial space, as well as an onsite gym and parking for residents. The one-bedroom units will average about 640 square feet with rents ranging from $969 to $1,149 per month.

read more here: http://www.richmondbizsense.com/2013/07/26/office-space-gets-exchanged-for-apartments/

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Finance: City looks to fill funding gap for developers

Through its Department of Economic and Community Development, the city is making a major push for a $20 million Economic Development and Housing Revolving Loan Program aimed at funding both residential and commercial real estate projects in low- and moderate-income areas.

Eligibility for loans will be determined by the number of jobs created in the case of commercial development projects and by the number of new low- to moderate-income units for housing projects. Both jobs and residential unit counts will be taken into consideration for mixed-use developments.

Target neighborhoods include Shockoe Bottom, the Hull Street Corridor and the 25th Street/Nine Mile Road Corridor, among others. The program has already approved a loan for a seven-figure housing project in the Brookland Park neighborhood.

The ECD will unveil the new program at a developer’s breakfast 8:30 AM Tuesday at the Main Street Station, second floor, in Shockoe Bottom.

read more here: http://www.richmondbizsense.com/2013/07/25/city-looks-to-fill-funding-gap-for-developers/

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A look into the soon-to-be rehabilitated FFV factory, The Boulevard.

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VUU: Restarting a New Student Housing plan

A year after scrapping plans for a $5 million student housing project near Virginia Union University, a developer is moving down the road and doubling his investment.

Willie Lanier Jr., acting as Lombardy VU Realty, has plans for an $11.5 million, 103-unit student housing project at the corner of Brook Road and Roberts Street – across the road from the VUU football field and a block away from a 33-unit plan he proposed at 2300 Lombardy St. in 2012.

The Richmond Planning Commission voted unanimously Monday to recommend approval of a special-use permit for the property. The project is set to go before the Richmond City Council on July 22.

Units will range from studios to three-bedroom apartments and average about 875 square feet, Mullen said. Rent per unit will start at $800 and top out at $1,650, and units with multiple bedrooms might have separate leases for each occupant.

read more here: http://www.richmondbizsense.com/2013/07/16/student-housing-plan-is-back-and-bigger/

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Manchester: New dog-friendly apartments

Mark Purcell of Purcell Construction and local developers Robin Miller and Dan Gecker have broken ground on a $13.5 million, 129-apartment project at 1200 Semmes Ave. The three partners own the lot at 12th Street and Semmes Avenue through 1200 Semmes, LLC. Purcell is the majority partner in the joint venture, and his Purcell Construction is the site’s contractor. Middleburg Bank is financing the project.

Miller anticipates the building will be move-in ready in May 2014. Most units will be one-bedroom spaces averaging 550 square feet, with some two-bedroom spaces averaging 1,200 square feet. The building will have six spots on the ground floor that could be a mix of commercial and residential.

The complex hopes to attract young professionals, Miller said, with monthly rates ranging from $900 to $1,100 for one-bedroom units and from $1,400 to $1,500 for two bedrooms. The ground floor’s six “live/work” spaces, as Miller called them, will go for between $1,500 and $2,200 per month.

Plans call for a clubhouse, onsite parking, a workout room and a rooftop deck with downtown views across the river.

“We’re actually going to have a dog walk area on the roof,” Miller said. “You haven’t seen that in Richmond yet.”

read the whole article here: http://www.richmondbizsense.com/2013/07/15/building-throws-bone-to-4-legged-residents/

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Scott's Addition: New owner for rehab project

A local real estate firm is picking up where another developer left off in Scott’s Addition.

Thalhimer Realty Partners, the development arm of Cushman & Wakefield | Thalhimer, closed in late June on the purchase of an old industrial building at 3200 W. Clay St., where it plans the neighborhood’s latest apartment conversion project.

Thalhimer Realty Partners paid $1.79 million for the 100,000 square foot property. Matt Raggi, an associate with the firm, said 100 apartments and indoor parking are planned. It will seek state and federal historic tax credits.

Raggi said Thalhimer Realty Partners’ plan for the property would cost less than the estimated $20 million Wilkinson had drawn up and will have 30 fewer units.

The difference in the number of units, Raggi said, is that Thalhimer Realty Partners was not interested in having so-called windowless apartments. Those units use skylights and other techniques to bring natural light to apartments that don’t have have street-facing windows and have been used by local developers to maximize space in warehouse rehab projects.

The average unit will be about 750 square feet, Raggi said. Sixty percent of the apartments will be one-bedroom units. The rest will have two bedrooms.

read more here: http://www.richmondbizsense.com/2013/07/12/new-owner-tweaks-vision-for-rehab-project/

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Interbake on Boulevard: are they going to tear down the whole building or just the interior? I hope they keep the outside...

They're keeping the structure, just rehabilitating the interior for residential and office space.