Dominion Resources: New High-rise Building Planned for Downtown

[RVAnouveau]

Dominion signage is being removed from One James River Plaza today! Does anyone recall the tentative demo date?

[Richmonder23]

Looks like it's officially official.

https://www.richmond.com/business/dominion-energy-to-demolish-office-tower-early-next-year-but/article_4404496a-f64a-5d52-a934-5aa08f7d2393.html?fbclid=IwAR3KajP7d9Or8nGtGX5ToNxevmn8QPdL8clWXbaozgkXX2I16pKA5VX8Oi8

 

[Brent114]

I miss that building.  It was attractive.  The parking deck that replaced it, not so much. 

[RVAnouveau]

18 hours ago, Richmonder23 said:

Looks like it's officially official.

https://www.richmond.com/business/dominion-energy-to-demolish-office-tower-early-next-year-but/article_4404496a-f64a-5d52-a934-5aa08f7d2393.html?fbclid=IwAR3KajP7d9Or8nGtGX5ToNxevmn8QPdL8clWXbaozgkXX2I16pKA5VX8Oi8

 

I like how the article says they're unsure what will replace the tower. It gives me hope that they're considering something that will punch higher on the skyline than their original plans. While the company's ongoing expansion may not change too many things here at home, it's definitely worth noting that they've acquired Questar Gas (Utah), Rocky Mountain Power (OR//CA/WA) and of course the big SCE&G of South Carolina since the original plans were developed.  I'd love to see a mixed use office/hotel or something like that because it's a prime spot and since they were concerned about renno costs, it definitely sounds like they still want more office.

[skycity]

Should we be worried that they don't have any immediate plans to begin building another tower? Are we going to end up with a parking lot on that site for the next twenty years? Consider how many second phases of twin towers have been abandoned over the years. The global economy also appears to be headed for a major crash with the Fed injecting into the REPO market to keep liquidity and corporate debt at an all-time high. I hate to be pessimistic, but I would prefer that the current tower remain rather than have an empty lot on the site for years to come. 

[wrldcoupe4]

Im Not worried about that for a state regulated monopoly. Cynically and probably not connected, but the timing seems to coincide with approval timeline for their CEO’s arena plan. Approve the plan and they build it. Don’t approve the plan and they invest in Henrico or somewhere else instead.  

[Richmonder23]

8 hours ago, RVAnouveau said:

I like how the article says they're unsure what will replace the tower. It gives me hope that they're considering something that will punch higher on the skyline than their original plans. While the company's ongoing expansion may not change too many things here at home, it's definitely worth noting that they've acquired Questar Gas (Utah), Rocky Mountain Power (OR//CA/WA) and of course the big SCE&G of South Carolina since the original plans were developed.  I'd love to see a mixed use office/hotel or something like that because it's a prime spot and since they were concerned about renno costs, it definitely sounds like they still want more office.

Don't do that. Don't give me hope.

[RiverYuppy]

10 hours ago, wrldcoupe4 said:

Im Not worried about that for a state regulated monopoly. Cynically and probably not connected, but the timing seems to coincide with approval timeline for their CEO’s arena plan. Approve the plan and they build it. Don’t approve the plan and they invest in Henrico or somewhere else instead.  

I really hope they don't move the second part to Henrico.  We're just starting to get companies in the counties to start expanding into the city. 

[Brent114]

I’d say a parking lot is just as likely as a new building.  I hate that they are demolishing this building without a plan to replace it.   A 20+ year surface parking lot may be all we get. 

[wrldcoupe4]

They definitely have a plan, they just haven’t shared it with all of us. 

[DowntownCoruscant]

Seems as though the reality usually is things go smaller, not taller.

[RVA-Is-The-Best]

Imo, Skyscrapers should  follow a rule of 'taller than the building it replaced'. As long as the new tower is taller 1JRP, I don't care how it comes together.

[jbjust]

On 10/12/2019 at 11:53 PM, Brent114 said:

I’d say a parking lot is just as likely as a new building.  I hate that they are demolishing this building without a plan to replace it.   A 20+ year surface parking lot may be all we get. 

I promise you that's not happening.  

[meegwell]

On 10/12/2019 at 11:53 PM, Brent114 said:

I’d say a parking lot is just as likely as a new building.  I hate that they are demolishing this building without a plan to replace it.   A 20+ year surface parking lot may be all we get. 

I would say a parking lot is not at all possible.  Why would this type of large multi-state public holding company build a parking lot?  I know why you say these things....but there is no reality to this what so ever.  I would also say, in my opinion, we will most likely see the matching tower slightly shorter.  

