RiverYuppy

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About RiverYuppy

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    Male
  • Location
    Richmond, Virginia (Northside)
  1. Richmond Developments

    Hourigan buys big on the Southside. Hopefully it will improve the curb appeal of South Richmond from 95 and provide some new jobs for the area.
  2. Richmond Developments

    Seminary apartments site work underway; second lawsuit dismissed. This is going to be great for Northside. Another 300 units will help add to the density. This combined with so many of the apartments on Chamberlayne being renovated will help the area.
  3. The Locks at 321

    I don't think we should give up hope on some towers yet. You have to look at Richmond as a whole. Neighborhoods like Manchester, Scott's Addition, and Shockoe Bottom have been slinging apartments and office space on the market at an unprecedented pace. Building tall buildings is expensive. If you're a developer, you're probably looking at the hundreds and hundreds of apartment units coming on the market in Richmond that are taking advantage of lucrative tax credits or (now prime) land that was bought for close to nothing. Do you really want to be the van guard of high-rise apartments when we're unsure at what point the absorption rate will slow down? When all of your competition is working on significantly better margins than you? Also, while not big brand new buildings, within the last 5 years the 15th (First National Bank) and 13th (Central National Bank) tallest buildings in RVA both were completely converted to apartments. We also had The Edison Apartments (> 10 floors) come on the market recently as an historic rehab. If I were a high-rise apartment developer, I wouldn't want to compete with those for unsure market absorption. The same goes for office space. You have Manchester and Scott's Addition slinging out new office space continuously. Especially if you're cobbling together tenants rather than renting to one who has needs that could not be met by an office in Scott's Addition, Manchester, The Fan, etc. The good news is that abandoned warehouses are drying up quick and there is no more land near downtown to be had for pennies. Once this happens, the prime place to add more units and office space will be downtown and the only way to financially justify building on such high valued land will be to build big and tall. EDIT: To give an example, the rehab of the 23 story CNB cost ~$20m + ~$5m purchase to get ~200 apartments. They also get historic tax credits. This new 12 story apartment with ~240 apartments is going to cost ~$60m not including accusation fees. The square footage is probably a bit different, but you see what new development has to compete with right now.
  4. Richmond off-topic postings

    While anecdotal, housing seems to be going well too! Every block of my street has a house under renovation. The same is pretty much true for the two streets parallel to mine. On my block there are three being renovated! I was walking over to Ann Hardy Park to read a book when I noticed an abandoned hardware store was under full renovation mode. I talked to the developer and he said he was planning on turning it into a boutique house. He said he has been renovating houses in Northside for 25 years and is close to being priced out on even abandoned houses that go up for auction. That, combined with RRHA finally auctioning off a lot of its empty properties (especially in Maymont, Church Hill, and Northside) that we're seeing renovated. Also, we're seeing Church Hill really push up against the public housing. I used to live in "luxury apartments" two blocks from Mosby. Even 9 mile road is being redeveloped with a new grocery store. The end of vacant houses North of the river isn't here yet, but it certainly seems in sight. It's going to be interesting to see what happens once the only thing left is infill and redeveloping the housing projects.
  5. New Richmond Arena

    It allows for more options for those who are in JSRCC. In high school I took classes at TCC. If I couldn't find the class I wanted at the Chesapeake campus, there was a good chance I could find it at the Norfolk or Portsmouth campus at a time I wanted. It also distributes classes better so someone far east doesn't have a huge disadvantage to someone who is more west.
  6. New Richmond Arena

    Ideally it would be mixed use and have mixed-income housing. Just because it is residential doesn't mean it can't be commercial too. I would not call that area a "food desert." It is right near the BRT which takes you to multiple grocery stores. There is fast food within walking distance (at MCV). You have tons of restaurants as soon as you cross Broad as well. The more square footage we can get out of the development the better, in my opinion. What I would like to see included is some regional cooperation to expand the community college campus downtown, which is located very close to this development.
  7. Richmond Developments

    Another thing to consider is that downtown is leasing up square footage even while Scott's Addition and Manchester absorbs a small chunk of the market. I saw an article today about Barber Martin opening a new "quick turnaround video division." It would be nice to see them expand into a larger advertising agency! They leased up 10k square feet in Scott's Addition after moving from Chesterfield not long ago. That's space that would have potentially been taken up downtown. As Scott's Addition and Manchester start to feel the squeeze more I think we'll see a surge downtown and investors will view RVA as a more diverse & healthy market.
  8. Richmond Developments

    I went to a community last night and heard a lot about development in Northside. Approximately 160 homes ($175k-225k) are to be built in the Northside/Chestnut Hill area. That's on top of the ones that are going on the Southern Tip. They're also going to add a new trail along the Richmond-Henrico Turnpike and reopening the Ann Hardy Park.
  9. Richmond Developments

    Old Herod Seeds warehouse eyed for development This is amazing news for Shockoe Valley.
  10. Amazon HQ2

    If Amazon comes, I think transportation will follow it. If it comes to Tree Hill, we'll extend the Pulse to it. Any option would be good for RVA, but I think the Tree Hill one would be best for the longterm since it would move the center of population density closer to downtown. Urban development will just spring up around it. On the other hand, the boulevard location is much more exciting.
  11. Richmond Developments

    It looks like a bunch of the apartment buildings on Chamberlayne are going to get rehabbed.
  12. Richmond Developments

    I noticed some more construction in Northside/Highland Park/Chestnut Hill area. There are about 52 units of affordable housing to be constructed on the southern tip of Chestnut Hill. They will be priced under $200k. Here is the google street view of the inchoate construction site. In the Highland Park area (near Ann Hardy Park) there are some contemporary townhouse going up. I believe they're supposed to start in the low $400ks. That's crazy to see in that area! It appears that there is some more (though not as nice) newly built houses in Highland Park too. Driving through the Brookland Park area, it seems you can't go down a block without seeing a rehabbed home for sale or construction workers renovating a home. I think that area is going to come together very nicely in a few more years. I think what we will see happen is that the gentrification will close in from the East and West on Meadowbridge road.
  13. VCU Developments

    For the new VCU building, you can already see the beams from I-95.
  14. Richmond Developments

    Some good news for Northside today. Westminster Canterbury ‘Tower’ gets a facelift ($5m upgrade) Downtown attorney makes $3M real estate play in Brookland Park The lawyer is also planning on putting some real money into upgrading the apartments, which is great to hear for that corridor.
  15. Richmond Developments

    I'm glad to hear RVA's bike share is doing well. I saw a zoning change notice near my apartment yesterday. The lot at the corner of Venable and 18th (North side of Venable) is under consideration for a zone change. My roommate's mom, who works in the real estate department of a downtown law firm, said that it is supposed to be a Golds Gym. Perhaps not the most glamorous development, but I think that it is pretty significant that a chain company is looking to invest North of Venable!