Richmond's Suburban Developments

[wrldcoupe4]

blake, isn't that near the Circuit City office complex?

Are those buildings still sitting idle and vacant? One might wonder why they are not converted to Healthcare usage rather than constructing a new building.

They have 60,000 SF floor plates. A 25,000 SF user wouldn't even be enough to turn the lights on in a building of that size.

[burt]

The Whole Foods Farmers' Market and garden at West Broad Village have officially been approved.

From today's RTD:

http://www2.timesdis...nr15-ar-426641/

Edited August 16, 2010 by burt

[burt]

Does anybody remember when a fancy new hotel opened in a far West End office park that is anchored by Genworth Financial across West Broad Street from the old Reynolds Metals (now Altria) building near I-64?

It opened as Richmond's classiest hostelry called THE HYATT HOUSE and had, probably in that decade, Richmond's best restaurant. That was back in the 1970's.

Subsequently, the hotel was sold and became RICHMOND SHERATON WEST. Its restaurant went thru changes and finally became a 2nd grade SHULA's SPORTS BAR.

(NOTE: The 4-Diamond HILTON at Town Center West near Short Pump is now home to a top-grade SHULAS's STEAK HOUSE.)

Sad to report, the gracious hotel, originally known as THE HYATT HOUSE, is now called RAMADA INN.

Also, in the neighborhood, the hotel known in the 1970's as HOLIDAY INN WEST opened as an upscale Holiday Inn and had a well-known dance-club-restaurant called Fanny's. It's still in the Holiday Inn family but is now called CROWN PLAZA WEST -- sans Fanny's!

I wonder if the AAA Four-Diamond RICHMOND WESTIN HOTEL just across from THE RAMADA INN on West Broad Street is now "King of the Hill" at Glenside (I-64) and West Broad Street?

I'm told by friends that the RICHMOND WESTIN has no visible restaurant or bar.

Don't believe anyone who crows that only downtown deteriorates!

Edited August 21, 2010 by burt

[burt]

The abandoned Cloverleaf Mall at Chippenham Pkway and Midlothian Tpk has become a dumping lot for old cars and is an unsightly mess.

It appears Crosland, the North Carolina based company which purchased the property in a deal with

Chesterfield County, will begin work by the end of this year.

The first phase will be a 90,000 s/f Kroger market with fuel station and 18,000 s/f of smaller retail space.

Later phases will result in a total of 400,000 s/f of office, commercial and retail space with as many as 300 residential units.

From today's RTD:

http://www2.timesdispatch.com/news/news/2010/aug/21/clov21-ar-464846/

Edited August 21, 2010 by burt

[Icetera]

Long-range plan would turn Innsbrook area into a small village

http://www2.timesdis...5004-ar-156540/

He envisions the construction of a performing-arts center, a specialty or post-secondary school in the area, and an increased number of medical offices. But it would be done in a multigenerational process, he said.

Oh good, maybe we can start a chain of them like the Children's museum.

Emerson sees the potential for redeveloping now-vacant parking areas with "greater efficiency" to include parking decks or parking beneath mixed-use buildings.

"You are talking about Innsbrook, you are at an intersection of main highways. You are right at the interstate. So are you going to have tall buildings? That is where the discussion will go," she said. "How tall is too tall? How do you accommodate parking? How do you create a walkable community?"

Short Pump will become Richmond's Buckhead...

Edited September 15, 2010 by Icetera

[burt]

Ice, here's a story from today's RTD saying that the Henrico Board backs the Innsbrook mixed-use plan.

http://www2.timesdispatch.com/news/2010/sep/15/inns15-ar-506019/

Speaking of activity in the burbs, friends tell me that considerable construction is going on at West Broad Village, which is just west of Innsbrook. They say that the John Rolfe Pkwy has been cut through the property connecting West Broad Street and Three Chopt Road. They also tell me that lots of new residential units are going up in the bare fields behind ALoft Hotel and the initial development. A new road entrance is also being built, although I'm not sure exactly where on the property -- but believe it's near Trader Joe's and Dave & Busters.

