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Manchester Development


Richmonopoly

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Disappointing that major grocers aren't interested, but it's good that they're not just going to sit on the property. A good dense, urban development with town-homes/row-houses isn't a bad trade; hopefully they don't make it suburban looking or anything.

Also just a note, they're talking about saving some of the warehouses because they might be "historical", what? They're big white boxes, rip em down.

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Just a Manchester update - if you haven't noticed yet, the tower crane at the Reynolds South residential project has been disassembled and removed.  So, no more tower cranes in Manchester at the moment, which I think needs to change.

BTW, there is no ugly, white box warehouse worthy to be called historical.  I agree, tear it down and just start from scratch!  Thanks for the update.

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Some of the buildings are old, I'm not sure what was produced  out of them.  A lot of them were retrofitted for taller ceilings which is why they have updated white roofs. The complex has other older ones in the back.  If the developer can find a historic tax credit then they will most likely use it. 

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Edited by Marcus Squires
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They don't know what they're going to do with it but hey they're going to start rehabbing the old Siegel Grocery store in Manchester:

http://www.richmond.com/business/local/former-siegel-s-grocery-store-in-south-richmond-being-restored/article_c48e9167-c47a-56d4-9516-0d85e7a1281c.html

A quote from the article is interesting, I wasn't exactly sure how the new tax legislation was going to effect all the rehabs around the city.

"The Hilds are pursuing the renovation of the building now in order to take advantage of federal historic tax credits.  The program changed under the new tax law that Congress enacted and President Donald Trump signed into law last month.  Developers can follow the old rules if they bought property by Dec. 31, 2017, and start construction work on it by July 1.  Under the old rules, developers could take the entire 20 percent tax credit in the first year.  But the new tax reform law still allows for a 20 percent tax credit on the renovation project but now prohibits developers from taking the credit to offset their taxes all at once. Instead, they must spread it out over five years."

With that, we might see a rush/spike in projects trying to get shovels in the dirt on rehabs around the city.

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  • 2 weeks later...
  • 2 weeks later...
11 hours ago, eandslee said:

Well, it was constructed a lot differently than anything I’ve seen before.  The whole thing was pre-fabricated and then assembled onsite. 

I'm not the construction timeline went any faster as the building has taken a long time to get completed.

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Some more buildings being bought about around Hull street, plus we have the two breweries, the market and the doughnut place going up. Seems like a lot of momentum for Manchester right now. I'm hoping this finally makes Manchester a more livable neighborhood, both for the less current population and the newbies. I've felt like the development over the past 10 years has cause Manchester to be a neighborhood of commuters, at least for the young people moving in. With all of that historic building stock that place is ripe for revitalization. Anyways all of this has been on bizsense, I'm sure you all have read it.

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Big lot (700 Semmes Ave) in Manchester was purchased by the same group that owns the Terraces at Manchester (800 Semmes Ave). No plans for the site as of yet, but they seem pretty bullish on it. Hope to see something on this soon. I also think the wooded lot across 7th street from this one is up for sale as well; really good sites for some density builds/tall builds!

https://richmondbizsense.com/2018/02/22/two-manchester-firms-make-way-d-c-groups-land-play/

 

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1 hour ago, drayrichmond said:

Big lot (700 Semmes Ave) in Manchester was purchased by the same group that owns the Terraces at Manchester (800 Semmes Ave). No plans for the site as of yet, but they seem pretty bullish on it. Hope to see something on this soon. I also think the wooded lot across 7th street from this one is up for sale as well; really good sites for some density builds/tall builds!

https://richmondbizsense.com/2018/02/22/two-manchester-firms-make-way-d-c-groups-land-play/

 

Definitely.  Hopefully, someone will go at least twenty stories.  With South Reynolds, Port RVA, and this potentially, Manchester is going to be a very different, far more urban place in five years.

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4 hours ago, drayrichmond said:

Big lot (700 Semmes Ave) in Manchester was purchased by the same group that owns the Terraces at Manchester (800 Semmes Ave). No plans for the site as of yet, but they seem pretty bullish on it. Hope to see something on this soon. I also think the wooded lot across 7th street from this one is up for sale as well; really good sites for some density builds/tall builds!

https://richmondbizsense.com/2018/02/22/two-manchester-firms-make-way-d-c-groups-land-play/

 

Given that they own the building across Commerce, I doubt they would want to block views (of which they charge a premium) with another tower.  I would bet on a 4-5 story apartment block.

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On 2/25/2018 at 5:06 PM, Icetera said:

Given that they own the building across Commerce, I doubt they would want to block views (of which they charge a premium) with another tower.  I would bet on a 4-5 story apartment block.

I could see them doing a stair step type of development, shorter in the front taller in the back with these lots, which might be a good look for the river front.

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  • 3 weeks later...

Not sure if this has been posted before, so apologies if so, but related to the previous posts about the purchase of 700 Semmes, it looks like the lot in front of 700 at 401-421 West 7th is also for sale (adjacent to 7West). The marketing flyer shows what is buildable as-of-right, and describes the potential for an "approx. 425K GSF residential & commercial space. Preliminary site plans allow for 9 standard residential floor plates with unique topography to accommodate 4 podium floors and one floor of partially subterranean parking. This 13-story building has the potential for 270 to 280 residential units with a roof top clubhouse and 6,000 SF of lobby and gymnasium. The property can accommodate approximately 275 parking spaces with 2 level garage access." See below for conceptual renderings from OneSouth Commercial's marketing page:

6585dd2d926f79fd2185ec5d44c9154115075597

08e142ebb19fc06a2e81ba9a3bfb0c2415075597

d6bb0a5a2c2883dca4d4e6784d5c353915075598

 

 

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The original plan was to put a couple office towers here, but the demand just isn't there yet (wish it was).  So I think they are shifting gears and focusing on mixed use with a heavy emphasis on residential since there is so much pent up demand for it.  By doing that, they might be able to begin the project a lot sooner and allow the property to generate some income for them.  I would personally like to see residential, retail, a little bit of office space, even a hotel here would be nice all packaged together in one building.  That would also give the building some height too, which is better than a measly 13 stories.  I wish delevlopers would be a little more creative.  Hopefully, this is just a concept rendering.

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2 hours ago, eandslee said:

The original plan was to put a couple office towers here, but the demand just isn't there yet (wish it was).  So I think they are shifting gears and focusing on mixed use with a heavy emphasis on residential since there is so much pent up demand for it.  By doing that, they might be able to begin the project a lot sooner and allow the property to generate some income for them.  I would personally like to see residential, retail, a little bit of office space, even a hotel here would be nice all packaged together in one building.  That would also give the building some height too, which is better than a measly 13 stories.  I wish delevlopers would be a little more creative.  Hopefully, this is just a concept rendering.

This is not the Reynolds plot but actually up the hill on 7th St. between Legend and the new town-homes (7 West?).  I do not believe we have seen anything marketing this location until now, which should be interesting being located in between the latest purchase across 7th St. and the Reynolds development with the added building (though downsized).

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