TBurban

Dominion Resources: New High-rise Building Planned for Downtown

Recommended Posts


^^ The more I look at Gateway Plaza the more frustrated I get that it's so squat. That was probably the single most consequential spot in terms of changing the skyline and we built that. Not that it's bad, but man, a couple more floors would have done wonders.

  • Like 3

Share this post


Link to post
Share on other sites

If they had added a residential component, it could have really given it some height. That spot was one of the last spots fronting kanawha plaza that could have residential and maybe engage the plaza a little. Shame that such as squatty, office only building was built on such an iconic site. Maybe the parking garage on the lot behind it could be demolished and give way to a y’all, sleek and slender mixed use tower that is over 30 stories.

  • Like 3

Share this post


Link to post
Share on other sites

I'm not 100% sure, but it looks like the current layer they are building on the parking structure of this project is not going to be for parking.  It appears that this part might be the top of the parking structure, which I understand to be a park with green grass, etc.  I thought the parking structure would be a little taller, but the new deck level they are building looks a lot different from the previous levels.  Just wanted to see if anyone else had noticed the same thing.

Share this post


Link to post
Share on other sites

I walked by yesterday and was confused by this as well.  

 

The building loooks great with the crown, though!!! Gosh I wish it could have been 10 stories taller! 

  • Like 3

Share this post


Link to post
Share on other sites

These are awesome!  Great find and thanks for posting!

These photos offer a perspective you don’t get anywhere else!

Edited by eandslee

Share this post


Link to post
Share on other sites
1 hour ago, wrldcoupe4 said:

https://richmondbizsense.com/2018/07/10/dominion-files-plans-second-downtown-tower/

Dominion has submitted plans for a 17 story tower dubbed 700 Canal Place which maybreplace the current Dominion tower. 

Of course we kind of knew this was going to happen, but it’s reassuring to know that the formal paperwork has been submitted.  This article indicates a floor increase by one floor (17) versus what had been revealed before (16 floors).  I’d say that’s a positive!  We also get a sense of the timeframe they’re looking at too. Could be next summer/early spring before we see the old tower come down...about the same time the new arena will be breaking ground (hopefully)!  There are going to be a ton of tower cranes in the skyline next year and that is exciting!!

Share this post


Link to post
Share on other sites
1 hour ago, wrldcoupe4 said:

https://richmondbizsense.com/2018/07/10/dominion-files-plans-second-downtown-tower/

Dominion has submitted plans for a 17 story tower dubbed 700 Canal Place which maybreplace the current Dominion tower. 

Glad to see they are serious about this. I like the new tower, but am actually more excited about the prospect or getting rid of the original one. That plaza is just horrible!

  • Like 3

Share this post


Link to post
Share on other sites

So happy that plaza will be history!

So some quick math, since the designs are basically the same the new tower should come out to be ~340ft tall, while the current One James River Plazas stands at about ~300ft. 

Curious as to what Dominion is thinking when they say this:

"Pridgen said Dominion will begin evaluating options for its other properties in the surrounding central business district, including its 20-story tower at 705 E. Main St., three buildings at 120 Tredegar St. and two buildings on Grayland Avenue."

  • Like 1

Share this post


Link to post
Share on other sites
4 hours ago, RVAbigdawg said:

I do hope they build the second tower.  Be kinda cool to watch a building be imploded.  :)

I don't see how they'd be able to implode this tower without it damaging the new Dominion Energy tower...which is all GLASS!  There will have to be some other method to get it down, I think.

1 hour ago, drayrichmond said:

So happy that plaza will be history!

So some quick math, since the designs are basically the same the new tower should come out to be ~340ft tall, while the current One James River Plazas stands at about ~300ft. 

Curious as to what Dominion is thinking when they say this:

"Pridgen said Dominion will begin evaluating options for its other properties in the surrounding central business district, including its 20-story tower at 705 E. Main St., three buildings at 120 Tredegar St. and two buildings on Grayland Avenue."

I'm assuming that the employees Dominion has in the other properties surrounding the central business district will eventually occupy the new towers they are building, which means there will be several buildings left empty.  I would assume that they would either sell these off (assuming they own them and not leasing them) or bring more jobs downtown from Innsbrook, for example.  I know that they've been trying to find a buyer for their Innsbrook property.  If they can find one, they can move a lot more employees downtown (I want to say that there may be close to 1,000 more employees out at their Innsbrook site...IIRC).

  • Like 2

Share this post


Link to post
Share on other sites
On 7/10/2018 at 12:20 PM, eandslee said:

I don't see how they'd be able to implode this tower without it damaging the new Dominion Energy tower...which is all GLASS!  There will have to be some other method to get it down, I think.