[Icetera]

35 minutes ago, meegwell said:

I would say a parking lot is not at all possible.  Why would this type of large multi-state public holding company build a parking lot?  I know why you say these things....but there is no reality to this what so ever.  I would also say, in my opinion, we will most likely see the matching tower slightly shorter.  

Wasn't is Dominion that built the surface parking on the triangle lot?

Regardless, I am hearing of contracts being acquired for the new tower so I am optimistic.

[RVAnouveau]

1 hour ago, Icetera said:

Wasn't is Dominion that built the surface parking on the triangle lot?

Regardless, I am hearing of contracts being acquired for the new tower so I am optimistic.

Yes, they owned the plot where the current Gateway Plaza tower stands, which was essentially surface parking. But that was a different era in terms of the downtown.  The article today in Biz Sense suggests that the timeline for new tower would see completion in 2023.  But they probably don't feel the need to rush the plans through because it's going to take almost a year to do site work following the implosion (according to the article).  Also, with the new tower open, there's less pressure to throw something up. During the 600 Canal process, there was background chatter about the discord between the architectural firms involved and Dom who put on pressure to get things done without much in the way of immagination.  Who knows what they might do now. If you look down in Charlotte, you've got Duke throwing up new buildings that dwarf 600 Canal. One of Dom's aims was to spruce up the skyline with this project. Dom leadership tends to view themselves as benefactors of the city, so it's not likely that they're gunning to leave a whole in the middle of the CBD they want to make attractive for their talent.

[RiverYuppy]

I think public perception of Dominion is a lot different than Duke. 

Back when it was announced, I remember excitedly telling a coworker that Dominion would be building a new tower.  His reaction was the opposite in that he thought that Dominion shouldn't be spending money on a new tower.  

I think part of the reason Dominion didn't shoot for as extravagant of a tower as Duke is PR reasons. 

[Icetera]

7 minutes ago, RiverYuppy said:

I think public perception of Dominion is a lot different than Duke. 

Back when it was announced, I remember excitedly telling a coworker that Dominion would be building a new tower.  His reaction was the opposite in that he thought that Dominion shouldn't be spending money on a new tower.  

I think part of the reason Dominion didn't shoot for as extravagant of a tower as Duke is PR reasons. 

Sadly, this does seem to be the case even though I do not feel it is warranted.  I do not think the average person understands that the local utilities are only a portion of Dominion's portfolio.

[rjp212]

Coming from Charlotte, the current Duke building was originally built for Wachovia (now Wells Fargo).  When that merger happened Duke took the building over.  They are planning on building a new tower, and while most people are excited about a new addition to the skyline, people are still complaining about the need for ANOTHER shiny tower for a utility company.  Duke's PR is in the toilet right now with the huge lawsuits from Coal Ash.  My hometown just north of Charlotte has been deemed a "cancer hotspot" because they deposited so much Coal Ash there.

Edited October 14, 2019 by rjp212

[Icetera]

16 hours ago, rjp212 said:

Coming from Charlotte, the current Duke building was originally built for Wachovia (now Wells Fargo).  When that merger happened Duke took the building over.  They are planning on building a new tower, and while most people are excited about a new addition to the skyline, people are still complaining about the need for ANOTHER shiny tower for a utility company.  Duke's PR is in the toilet right now with the huge lawsuits from Coal Ash.  My hometown just north of Charlotte has been deemed a "cancer hotspot" because they deposited so much Coal Ash there.

Ah.  I have not heard much about Dominion's coal ash deposits in a couple years.

[meegwell]

On 10/14/2019 at 12:20 PM, Icetera said:

Wasn't is Dominion that built the surface parking on the triangle lot?

Regardless, I am hearing of contracts being acquired for the new tower so I am optimistic.

 

On 10/14/2019 at 3:06 PM, Icetera said:

Sadly, this does seem to be the case even though I do not feel it is warranted.  I do not think the average person understands that the local utilities are only a portion of Dominion's portfolio.

 

This is very true (not warranted part) and sort of an "old school" out-dated view.  I saw someone make a snarky comment on bizsense about "VEPCO" not needing a new eyesore...too funny.  Dominion is much larger than the local utility company they own and operate here in VA/NC.  They have significant  operations all over the country of which many are NOT state regulated.  From competitive power plants to interstate pipelines and other gas ventures, there is a diverse mix of companies humming along with a variety of traditional state regulated gas and electric utilities...also in many different states....under the Dominion umbrella.  These various significant business entities span from  northeast to the midwest.  

