Dominion Resources: New High-rise Building Planned for Downtown

[upzoningisgood]

1 hour ago, ancientcarpenter said:

 

I'm a bit confused. Are you referring to the Dominion property lot or the stabbing and punching metaphor? Because yes.

I was referring to the Dominion property. I don’t know enough about the exact by-laws of B4 to know if Dominion’s project would be allowed by-right and won’t speak out of my ass.

[ancientcarpenter]

On 10/21/2022 at 4:54 PM, eandslee said:

…and the plot thickens (pardon the pun):

https://www.wric.com/news/local-news/richmond/this-is-still-a-parking-lot-dominion-faces-pushback-on-downtown-clean-energy-park/

I'm going to look into Partnership for Smarter Growth (PSG) and how we can get involved with them... seems like a UP dream group. 

Edited October 24, 2022 by ancientcarpenter

[whw53]

They're fine. Their conversations are broader and lean into more of the social and impact issues of regional development  esp. climate, social equity etc. They are more on the policy side and promote community engagement in  planning on those issues. 

[Brent114]

I really don’t enjoy defending this thing (and like everyone else I’m disappointed) but… it’s not a parking lot.   It isn’t even a glorified parking lot.  A drive-in theater is not a parking lot.  A gas station is not a parking lot.  A charging station is not a parking lot.  I think that it will be hard to legally claim that it is.  Dominion would most likely be successful in defending this in court (or wherever zoning disputes are resolved).

Personally I’m not offended by the project.  I’m not opposed to it being in the CBD either.  I do hate that it’s right beside a park though.  That’s the thing that will bug me for the next 20 years. 

 

[I miss RVA]

42 minutes ago, Brent114 said:

I really don’t enjoy defending this thing (and like everyone else I’m disappointed) but… it’s not a parking lot.   It isn’t even a glorified parking lot.  A drive-in theater is not a parking lot.  A gas station is not a parking lot.  A charging station is not a parking lot.  I think that it will be hard to legally claim that it is.  Dominion would most likely be successful in defending this in court (or wherever zoning disputes are resolved).

Personally I’m not offended by the project.  I’m not opposed to it being in the CBD either.  I do hate that it’s right beside a park though.  That’s the thing that will bug me for the next 20 years. 

 

It would be interesting if the city denied an SUP filing and if this thing ended up in court. Idk why but I have a sinking feeling that the city will cave, just like they cave to the preservationists and neighborhood association NIMBYs. If it's for something small and totally wasteful, they cave. If it's opposition to something big and game changing, they cave. Very predictable based on the city's track record.

Either way - I don't want it. The city does not need it (or, at least, I should say - NOT IN THIS FORM) and the city SURE as heck doesn't need it wasting a block of prime, riverfront-facing real estate in the CBD. I've no problem with a charging station being HOUSED within and as part of a development SIGNIFICANTLY larger that fulfills the thrust of what is in the Richmond 300 Plan for downtown, particularly this part of downtown. This is one of those times where the spirit of the law SHOULD outweigh the letter of the law. I know that if I were a city council representative, I would LOUDLY vote "NO" when it eventually comes up before a vote (and frankly I'd probably filibuster against it ad nauseam, too.)

Edited October 24, 2022 by I miss RVA

[whw53]

ok I got it - Carvana builds a second vending machine downtown. 25 stories. Dominion can grow corn on the roof and pipe it down as ethanol straight to the storage decks.  

Whatever - i mean that cant be much shorter than the RFP for what we're seeing can it. 

[I miss RVA]

45 minutes ago, whw53 said:

ok I got it - Carvana builds a second vending machine downtown. 25 stories. Dominion can grow corn on the roof and pipe it down as ethanol straight to the storage decks.  

Whatever - i mean that cant be much shorter than the RFP for what we're seeing can it. 

I still want a LEGOS headquarters tower (at LEAST 35-40 stories!!) built downtown - of course - I want at least one of the walls to be covered with ACTUAL LEGOS!     

Edited October 25, 2022 by I miss RVA

[Child2021]

[upzoningisgood]

My recollection was that they were building that stupid solar panel surface parking lot, right? So this seems good?

[plain]

I hope that is true. I don't at all mind such an "energy park", but NOT on that block.

[eandslee]

The last several posts probably should be in the Dominion thread…

…but if this is true, this could potentially be a big deal. I hope CoStar is telling all of its friends in DC and elsewhere that there is a PRIME piece of real estate, worthy of a true signature tower, about to go up for sale in downtown Richmond!

[123fakestreet]

Park/solar EV charging station has been cancelled, lot is being purchased.

Don't want to set myself up for a big let down, but this would seem to indicate a buyer has plans to build, right?  That has to be better odds than someone buying the lot to sit on it for a decade hoping it goes up in value while they wait on  another buyer?

 

[wrldcoupe4]

The Reddit rumor said they were going to put it up for sale. Doesn’t mean they have a buyer.  There are buyers that would buy and do nothing so we’ll just have to wait and see.  Speaking of which, pretty sure the contract for their building at 8th and Main fell through. It’s being marketed again. It was proposed to be converted to apartments. 

[ancientcarpenter]

8 hours ago, upzoningisgood said:

My recollection was that they were building that stupid solar panel surface parking lot, right? So this seems good?

Correct. It was a half-energy suburban style attempt at putting in a charging station park. It makes sense in Innsbrooke or Broad St near shortpump but not in the center of downtown RVA where density is a need...especially as it replaced a previous signature tower. 

[ancientcarpenter]

38 minutes ago, 123fakestreet said:

Park/solar EV charging station has been cancelled, lot is being purchased.