Maybe you're right... maybe the same kind of method that was used to take down the old General Assembly building, with cranes, perhaps?

  • Like 1

Share this post


Link to post
Share on other sites

Looks like the city has hired Hunden Strategic Patners of Chicago to review the financials that NH District Corp presents as part of their proposal.  They were hired on 25 June and are expected to be done in August.  I posted some quotes from the article below:

Hunden will issue a report of its findings to the Stoney administration in August, said David Rose, a senior vice president with Davenport and Co., the city’s external financial adviser.

“If we get the report mid-to-late August and evaluate it, we'll have a little bit of time to talk with City Council members in advance of September's introduction," Rose said, referring to a timeline for advancing the proposal that the Stoney administration previously shared with members of the Council....

....The Hunden study is a part of what Stoney characterized as his administration’s “unprecedented due diligence” on the proposal that could reshape downtown. But its findings may not matter if negotiations aren't productive, Rose said.

"[Stoney] has said, 'Look, If I don't get something I like, irrespective of what Hunden does, then I'm not bringing it to City Council," Rose said....

...."I wanted someone who was not tied to any of the entities that may be involved in the project," Stoney said.

Hunden has worked with the city before. In 2013, former Mayor Dwight C. Jones’ administration studied potential uses for City Stadium at the request of the City Council. His administration commissioned a study of athletic uses for the facility that Hunden completed....

https://www.richmond.com/news/plus/stoney-administration-paying-chicago-firm-to-review-coliseum-proposal/article_8469c262-0707-5c6c-b451-0bb2b8a3b36f.html

  • Like 2

Share this post


Link to post
Share on other sites
4 minutes ago, eandslee said:

It also says, which to me seems like an incredible deal, though I'm not a developer or finance guy, but on paper this seems pretty good. 1.1 billion is privately financed, $300 million bonds by the city.  Does this sound like a good deal? 1.1 billion privately financed, it does to me, but again, I could be wrong,  but good grief that's a lot of private $ to pass on isn't it?

"NH District Corp's total investment for the proposal is $1.4 billion. Of that figure, $1.1 billion would be privately sourced debt and equity, the document states. The other $300 million would be financed by bonds underwritten by a special tax zone the group has proposed."

  • Like 2

Share this post


Link to post
Share on other sites

Sounds like a sweetheart of a deal for the city!  This is almost a no-brainer to me .  I hope that Hunden comes back with a report saying that the numbers are good.  To me, the numbers seem reasonable.

Sorry, there were more quotes I wanted to add, but feared it would take up too much space. 

Share this post


Link to post
Share on other sites

I think it's rather incredible that out of the 1.4 billion, only 300 mil is going to be from the TIF. 

Also love all the comments on facebook complaining about the mayor not using an RVA or VA firm to do this. I think we need an unbiased firm to work on this, same way you bring in a jury from out of district for high profile cases. If we picked a firm from RVA or VA they'd be complaining about conflicts of interest!

And this is in no way going to be like the 6th street market place (I, of course, didn't live here in those days), cities have changed a lot since then. The old models of urban renewal were failures across the nation because of the timing and design. Cities were depopulating, people moving to the suburbs, and destroying the street grid in favor of empty plazas and parking garages just killed the city feel. This is quite the opposite.

 

  • Like 2

Share this post


Link to post
Share on other sites

It does sound promising.  My question is how does $300 million in extra debt effect the city’s bond rating?  It seems like a lot of money but maybe in the scheme of things it isn’t?  If $300 million in new bonds lowers the rating it adds  exponentially to Richmond’s  debt.   

If it has no bearing, I could start to get on board :) 

  • Like 1

Share this post


Link to post
Share on other sites
20 minutes ago, Brent114 said:

It does sound promising.  My question is how does $300 million in extra debt effect the city’s bond rating?  It seems like a lot of money but maybe in the scheme of things it isn’t?  If $300 million in new bonds lowers the rating it adds  exponentially to Richmond’s  debt.   

If it has no bearing, I could start to get on board :) 

There was an opinion article by Shapiro on RTD about the bonds (you have to be digital subscriber to see it). Apparently, the TIF district is being proposed because the city’s credit card was maxed out during Jones administration deals (so says opinion article). I could stomach the City ponying up less than 1/3 of the total deal, but everything’s about “projections” and “estimates”. The real question I have is, what is a rational estimate?

  • Like 1

Share this post


Link to post
Share on other sites

I've just realized we put this all in the wrong thread, anybody know how to/have the ability to move this stuff to the arena thread?

 

That's a good question on the bond rating and how this may effect it. Let hope the Chicago firm does a good thorough job and the numbers add up. 

Edited by drayrichmond

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.