wrldcoupe4

Yikes, my question was a bit rhetorical, just unsure where market rents are in Raleigh and where they are projected for a project like this? With that info, we can compare against the Richmond market. Construction costs must be pretty similar, so it should be a question of market rents.

Capital Square is building a 20-story residential highrise in Raleigh - https://www.connectcre.com/stories/capital-square-selects-raleigh-for-site-of-100m-mixed-use/ At what point does that make sense here?

Love it.

Also - not sure if these are tv spots or web placements. https://m.youtube.com/user/Visitrichmond/videos the road-trip spots seem like they could totally target DC region.

There’s a game plan: https://www.visitrichmondva.com/partners/tourism-master-plan/tmp-documents/ https://assets.simpleviewinc.com/simpleview/image/upload/v1/clients/richmond/18298_20_RRT_Richmond_Tourism_Master_Plan_Report_v2_99e31edc-207a-4a8a-80f8-e264509f88e5.pdf

Baltimore is advertising in Richmond Magazine. Does this make you want to rush up 95 to check it out?

How does that jive with the Apex building in Cville though? https://www.nbc29.com/2022/04/22/apex-plaza-opens-charlottesville/?outputType=amp

This will be a really awesome gateway to the city.

Pretty sure the Mutual Building is on fire at the moment.

Oh it’s there. But not so much in a CoStar expansion kind of scale.

Maybe Bruce is just referencing that same article?

Totally agree.

James center owner owns that parcel. Last I heard they contemplated building a parking deck there.

Yes but they were in the market for a 2k sf branch downtown. Not sure if they have found a space though.

They were looking for a downtown branch.

Yeah I would be worried about building on top of some of these older decks for everything you said but I am not an engineer.

707 E Main with the accompanying parking deck has been for sale for a while. It appears that Genesis is the buyer and planning residential conversation. That's too bad in a way, it's not a functionally obsolete office building like others that have been converted. In thinking about the parking deck parcel... has Genesis done any highrise ground-up development ever? I'd love to see it, but their portfolio doesn't seem to promising there.

I guess I should clarify since I am a dollars and "sense" guy. What does something like this cost, $50M? Could it be applied to something that has a greater impact on improving the lives of actual human beings vs making a statement?

Tower crane base in the hole at the Commodore.

I love the idea of this, but it just seems so economically wasteful.

The Mayor has released a strategic plan to spur economic development in the City: https://www.rva.gov/sites/default/files/2022-05/Richmond SPEED - 051822 - Clean Final For Introduction.pdf I've only skimmed it, here are a few quotes that should spur conversation: Create a physical and virtual integrated Richmond business center that serves as a “one-stop-shop” with resources to help start or expand a business in the City, renovate an existing building, or redevelop a property. Launch a remote worker attraction and retention initiative—RemoteRVA—to make Richmond a destination of choice for remote workers in the Eastern US. Target Industry Recruitment Excerpts: In addition to the innovation-focused strategies aimed at making Richmond one of the nation’s top 20 life sciences clusters (see Initiative 2.1), pursue strategic business recruitment projects to strengthen and diversify the City’s life sciences and education industry. Recruit pharmaceutical companies out of NewYork, NewJersey, Pennsylvania, Massachusetts, California, and internationally. Explore collaboration with economic development organizations in Northern Virginia (Fairfax County, Arlington, Alexandria, Loudoun County, and Prince William County) to create a dual corporate campus environment for companies headquartered in Northern Virginia, with a sister office in Richmond. FINANCIAL SERVICES. Re-establish Richmond as one of the nation’s leading centers of financial services, with a focus on “fintech” (financial technologies).  Set a goal for Richmond to rival Charlotte within a 5–10-year time horizon to once again vie for the title of “banking capital of the South.”

11 Fortune 1000 companies HQ'd in the Richmond region this year, 8 of which are in the Fortune 500: https://www.virginiabusiness.com/article/35-virginia-companies-make-2022-fortune-1000-list/?oly_enc_id=5689B8276356F6Y 35 total HQ'd in Virginia, by region: 21 NOVA 11 Richmond 2 Hampton Roads 1 Lynchburg

More like across the street.

Novel starts this month https://www.virginiabusiness.com/article/joint-venture-will-add-275-apartments-to-scotts-addition/?oly_enc_id=5689B8276356F6Y 5-7 stories, 275 units.

Who's rooting for the Thalhimer team on the Diamond District?!