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Richmonopoly

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2 hours ago, whw53 said:

A ZCL file today reveals that an entity by the name of Avery Hall Investments is  the prospective purchaser of the Rivers Towers South 2 site and entitlements at 301 W 6th. See attachments tab to the portal link below. 

https://energov.richmondgov.com/EnerGov_Prod/SelfService/richmondvaprod#/plan/da5be203-ec9a-4cd1-a3c1-f116b929cfe1

https://www.averyhallinvestments.com/

peep  that portfolio -- wow. 

 

Rivers Edge II site?? HOLY WOW!!! And yeah, I just checked out their portfolio. Talk about robust! These guys look like HEAVY hitters - given all the big projects they have in the works in Brooklyn and Queens.

Note: I LOVE THIS part: "EXPEDITED"  !!!!

Description:

**EXPEDITED** Multi-family, more than 50 units (350 Units).

The 350 units lines up with the original proposal of 344 units when the project was originally announced in 2019. And the address -- could be a fat-finger transpostinon - 301 W. 6th vs the original listing of 310 W. 6th.

Either way - I get a REALLY good feeling about this. Tempered with SOME trepidation and caution (have had my heart broken by this town WAYYYY too many times to go all-in until I see shovelfulls of dirt being turned over. See Block D debacle and the 512 Hull Street butchery for the latest examples of said heartbreak...) - but still... this has a real promising vibe to it.

QUESTION: While I realize we'd only be speculating, does anyone have any read at all what might happen if/once these folks complete the purchase? Wasn't there some discussion that if the property sold, it would be sold with the POD in place - literally all a new owner would have to do is come in, buy the property and if they wanted to proceed with the original development, they could get underway? If the developer decides to go forward with the project without any changes to the plan, would they have to file a new POD? I'm curious to know where things were with this project in the permit process? Since they're requesting an expedited confirmation of the zoning and are listing 350 apartments in the zoning confirmation request letter, I'm curious to know what might happen once the city responds.

I tell you - if we get this project - and get it NOT SCALED DOWN - NOT TRUCATED - but BUILT OUT IN FULL - it might just be enough to cause me to grant absolution (and I'm not even Catholic, much less a priest! :tw_wink:) to the parties involved in the horrific butchery of 512 Hull and Block D. Getting THESE towers built would salve a lot of RVA development wounds inflicted upon me this year.

Mind you - we need The Admiral to get underway now - tick tock, time is moving on... ditto CoStar (although I think they had said something about 2nd half of the year when they announced in December) - and ditto Tom Papa and South Falls II - which I seem to recall paperwork had already been filed for that a month or so ago. (I'm happy to wait a year or two for South Falls III - but let's get the second set of towers up and running!)

Edited by I miss RVA
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2 hours ago, whw53 said:

A ZCL file today reveals that an entity by the name of Avery Hall Investments is  the prospective purchaser of the Rivers Towers South 2 site and entitlements at 301 W 6th. See attachments tab to the portal link below. 

https://energov.richmondgov.com/EnerGov_Prod/SelfService/richmondvaprod#/plan/da5be203-ec9a-4cd1-a3c1-f116b929cfe1

https://www.averyhallinvestments.com/

peep  that portfolio -- wow. 

 

https://richmondbizsense.com/2019/12/02/twin-11-story-towers-planned-for-manchester-riverfront-sky-bridge-included/

is this now on? or was this scuttled and now there will be a different project?

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54 minutes ago, 123fakestreet said:

https://richmondbizsense.com/2019/12/02/twin-11-story-towers-planned-for-manchester-riverfront-sky-bridge-included/

is this now on? or was this scuttled and now there will be a different project?

it remains to be seen. Developer can act on the approved POD that will be essentially purchased with the property or pursue their own vision. I'm thinking that because its an out-of-town developer and because the density there required an SUP - they will pick up and move on the approved plans.

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31 minutes ago, wrldcoupe4 said:

I hope they change it. The density is the same. Hoping for a better design with different materials. Manchester has too many of these prefab buildings. 

Yeah - I wouldn't mind something a little nicer looking. Hope if they do change it they keep the density and at least keep the height - or add to it. Just so long as any change doesn't REDUCE the height. That's my only ask.

Looking at their portfolio, these folks have some really sleek, nice looking offerings in New York. So if they're of a mind to update and freshen up the design, maybe they'll put together something that looks really snazzy but carries the same density and height (and might even be a floor or two taller! -- hey- I HAVE to have SOME hope, right?)

Edited by I miss RVA
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1 hour ago, whw53 said:

it remains to be seen. Developer can act on the approved POD that will be essentially purchased with the property or pursue their own vision. I'm thinking that because its an out-of-town developer and because the density there required an SUP - they will pick up and move on the approved plans.

Interesting - I didn't realize that the property and density of the development required an SUP.  How much of Manchester has been rezoned for TOD-1?

