Manchester Development

[whw53]

Few updates from Manchester - 

   1. Vacant building has been cleared and site work is underway at the former Lighthouse Diner site on Hull. This will be 24 unit ground up building with commercial space. Would love to see a rendering as this is a super skinny parcel, I'm hoping that means 4 or 5 stories. Moving this into the orange on the dev map.

2. Last section of Manchester Green along 13th is going up. Very impressed with this project, this area already feels a lot denser and should help out a ton with Hull St revitalization.

3. Nothing big but noticed the basketball court at 11th and Porter has been torn up. Foundations have been laid for what looks like will 2-duplex units - building permits were issued for 1100 and 1102 porter back in August, a duplex noted for each permit. 

 

Edited October 13, 2020 by whw53

[I miss RVA]

3 hours ago, whw53 said:

Few updates from Manchester - 

   1. Vacant building has been cleared and site work is underway at the former Lighthouse Diner site on Hull. This will be 24 unit ground up building with commercial space. Would love to see a rendering as this is a super skinny parcel, I'm hoping that means 4 or 5 stories. Moving this into the orange on the dev map.

2. Last section of Manchester Green along 13th is going up. Very impressed with this project, this area already feels a lot denser and should help out a ton with Hull St revitalization.

3. Nothing big but noticed the basketball court at 11th and Porter has been torn up. Foundations have been laid for what looks like will 2-duplex units - building permits were issued for 1100 and 1102 porter back in August, a duplex noted for each permit. 

 

Wow - great news! Hopefully renderings for the Hull Street apartment project will materialize soon and we can see what this will look like. Having a 4 or 5 story building there on Hull would be fantastic.

[Wahoo 07]

https://richmondbizsense.com/2020/10/14/developers-drop-4m-on-manchester-site-once-slated-for-riverhaus-project/

Land changing hands.  New owner states that a high rise option is a possibility.

[RVA-Is-The-Best]

 

23 minutes ago, Wahoo 07 said:

New owner states that a high rise option is a possibility.

That stood out to me in the article as well.

Quote

 

While the trio intends to develop the Cowardin site, Blundon said they don’t have any specific plans finalized.

“We’re trying to decide whether we’ll go wood or steel, mid- or high-rise,” Blundon said. “I think it’s a great site. It’s got great access to VCU and the city, and it’s an opportunity zone deal.”

Instead of RiverHaus (which was a slated mix of 100 apts + 20 townhomes), we might actually get some more substantial development on that prime piece of land. It helps that these developers are working on River's Edge II.

 

[rjp212]

I could see a mid rise with a high rise component. Be a nice step up in the area without sticking out like a sore thumb.   Something like this:

 

edit:  just saw the developer is the same people as Rivers Edge, 1200 Semmes and Links.  So I guess we can look forward to a generic beige building or a Walter Park repeat. UGH!!!

Edited October 14, 2020 by rjp212

[I miss RVA]

4 hours ago, rjp212 said:

I could see a mid rise with a high rise component. Be a nice step up in the area without sticking out like a sore thumb.   Something like this:

 

edit:  just saw the developer is the same people as Rivers Edge, 1200 Semmes and Links.  So I guess we can look forward to a generic beige building or a Walter Park repeat. UGH!!!

The kind of development rendered above (in Charlotte, yes?) is a great example! It would be a perfect blend of mid-and-highrise for that site. Nice combo - I hope we see something like that.

LOL - I'm with you - I'd like to see a different architect get involved and bring some fresh designs - the Walter Park cookie-cutter is starting to get a tad old. (Mind you - if it's either a Walter Park-designed high-density project or a vacant lot I'm NOT leaning toward keeping a vacant lot!) Would be cool if the architect who designed the above project could be brought in to build this Manchester project. Sweet design.

Edited October 14, 2020 by I miss RVA

[rjp212]

Interestingly enough, the project above is being developed by Northwood Ravin, who used to own the lot.  They’ve built some decent projects in Charlotte and wouldn’t mind them coming into our market. 

[I miss RVA]

6 hours ago, RVA-Is-The-Best said:

While the trio intends to develop the Cowardin site, Blundon said they don’t have any specific plans finalized.

“We’re trying to decide whether we’ll go wood or steel, mid- or high-rise,” Blundon said.