[Icetera]

Ice, here's a story from today's RTD saying that the Henrico Board backs the Innsbrook mixed-use plan.

http://www2.timesdis...ns15-ar-506019/

Speaking of activity in the burbs, friends tell me that considerable construction is going on at West Broad Village, which is just west of Innsbrook. They say that the John Rolfe Pkwy has been cut through the property connecting West Broad Street and Three Chopt Road. They also tell me that lots of new residential units are going up in the bare fields behind ALoft Hotel and the initial development. A new road entrance is also being built, although I'm not sure exactly where on the property -- but believe it's near Trader Joe's and Dave & Busters.

I do like the sound of the Innsbrook plan, but it seems like people are looking for a more urban setting, while ignoring the already existing urban center.

The low density residential at West Broad Village is now developing rapidly and I saw a lot of homes already occupied. I imagine your friend must be referring to a connection from Geese Landing to John Rolfe Parkway, as Three Chopt Lane has been in use for a while.

[burt]

St. Mary's Bon Secours Hospital at Monument and Libby Avenues in Henrico launches a huge expansion.

From today's RTD:

http://www2.timesdis...ry17-ar-509954/

Edited September 17, 2010 by burt

[burt]

Tommy Pruitt has purchased the former Circuit City Headquarters Building at 9950 Mayland Drive for $3 million.

The 288,000 s/f building is known as Deep Run 1

If I'm not mistaken, Pruitt built Short Pump Town Center and White Oak shopping center on Laburnum Avenue.

$3 million sounds like a bargain-basement price for such a large property, IMO.

But not only that: Last week, Pruit also bought 58 acres of land on which Deep Run 1 sits for only $2.7 million.

From today's Richmondbizsense:

http://www.richmondb...-building-sold/

Edited September 17, 2010 by burt

[burt]

A new 57,000 s/f ACAC health club will cover 3 stories in a West Broad Village building and include indoor and rooftop pools as well as squash and racketball courts.

From today's Richmond biz sense:

http://www.richmondbizsense.com/2010/09/16/live-work-play-and-now-workout/

[540_804]

Tommy Pruitt has purchased the former Circuit City Headquarters Building at 9950 Mayland Drive for $3 million.

The 288,000 s/f building is known as Deep Run 1

If I'm not mistaken, Pruitt built Short Pump Town Center and White Oak shopping center on Laburnum Avenue.

$3 million sounds like a bargain-basement price for such a large property, IMO.

But not only that: Last week, Pruit also bought 58 acres of land on which Deep Run 1 sits for only $2.7 million.

From today's Richmondbizsense:

http://www.richmondb...-building-sold/

It very much is a bargain-basement price.

While I have no clue what the Circuit City HQ building looks like, if its anything more than a warehouse, the price was incredibly cheap. We're talking just over $10 square foot. Replacement cost for that quality office space could easily be 10x (or more) what was paid. Then consider that office space in the area rents from $13-20/sq ft/year and that was one solid investment. Also I think it was appraised at over $45 million in late 09, early 10. To put this into perspective, when CapOne purchased two buildings in July..they paid ~$85/square foot.

Then when you add in the 58 acres for $2.7 million....this could very much be the best bargain in Richmond area real estate for 2010. One of those "if only I had $6million" situations.

Note: I'm not sure how it works, though. Is it possible that, with the $3million paid, Pruit assumed the mortgage debt? I didn't read anything about it in the article. Even if that were the case, its still a great deal.

[Brent]

http://www.loopnet.com/xNet/MainSite/Attachments/ViewImage.aspx?FileGuid=08B7844A-3ABF-412B-9A65-4FAFD78B23FE&Extension=jpg&Width=0&Height=0

It looks like this. I worked there for a few months. It's a VERY nice building.

[burt]

Richmond BizSense says that retail activity is picking up at West Broad Village.

Keagan's Irish Pub will open soon on the ground level of Aloft Richmond West Hotel. The French Boutique has opened on The Old Brick Road and a candy store called The Sweet Spot is on scheduled to open near the new western expansion of Richmond Children's Museum.

Meanwhile an office for The Flats at West Broad village has moved from a residential unit to retail space at 3930 Wild Goose Lane.