Many older Richmond folks don't get this, and can't shake the notion of the company being primarily a VA utility operation (the old "VEPCO".  These same people cry "remember 6th St Marketplace!"  whenever a downtown development idea pops up...

I actually find it entertaining.  If they did not hold this ignorance, they wouldn't be able to make their "arguments"...

 

[rjp212]

Something I didn't know, Dominion is the 7th largest Utility Company in the World.

https://www.investopedia.com/articles/investing/022516/worlds-top-10-utility-companies.asp

[meegwell]

15 hours ago, Hike said:

It's a love hate relationship and it can get political very easily.  I like their corporate dollars and giving to the community, but it comes with a cost.  Here's where it's political, the earth.  Most everything they represent has an impact locally and globally on the environment. Their not making sweaters by grandma's tradition.  They pollute,  cut down forests, spew smoke in the air, frack,  dig coal,  kill animals,  fish, birds and on and on.  It's regulated by local and US, so they have rules and  we need what they're selling,  I get it.  But let's not kid ourselves, what they do is not much better than selling cigarettes and the candy they give away can be perceived as payment to overlook all the bad. I think that's why people give them a hard time and lack trust in them. 

 

That can be said for all legitimate energy companies and many, many other industries.  Problem is you, me and everyone else loves the products.  The paper you use every day comes with an environmental cost (usually a derivative of energy), the cloths you wear, your leather hiking boots, the wood that makes your house, steel and all metals..etc etc etc....energy is a more obvious one so it's easy for people that lean heavy on  environmental politics to attack it...but even many of them come across so hypocritical because they love air conditioning, cars, lights, paper products, and refrigeration.  Renewables are expensive, can not be scaled to the level we need,  and can not be relied upon to meet high demand peaks whenever and wherever they happens....(want your electricity to stop on a windless night? and no storage nowhere near practical in our lifetime) Renewables also have their own set of environmental issues.  We can't force poor people to buy expensive energy to satisfy elites with environmental political agendas.

I respect people's positions but lets not fool ourselves, we all LOVE the products that are created at the cost of some sort of environmental impact. ...unless you live naked out in nature eating only from your garden.  

The appropriate way to form an opinion here is to acknowledge that energy/industry/consumer goods is a trade-off.   Compare Dominion's environmental stewardship to that of other similar energy companies and form your opinion there.

To compare them to selling cigarettes is extreme....but that is not uncommon in the world of environmental politics.  Folks look the other way when it comes to all the plastic stuff they own,  - unless its a popular fight that gets them attention and makes them feel good like water bottles or straws - no one has stopped using the gazzillion other common plastic items in their lives because there is not a spotlight on it to make them feel noble.  How about all those petroleum based kayaks?  We gonna stop using them?  Nope! 

To stop using a/c,  plastics, kayaks, etc...would be too inconvenient.  Why isn't any environmentalists complaining about open refrigeration in grocery stores?  Not popular.  Not a "thing", no spotlight on it....but its actually a huge environmental issue.

 

OK veered off topic here enough of my own opinions on that issue     Here's to seeing another beautiful tower built downtown to further enhance the City's skyline and overall beauty from a Company that in my opinion is a huge asset (on a net basis) to the City!

 

 

Edited October 17, 2019 by meegwell
clarification

[Icetera]

1 hour ago, meegwell said:

 

Renewables are expensive, can not be scaled to the level we need,  and can not be relied upon to meet high demand peaks whenever and wherever they happens....(want your electricity to stop on a windless night? and no storage nowhere near practical in our lifetime) Renewables also have their own set of environmental issues.

 

Agree with most but the above is improving rather quickly now.  In VA, we actually have a unique hydroelectric "battery" system (https://en.wikipedia.org/wiki/Bath_County_Pumped_Storage_Station).  Usually the big example of power issues with wind comes out of South Australia where they lack the ability for similar innovations.  With a mix of wind, solar, hydro, geothermal and some good 'ole nukes we can do it (and Dominion is working there)!

[skycity]

Here is an interesting article on the new tower and its political relationship to Navy Hill: https://richmondbizsense.com/2019/10/24/decision-on-2nd-dominion-tower-looms-large-over-navy-hill-project/

On 10/14/2019 at 2:38 PM, RVAnouveau said:

During the 600 Canal process, there was background chatter about the discord between the architectural firms involved and Dom who put on pressure to get things done without much in the way of imagination.  

This is very interesting. I noticed that while 600 Canal Place appeared on Pickard Chilton's website, it didn't seem like they were trumpeting it from the rooftops as they have with other recent buildings. I would love to know what their original plans looked like and the extent to which Dominion "value engineered" anything creative out of them.