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Terraces at Manchester - 10-story residential project

wrldcoupe4

By wrldcoupe4
in Richmond

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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We've discussed this one in the past, but with more information on it, thought we could devote a thread to it.

 

From the developer/contractor's website (Purcell Construction):

"This design-build project is a 209,650 square feet, 144 unit, residential apartment complex. Current design includes eight stories of metal stud framed apartments above two stories of a podium cast-in-place parking garage. Features include a pool, fitness area, covered parking, and sun & shade decks. Overlooking the James River and the Richmond city skyline, the building boasts scenic views from balconies and pool deck.  The complex will consist of 60 one-bedroom and 80 two-bedroom apartments."

 

terraces-70.jpg

 

http://rvaterraces.com/

 

http://www.workzonecam.com/projects/purcell/purcell/workzonecam

 

 

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eandslee City

eandslee

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This project was the focus of this article, but take note of the other statistics about the number of people living downtown now verses 5, 10, and 15 years ago.  Also, they mention that the downtown apartment market may be maturing now, which leads me to believe that there may be a slowdown forthcoming in residential development downtown in the near future...unless downtown can lure in some more businesses from elsewhere.  I'm sure many people would love to live near where they work, which would drive demand higher in the downtown market for the construction of more residential units.  If I were "Mayor for a day," my goal would be for downtown to be the most business-friendly district in the metro area (i.e. lower taxes on businesses, offer other financial incentives) to attract as many businesses downtown as I could (make downtown be the obvious place to come to operate your business - make the counties less attractive).  In the long run, downtown Richmond would benefit immensely - even more people would move downtown, more businesses would locate downtown and the city would be able to draw in more revenue because of it.  The place would be a BOOM Town!  Austin, TX did something similar and it works!  We just need a city leader with the same vision.  Anyway, just my two cents.  Here's the article I was referring to above:

 

http://www.richmond.com/business/local/article_8f8c7779-024c-5659-878b-fc8df94b80cf.html

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wrldcoupe4

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Two items from a business community perspective:

BPOL tax - the City rate is triple that of the counties. There is an incentive where you pay nothing for 2 years of you move your business to the city, but what about after that?

Parking - it's free in the burbs and anywhere from $50 - $150 per month per space. Some employers pay this expense, so it can add significantly to occupancy costs. Most parking structures downtown are privately owned and sources of revenue for buildings.

Not saying I have the answers, but these are two of the biggest factors.

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eandslee City

eandslee

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Two items from a business community perspective:

BPOL tax - the City rate is triple that of the counties. There is an incentive where you pay nothing for 2 years of you move your business to the city, but what about after that?

Parking - it's free in the burbs and anywhere from $50 - $150 per month per space. Some employers pay this expense, so it can add significantly to occupancy costs. Most parking structures downtown are privately owned and sources of revenue for buildings.

Not saying I have the answers, but these are two of the biggest factors.

 

Which is why I think my idea would work!  Thanks for the explanation Coupe!

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eandslee City

eandslee

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Me too. It's been dead as far as announcements lately, but I think developers are waiting to see how this development turns out. The best thing that could happen is to sell these units out before the project is even complete. If that happens, more development project announcements in Manchester will be only days away! For sure!

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