 

 

What's so striking about this - is that it honestly wasn't THAT long ago that such a statement from a developer would not have been heard in Richmond. And that's how it was for decades. For some kind of a highrise residential building to even be a remote possiblity, it took a crazy alignment of stars, moons, planets - that kind of thing hardly -- if EVER -- was on the table as even feasible in a place like Richmond.  This kind of thing was ALWAYS something that happened in OTHER cities - Atlanta... Charlotte... NOVA... but never Richmond.

Now?? Wow - it's becoming regular enough that it just rolls right off a developer's tongue as readily as "we are going to develop such-and-such parcel of land..." does.

I think this complete shift is what I find to be most exciting. I'm not sure newbies to Richmond necessarily can grasp the import, gravity and significance of this shift. Believe me when I say it's huge. And it's beautiful. I pray it continues and grows!

Edited October 14, 2020 by I miss RVA

[eandslee]

Heck, I just can't believe how many times this property has changed hands (it's a prime location)!  All of the proposed projects on this property have never been ones that I've really liked, so I'm hoping this developer delivers on a good design and great density!

Edited October 15, 2020 by eandslee

[I miss RVA]

2 hours ago, eandslee said:

Heck, I just can't believe how many times this property has changed hands (it's a prime location)!  All of the proposed projects on this property have never been ones that I've not really liked, so I'm hoping this developer delivers on a good design and great density!

AMEN!!! Same here!

[DalWill]

19 hours ago, I miss RVA said:

What's so striking about this - is that it honestly wasn't THAT long ago that such a statement from a developer would not have been heard in Richmond. And that's how it was for decades. For some kind of a highrise residential building to even be a remote possiblity, it took a crazy alignment of stars, moons, planets - that kind of thing hardly -- if EVER -- was on the table as even feasible in a place like Richmond.  This kind of thing was ALWAYS something that happened in OTHER cities - Atlanta... Charlotte... NOVA... but never Richmond.

Now?? Wow - it's becoming regular enough that it just rolls right off a developer's tongue as readily as "we are going to develop such-and-such parcel of land..." does.

I think this complete shift is what I find to be most exciting. I'm not sure newbies to Richmond necessarily can grasp the import, gravity and significance of this shift. Believe me when I say it's huge. And it's beautiful. I pray it continues and grows!

I'm still praying for Manchester/Gateway District/ Southside to get a signature (25+) skyscraper that sets off a mid-high rise residential neighborhood in that area. Not a lot, but spread out and spacious along a corridor ( Formally J-D Highway, Commerce Rd- looking at yall).

Edited October 15, 2020 by DalWill

[rjp212]

Looks like Port RVA (Manchester Market building) and the parcel for Port RVA II (planned tower) is now on the market for $19,000,000.  Hopefully that means the next owner will make moves on the tower, finally.   Included in the pdf are some additional renderings for the proposed tower.

https://images1.loopnet.com/d2/8p3m3P4Wl6ybujKH6-93fqYl_cJhqzMRFwAqm-Y4j6k/document.pdf

Edited October 20, 2020 by rjp212

[Hike]

18 minutes ago, rjp212 said:

Looks like Port RVA (Manchester Market building) and the parcel for Port RVA II (planned tower) is now on the market for $19,000,000.  Hopefully that means the next owner is make moves on the tower finally.   Included in the pdf are some additional renderings for the proposed tower.

https://images1.loopnet.com/d2/8p3m3P4Wl6ybujKH6-93fqYl_cJhqzMRFwAqm-Y4j6k/document.pdf

They'll have a nice view, wish it was already a project and not waiting to be sold and then become a project, we hope.  

[Downtowner]

They'll have a nice view, wish it was already a project and not waiting to be sold and then become a project, we hope.  

In that photo what project is that reddish orangish looking building under construction in the center of the photo? Is that part of the current or a different project? Whoever moves in is going to have some amazing views of the skyline from what I see.


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[wrldcoupe4]

Love the density in Manchester springing up.

[whw53]

@rjp212 Great find. I snipped the summary page and the additional rendering here in case anything happens to that link. So between these 2 projects + The Box development on the back side (118 units) that would be 409 units in 1 block here - pretty impressive density indeed.

 

[I miss RVA]

This is fantastic. Hopefully the tower is still a possiblity. Now - looking at what they're saying - the parcel (and the building at 512?) are up for sale -- but there are completed construction plans. WHO is going to build out at 500 Hull? And would this tower, for which plans have been completed, be what's built still? I'd imagine a different owner/developer might want to put their own footprint on the Manchester map (and hopefully skyline!!)