[burt]

Richmond Biz Sense reports that a growing company in Metro Richmond is in negotiations to lease all but the top floor of the 300,000 s/f Deep Run II former Circuit City headquarters building west of Gaskins Road and south of West Broad Street. Mondial Assistance, a travel insurance company, has more than 900 employees spread over several buildings in western Henrico and wants to consolidate -- and grow!

[jbjust]

It very much is a bargain-basement price.

While I have no clue what the Circuit City HQ building looks like, if its anything more than a warehouse, the price was incredibly cheap. We're talking just over $10 square foot. Replacement cost for that quality office space could easily be 10x (or more) what was paid. Then consider that office space in the area rents from $13-20/sq ft/year and that was one solid investment. Also I think it was appraised at over $45 million in late 09, early 10. To put this into perspective, when CapOne purchased two buildings in July..they paid ~$85/square foot.

Circuit City's HQ was Class A (or maybe Class B+) office space in my opinion, having been in there quite a few times.

[burt]

Will Chesterfield County get Light Rail Transit before downtown Richmond?

That it is even being discussed is jaw-dropping!

From today's RTD:

http://www2.timesdispatch.com/news/2011/feb/02/TDMET01-chesterfield-officials-discuss-possibility-ar-814289/

[Cadeho]

Will Chesterfield County get Light Rail Transit before downtown Richmond?

That it is even being discussed is jaw-dropping!

From today's RTD:

http://www2.timesdispatch.com/news/2011/feb/02/TDMET01-chesterfield-officials-discuss-possibility-ar-814289/

It's sad. Actually I wish we could divorce Chesterfield from the metro and let them just survive on their own like they want.

[burt]

The Virginia Eye Institute plans a 16,000 s/f building at Town Center West in Short Pump.

If you're confused about Town Center West, it is where the new high-rise Hilton is located -- just west of SPTC.

From Richmond Biz Sense:

http://www.richmondbizsense.com/2011/02/22/virginia-eye-institute-sets-sights-on-short-pump/

[blake_p]

The Westin at Glenside and Broad is undergoing some sort of expansion. When I drove by last night there was a single story steel structure going up on the north side of the building. Perhaps they're expanding their meeting/conference center facilities.

[burt]

The Westin at Glenside and Broad is undergoing some sort of expansion. When I drove by last night there was a single story steel structure going up on the north side of the building. Perhaps they're expanding their meeting/conference center facilities.

I read about this fairly recently, blake. I've forgotten details but am pretty sure you are right that it has to do with expanding meeeting space at The Westin.

From what I've been told, The Westin does not have a fulll-service restaurant on premises, but apparently they have a large kitchen to handle meetings and events.

PLAZA AZTECA, which took over Max and Erma's, is on the Reynolds Crossing property fronting West Broad Street within an easy walk of the hotel.

[wrldcoupe4]

Burt,

I've eaten at the Westin's full service restaurant with clients a few times.

[burt]

Burt,

I've eaten at the Westin's full service restaurant with clients a few times.

That's good to hear. Friends told me they walked around the lobby and didn't see a restaurant in The Westin. Does it have a name? And does it have a bar?

It's neighbor across the street on Broad used to be a Hyatt Hotel but is now an upper end Ramada property. It had a 3rd tier SHULA'S restaurant until the top tier SHULA'S STEAK HOUSE opened at Hilton Richmond in Town Center West. Now Ramada's restaurant is little more than a sports bar, I'm told.

[wrldcoupe4]

Here's the website link: http://www.westinrichmond.com/Crossings

It's just inside the main entrance to the left.

[burt]

The office vacancy rate at Innsbrook Office Park in Western Henrico, which has hovered around 21%, is declining rapidly and some experts say the figure may be in single digits by the end of 2011.

If I read the story correctly, about 1325 new jobs are expected to be created:

700 by Capital One

175 by AECOM

150 by Snagajob

300 by Ironwork Consulting.

Is it safe to assume they will be new employees and not simply shuffled from one Richmond location to another?

From today's RTD:

http://www2.timesdis...ants-ar-953055/

Edited April 6, 2011 by burt

[wrldcoupe4]

I don't think it's in the single digits yet. When some bigger deals are finalized, it should drop to the low teens. Kreckman mentioned single digit vacancy, but that may just be for Highwoods' Innsbrook portfolio, not the entire Innsbrook submarket.