Don't want to set myself up for a big let down, but this would seem to indicate a buyer has plans to build, right?  That has to be better odds than someone buying the lot to sit on it for a decade hoping it goes up in value while they wait on  another buyer?

 

Would be wonderful to get that signature condo tower that was proposed 20 years ago. It was a beautiful design. 

[123fakestreet]

 

30 minutes ago, wrldcoupe4 said:

The Reddit rumor said they were going to put it up for sale. Doesn’t mean they have a buyer.  There are buyers that would buy and do nothing so we’ll just have to wait and see.  Speaking of which, pretty sure the contract for their building at 8th and Main fell through. It’s being marketed again. It was proposed to be converted to apartments. 

I guess me reading into it is the whole reason they were going to build the park was because they did not anticipate they would have a buyer for quite some time, so rather than have an empty ugly lot they would put something on it.  If they are canning the park that would follow that they think they have a buyer. 

"Going up for sale" was the phrase used in the post.  Now maybe that person misworded what was communicated or just doesn't have any clue, but assuming that phase is accurate that could mean they are just listing it and hoping someone buys it, or if my logic above is correct maybe they have multiple potential buyers so they are putting it on market for bid.

[wrldcoupe4]

I suspect it has more to do with them determining they don’t need the site for themselves. But I definitely think they’ve been approached by buyers which makes that conversation easier internally. My concern is that there are a handful of buyers that are out there that would take down the site and sit on it until some later date. That’s the story for all the lots near the ballet building. 

[ancientcarpenter]

9 minutes ago, wrldcoupe4 said:

I suspect it has more to do with them determining they don’t need the site for themselves. But I definitely think they’ve been approached by buyers which makes that conversation easier internally. My concern is that there are a handful of buyers that are out there that would take down the site and sit on it until some later date. That’s the story for all the lots near the ballet building. 

*basic developers start foaming at the mouth with generic 5over1 apartment design w/brown siding*

Edited June 1, 2023 by ancientcarpenter

[wrldcoupe4]

Good thing is that this site is probably too expensive for that stuff. 

[123fakestreet]

26 minutes ago, wrldcoupe4 said:

I suspect it has more to do with them determining they don’t need the site for themselves. But I definitely think they’ve been approached by buyers which makes that conversation easier internally. My concern is that there are a handful of buyers that are out there that would take down the site and sit on it until some later date. That’s the story for all the lots near the ballet building. 

I had that thought as well, they also could have been holding onto the lot because they were considering building that 2nd tower at some point in the future and wanted to keep the option open. If a 2nd tower is completely dead no need to hold on to it.

The difference with other surface lots in Monroe Park is those owners have had those lots forever and are still waiting to cash in.  The price of the Dominion lot is going to be way higher than what those people initially paid for the other lots, if you're going to buy and sit on a lot, this isn't the one to do that with.  The price of real estate is a lot higher now, I don't see a big return on investing in this hoping someone else will buy from you in the future.

 

 

Edited June 1, 2023 by 123fakestreet

[I miss RVA]

1 hour ago, wrldcoupe4 said:

The Reddit rumor said they were going to put it up for sale. Doesn’t mean they have a buyer.  There are buyers that would buy and do nothing so we’ll just have to wait and see.  Speaking of which, pretty sure the contract for their building at 8th and Main fell through. It’s being marketed again. It was proposed to be converted to apartments. 

Coupe -- wondering, then, if the developers who were planning to flip it to residential still have that parcel at 7th and Cary on their radar for new construction (wasn't it for something like 300 apartments? Eighth and Main was to be for 300 apartments and I recall that the reporting was for a total of 600 new apartments between the two projects). Does the collapse of the contract for Eighth and Main impact 7th and Cary at all?

Edited June 1, 2023 by I miss RVA

[eandslee]

Are we sure that GRP isn’t working with a potential buyer?  I’m sure that if they were, there would be non-disclosure implications, but what if?  I had heard that there were some really big fish trolling the waters here in Richmond in the not too distant past. Maybe they’ve come back with the news of this very prominent block becoming available.
…This is the optimistic side of me talking here. 

[I miss RVA]

13 minutes ago, eandslee said:

Are we sure that GRP isn’t working with a potential buyer?  I’m sure that if they were, there would be non-disclosure implications, but what if?  I had heard that there were some really big fish trolling the waters here in Richmond in the not too distant past. Maybe they’ve come back with the news of this very prominent block becoming available.
…This is the optimistic side of me talking here. 

You never know - and I would not be at all surprised to learn down the road of GRP involvement -- not that they're in the real estate brokerage business - but I could see them pushing the block as a potential recruitment tool to land one of those big fish for which they've had their nets in the water for a while now.

No doubt @RVABizSenseMikeand the fine folks at RBS are on top of this and keeping a close eye on things.

Edited June 1, 2023 by I miss RVA

[I miss RVA]

3 hours ago, wrldcoupe4 said:

Good thing is that this site is probably too expensive for that stuff. 

Agreed - and I think even some folks at City Hall would actually give birth to livestock if that was the "best" that a developer could plan for that block. As a layman, I'm only guessing - but I'd imagine that the sale of that block might be a record-breaker for Richmond real-estate - surpassing what Avery Hall paid for their property on the Manchester riverfront. This block is prime-time, USDA-Grade A downtown real-estate, on the edge of the Financial District and in a manner of speaking on the riverfront (well, close enough to certainly market the epic views of Manchester's burgeoning skyline and "The Ruvvah" ...)

Edited June 1, 2023 by I miss RVA

[Icetera]

5 hours ago, eandslee said:

The last several posts probably should be in the Dominion thread…

Relocated.