[Hike]

3 hours ago, Downtowner said:

In that photo what project is that reddish orangish looking building under construction in the center of the photo? Is that part of the current or a different project? Whoever moves in is going to have some amazing views of the skyline from what I see.


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I don't know right off, liking the density of this area though.

[rjp212]

Yes it's office portion of the Current.  It's just the cladding underneath.

[I miss RVA]

4 hours ago, wrldcoupe4 said:

Love the density in Manchester springing up.

Same here. It's fantastic to see.

[I miss RVA]

So how would all this work regarding the sale, the tower, etc? I know absolutely diddly-squat about real estate.

If the current owner/developers sell the parcel - but - is advertising that plans for construction of the tower building at 500 Hull are complete -- then who develops what? If they're selling it - what would it matter to a new owner/developers than the tower plans are complete? (I'm getting this from looking at the PDF brochure - where's they're offering the parcel for $19M -- AND saying plans for the tower are complete. What part of this am I missing? Couldn't/wouldn't the new owner/developers simply develop whatever they want on the parcel? How is the tower and plans for construction even in play?

I'm putting it out there to all of the folks on here who understand the workings of real estate - help me understand this. As the outside observer, all I know is that personally I'm chomping at the bit to see that tower rise on that corner and the sooner the better.

[I miss RVA]

4 hours ago, whw53 said:

@rjp212 Great find. I snipped the summary page and the additional rendering here in case anything happens to that link. So between these 2 projects + The Box development on the back side (118 units) that would be 409 units in 1 block here - pretty impressive density indeed.

 

One of the things I love about the design of this building: even though it only has 12 floors - if you look at how it's designed - with a taller than normal ground level, a taller third floor (that extra "half-floor" set of windows - maybe related to the built-in parking structure?  And then the roughly one-floor add on to the building's crown above the 12th floor - from a "pure" height perspective, it could end up being as tall as The Falls towers (particularly the 14-story building) Looks like there is enough "extra" height sort of squirrelled away in the building to account for almost two extra stories-worth of physical building height.

I really love this building.

[whw53]

1 hour ago, I miss RVA said:

So how would all this work regarding the sale, the tower, etc? I know absolutely diddly-squat about real estate.

If the current owner/developers sell the parcel - but - is advertising that plans for construction of the tower building at 500 Hull are complete -- then who develops what? If they're selling it - what would it matter to a new owner/developers than the tower plans are complete? (I'm getting this from looking at the PDF brochure - where's they're offering the parcel for $19M -- AND saying plans for the tower are complete. What part of this am I missing? Couldn't/wouldn't the new owner/developers simply develop whatever they want on the parcel? How is the tower and plans for construction even in play?

I'm putting it out there to all of the folks on here who understand the workings of real estate - help me understand this. As the outside observer, all I know is that personally I'm chomping at the bit to see that tower rise on that corner and the sooner the better.

It's not the real estate per se - it's the planning. A completed POD for such a large project is a big deal. First, because the plan has already been signed off on by the city the buyer gets the empty site and can immediately apply for permits on that approved POD- with certain expectation they will be be received. He does not have to walk this through any more bureaucratic layers which here required a rezoning, possibly a special use permit, but then corresponding with PDR in general, revisions, etc - here on UrbanPlanet we know this pain and this delay. Certain buyers may be good at development but not so good, are unfamiliar with, or simply wont stand for the unpredictability of the land use process - especially Richmond's process, thus  this 'post-planning' offer could make the purchase attractive to an out of the area buyer. 

Second but related point is that now the engineering, architecture,  land use/planning consultation work has already been completed. This cuts out all the pre-development work on the private sector side as well and again maybe opens it up to more of the development market as owner instead of a group that would specialize in the entire real estate development process. 

I'm not in the development industry myself but sort of synthesizing some perspective here.

Edited October 21, 2020 by whw53

[I miss RVA]

whw53 - thank you!! All this is well out of my ballpark. It's good to know, however, that so much work has already been put in - and that if someone rolled in and was ready to build, at least they'd (presumably) be able to get started right away (correct??)

 

[wrldcoupe4]

Without seeing the OM, I’m guessing they are valuing the existing around $170k per unit (highest sales in Manchester exceeded $200k per unit) and $1.5M for the land (which equates to about $3M per acre) for a fully entitled development site. As noted above, this creates a clear path for development for a buyer.  I’m surprised the current owner didn’t do it themselves to be honest. Financing issue I suppose?