Looking ahead, when the city actually gets around to running a PULSE line into Manchester, how far out from an established line would TOD-1 zoning extend, if said zoning was not in place originally when the line is established? I'm just curious because even though it wouldn't impact this development now - had a PULSE line been in place, say, entering Manchester via the Manchester Bridge - and given this property's proximity where the PULSE line might go (unless it simply took the off ramp to Semmes Avenue, which I hope the route would NOT do) I'm curious if this property would have been close enough to be included in any new TOD-1 zoning that came along with the PULSE line?

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Despite it's name  TOD-1  zoning isn't contingent on adjacency to multi modal transportation lines. Crack open the zoning map and you'll see spot rezoning's have gone through without a snag in lower Manchester, and a couple Hild properties all the way in Swansboro right on Hull. It's a modern, form based zoning code that enjoys support from both real estate developers and planners. 

As to larger sector wide rezonings driven by planners like those recently occurred along Broad and the Diamond then farther back Monroe Ward, Scott's- this area is overdue for that as is most the city. In the meantime Markham and others consultancies will continue to work these block by block.

Although TOD-1 came out or around the same time as the Pulse Plan and was largely implemented parallel to it after  line sprang up,  I remember hearing or reading somewhere that the TOD-1 was also to be deployed pre-emptively so that the density creates the demand for multi-modal transit. Sure  whatever you need to say to normalize it i suppose- In reality we were needing a modern zoning district pulse line or not that could be applied with a wide brush.  

 

 

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37 minutes ago, whw53 said:

Despite it's name  TOD-1  zoning isn't contingent on adjacency to multi modal transportation lines. Crack open the zoning map and you'll see spot rezoning's have gone through without a snag in lower Manchester, and a couple Hild properties all the way in Swansboro right on Hull. It's a modern, form based zoning code that enjoys support from both real estate developers and planners. 

As to larger sector wide rezonings driven by planners like those recently occurred along Broad and the Diamond then farther back Monroe Ward, Scott's- this area is overdue for that as is most the city. In the meantime Markham and others consultancies will continue to work these block by block.

Although TOD-1 came out or around the same time as the Pulse Plan and was largely implemented parallel to it after  line sprang up,  I remember hearing or reading somewhere that the TOD-1 was also to be deployed pre-emptively so that the density creates the demand for multi-modal transit. Sure  whatever you need to say to normalize it i suppose- In reality we were needing a modern zoning district pulse line or not that could be applied with a wide brush.  

 

 

Really good info here, @whw53-- thanks for the clarifications and history on this! :tw_thumbsup:

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Really good to see that The Current is attracting still more office tenants AND yet another food/beverage spot! Even with a potentially depressed office market in the new semi-post-pandemic work paradigm, I can't help but believe that if the Current is successful that it will be a catylist for other similar projects to pop up in Manchester. Much as I'm VERY happy to see residential projects sprouting left and right in Manchester, as @wrldcoupe4recently pointed out, we NEED tax-generating commercial developments to balance out the drain on city resources that additional residents generate. I'm thrilled to see the Current is well on its way to living up to its potential. Hope to see a LOT more good news in the near future.

https://richmondbizsense.com/2022/04/28/brewery-opens-new-office-tenant-signs-at-the-current-in-manchester/

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6 hours ago, Brent114 said:

I just noticed that a tower crane base has been installed at the Commodore site (7th and Hull).  This site will start changing quickly! 
 

Also, the Box is starting g to take shape…

 

 

C3EF872E-BC19-4521-A41E-A95DE7ECF48C.jpeg

@Brent114-- thanks so much for taking and posting this! What a GREAT picture that realllllllly gives us a glimpse into just how much Manchester is changing. This view right down Decatur Street with the Hydro right at the end of the street and the Southern States Silos looming behind it (giving us an idea of potential height of the much-discussed high-rise residential building just inside the Manchester floodwall. Imagine this vista in 2 or 3 or maybe 5 years. Amazing to see Manchester really growing.

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Today's RBS' reporting on the sale of the River's Edge II property. 

Fun fact: Guess who is a key player in this transaction?  The one, the only, often imitate, never duplicated.... BRUCE!!! :tw_smiley:

I'm starting to feel increasingly better about the prospects of this project finally getting underway in Manchester. LET US PRAY we see shovelfuls of dirt being turned VERY soon! 

https://richmondbizsense.com/2022/05/02/twin-tower-apartment-site-in-manchester-under-contract-to-new-buyer/

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25 minutes ago, DowntownCoruscant said:

Is this the project that is going to kill Legend’s view of the river/skyline? If so, could they make the building out of clear materials a la Crystal Pepsi?

Yip... I think so!

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36 minutes ago, ancientcarpenter said:

Would be lovely to have Bruce on this forum... feel like it's his domain. 

 

Or..is he already here?!

It really would be great to have him onboard. Hard to know if he's here or not - most folks play things really close to the vest - but since he's  very public on both RBS and the RTD commentaries to real estate and development stories, perhaps he would be less veiled here. 

