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Dominion Resources: New High-rise Building Planned for Downtown

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Dominion doesn’t need a new building to keep supplying (profiting off of) electricity.
 

US stocks have lost 30% of their value in the last 2 weeks.  It’s hard to see Dominion starting a new headquarters building after having lost 1/3 of the company’s  value.

I’m sorry to see the old building go.  I’ll be utterly crestfallen if it’s demise results in a parking lot for the next ten years.

 

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6 hours ago, Icetera said:

While I agree with the sentiment, there are a lot of commercial businesses cutting hours or closing, which would be a reduction in electricity compared to even increased residential consumption.  At least we already lack an arena to be missing out on things!

Cutting and closing..which means less tax revenue for the city to collect to pay for...you know...big shiny things.

Ive also heard about the May 30 date, but with the president finally admitting what’s upon us, he mentioned distancing could last through the summer.

 

i doubt the demo date holds.

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10 hours ago, vaceltic said:

Cutting and closing..which means less tax revenue for the city to collect to pay for...you know...big shiny things.

Ive also heard about the May 30 date, but with the president finally admitting what’s upon us, he mentioned distancing could last through the summer.

Well,  since the meals tax increase was theoretically for the schools and they are closed I guess no real affect here!  Real estate taxes still have to be paid so perhaps we luck out by not being reliant on actual business taxes, unlike the State and Fed.

It is about time the reality set in.  Everything  aiming for end of April was always laughable.

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11 hours ago, vaceltic said:

Cutting and closing..which means less tax revenue for the city to collect to pay for...you know...big shiny things.

 

Somewhere, the NIMBYs are celebrating. "NO SHINY NEW THINGS FOR YOU!!!!"

(Guys, please know this is said very tongue-in-cheek and isn't meant to demean the severity of this pandemic.)

 

I hope you're right about doubting the demo date. 

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Considering that we're probably heading into something even more disruptive than the Great Depression, what are the chances that a current tower renovated would be more valuable than a parking lot?

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1 hour ago, skycity said:

Considering that we're probably heading into something even more disruptive than the Great Depression, what are the chances that a current tower renovated would be more valuable than a parking lot?

That's a good question. One wonders though - I'm guessing a building demo and cleanup will be far cheaper than a gut and renovation project. And in all likelihood, DE wants to hang onto the land, so selling the building likely won't happen. Plus - if we are heading into something as disruptive or worse than the Depression, there won't be anyone ponying up to buy anytime soon.

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1 hour ago, skycity said:

Considering that we're probably heading into something even more disruptive than the Great Depression, what are the chances that a current tower renovated would be more valuable than a parking lot?

Nearly the entire base has been demoed at this point.  No idea the structural state of the interior now.  Perhaps there is possibility of rebuilding where the plaza/parking deck was, which was the biggest issue with that tower.  I would not be optimistic, though.

They also save $500k in annual real estate taxes with the demo, so I doubt they would sit on it longer than they have to.

Edited by Icetera
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It's too late for gut and redo. It's coming down, question is really only whether or not they'll start right away with the new building? 

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

Anyone else lowkey don't want the building to be demolished because they're now worried the pandemic economy will leave the lot blank for potentially years

Have you driven by lately?  It's past the point of no return. 

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

Anyone else lowkey don't want the building to be demolished because they're now worried the pandemic economy will leave the lot blank for potentially years

Go ahead with the demolition.  This will just position the lot (if DE doesn’t start building on it immediately) as a prime location for a signature tower!

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4 hours ago, eandslee said:

Go ahead with the demolition.  This will just position the lot (if DE doesn’t start building on it immediately) as a prime location for a signature tower!

Let us pray!

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