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10 minutes ago, wrldcoupe4 said:

Costar has closed on the purchase of one of Truist’s buildings in Manchester to accommodate further expansion. Their news release states that planned the 750k SF expansion should break ground in the coming months. 
 

https://www.costar.com/article/1755347619/costar-continues-richmond-expansion-buys-former-truist-building

Dang it!  It's behind a paywall.  Would love to read the article!  Amazing that CoStar is still expanding.  I assume this is just temporary until their tower is built or is this even further expansion?  Will their tower be big enough?

Edit:  I just found a free version of the article:

https://www.valdostadailytimes.com/news/business/costar-group-expands-richmond-office-footprint-with-purchase-of-riverfront-office-building/article_ac608b10-b509-5a0d-a4df-e23404d65ff5.html

Edited by eandslee
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24 minutes ago, wrldcoupe4 said:

Costar has closed on the purchase of one of Truist’s buildings in Manchester to accommodate further expansion. Their news release states that planned the 750k SF expansion should break ground in the coming months. 
 

https://www.costar.com/article/1755347619/costar-continues-richmond-expansion-buys-former-truist-building

Thanks, @wrldcoupe4 -- dos the article specify how soon groundbreaking might occur or does it just generically state "coming months"? And CoStar is planning to keep this 117K sq ft building in addition to their new headquarters once the new tower complex/campus is built out?

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I hear you. Bright side is that this investment in a quickly emerging neighborhood will hopefully help Manchester’s growth accelerate. And we really need diverse uses, there’s already plenty of residential occurring. 
 

looking forward to the big project breaking ground. 

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4 hours ago, wrldcoupe4 said:

I hear you. Bright side is that this investment in a quickly emerging neighborhood will hopefully help Manchester’s growth accelerate. And we really need diverse uses, there’s already plenty of residential occurring. 
 

looking forward to the big project breaking ground. 

100% agreed, Coupe, on all points. We do indeed need more commercial/office and other uses in lower Manchester to go along with the tremendous growth of residential development there. Am guessing this building was/is vacant? CoStar filling up 117K SF of office space in Manchester will be a real plus.

@wrldcoupe4- did the news release give anything definitive as to the timing of when the big project would break ground?

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FOLLOW UP to the CoStar story:

Here is today's RBS reporting on CoStar's purchase of the former Sun Trust building. From the story - groundbreaking for the big tower set for this summer.

"As for the future CoStar complex north of the river, the company is looking to break ground on its 26-story tower this summer. Construction is expected to take about two years."

I wish I had thought to screenshot yesterday's front-page of RBS because with today's story, Manchester makes the banner headline in RBS on back-to-back days. To me, that's VERY telling about just how strong and how big a player Manchester is becoming in RVA economic development. Even with all of the new construction ongoing in Scott's Addition, Rockett's Landing and other places, it really does seem like Manchester is, in @wrldcoupe4's word, "emerging" as a real powerhouse and heavy-hitter in the city.  All of this just adds validity to comments made two years ago at an RBS forum discussing the future development of Manchester, when industry experts and insiders referred to Manchester as "Richmond's version of Brooklyn." They nailed it 100% - and it will be very interesting to see Manchester's development over the next 3 to 5 years - and more broadly over the next decade - and beyond. 

https://richmondbizsense.com/2022/05/03/costar-drops-20m-on-former-suntrust-office-building-in-manchester/

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On 4/28/2022 at 12:59 PM, I miss RVA said:

Really good to see that The Current is attracting still more office tenants AND yet another food/beverage spot! Even with a potentially depressed office market in the new semi-post-pandemic work paradigm, I can't help but believe that if the Current is successful that it will be a catylist for other similar projects to pop up in Manchester. Much as I'm VERY happy to see residential projects sprouting left and right in Manchester, as @wrldcoupe4recently pointed out, we NEED tax-generating commercial developments to balance out the drain on city resources that additional residents generate. I'm thrilled to see the Current is well on its way to living up to its potential. Hope to see a LOT more good news in the near future.

https://richmondbizsense.com/2022/04/28/brewery-opens-new-office-tenant-signs-at-the-current-in-manchester/

The RT-D's reporting in today's editions focusing on PlanRVA moving to The Current.

Manchester is getting a LOT of love these days - and deservedly so!

https://richmond.com/news/planrva-relocating-to-manchester/article_8d5b7f54-e478-5319-8214-471ad197fa84.html

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38 minutes ago, I miss RVA said:

100% agreed, Coupe, on all points. We do indeed need more commercial/office and other uses in lower Manchester to go along with the tremendous growth of residential development there. Am guessing this building was/is vacant? CoStar filling up 117K SF of office space in Manchester will be a real plus.

@wrldcoupe4- did the news release give anything definitive as to the timing of when the big project would break ground?

It was being vacated by Truist so backfilling with a few hundred daytime workers will be great for the neighborhood. 

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