The Locks at 321

[TBurban]

What a bummer. Aside from 14th and 5th, there aren't many great pedestrian connections to the riverfront. This could have been a great opportunity to provide some sort of cohesive linkage to the canals and park system. I'm reserving final judgement when more details are released. 

[wrldcoupe4]

If I'm the developer, I look across the Canal and see spaces that have been vacant since they were delivered in 2005 and are still vacant and a failed restaurant. It's not exactly motivation to do something along the Canal. Philosophically I disagree but I'm not surprised if they don't have canal retail. 

[TBurban]

While I agree that its position across from largely vacant retail/restaurant spaces is daunting, I would think that area should be nearing critical mass for additional retail once the 187 units deliver. Service retail is especially lacking in this area of downtown. IMHO, retailers along the Canal Walk don't have to be 'sexy' at first. Get some first gen tenants in there and the rest will follow. There's also the next phase of the Locks east of Gate 5. One of these future developments has to be the uptick in the demand for retail in this area. 

[eandslee]

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

What the hell why is it shorter than the Riverfront twins when they are 20 stories and Locks@321 is 21 stories?? Annoying as hell

The building in that picture looks nothing like the other renderings, so I would take that height with a grain of salt. I really wish that Suntrust would have moved more people downtown to this building. If they would have, this tower would probably reach taller than the PNC tower in Raleigh. They could always increase the number of apartment units, but there my not be demand for too much more. Since the downtown development forum, when 23 stories were mentioned, I've been waiting for an official announcement to come out saying that instead of 21 stories, this tower will be 23 stories. It hasn't happened yet, but they haven't broken ground yet either. Hope they start soon!

[wrldcoupe4]

Did the 23 number include the parking levels below the grade of Byrd Street?

[eandslee]

1 hour ago, wrldcoupe4 said:

Did the 23 number include the parking levels below the grade of Byrd Street?

The developer didn't say, but it could be possible.

[eandslee]

Still no movement downtown on this project I presume.  Boy, I wish they'd get started on this project.  Can anyone confirm no movement?

[Downtowner]

Anyone catch this article at all? It says financing for the new locks at 321 tower will be finalized next month. Also mentions more about the Reynolds North Project as well as towers for the Reynolds South project.

http://www.richmond.com/business/local/article_60f8e94c-7cfc-5850-b219-fbcc0b1c8534.html

Edited September 17, 2016 by Downtowner

[eandslee]

6 hours ago, Downtowner said:

Anyone catch this article at all? It says financing for the new locks at 321 tower will be finalized next month. Also mentions more about the Reynolds North Project as well as towers for the Reynolds South project.

http://www.richmond.com/business/local/article_60f8e94c-7cfc-5850-b219-fbcc0b1c8534.html

I totally missed this article!  Great find!  There were a few good nuggets of information contained in it. 1) as you already mentioned, they are expecting to close next month on the Locks at 3 Twenty One (gosh that's taking a long time to get going) and 2) there is another piece of land on the old Reynolds property that is under contract for a mid rise building. I don't think this one has been announced yet.  Located somewhere north of the canal is where this mid rise will be built. Is that 6-stories, 10-stories?  I wonder. 

[RVA-Is-The-Best]

^^ Not to mention another future site across the canal (on the side of the street art-power plant)! This development is really starting to come together and hopefully we will soon begin to see the density that has always been envisioned here.

[wrldcoupe4]

The updated retail brochure has a Q1 2018 delivery date for the building. Also has no reference to any space along the canal. SunTrust branch would go on the corner of 10th and Byrd and there is another 3,500 s.f. that will be available fronting Byrd Street. Otherwise, street level space will be office and residential lobbies and back of house stuff like loading docks and trash receptacle.

[RVA-Is-The-Best]

4 hours ago, wrldcoupe4 said:

The updated retail brochure has a Q1 2018 delivery date for the building. Also has no reference to any space along the canal. SunTrust branch would go on the corner of 10th and Byrd and there is another 3,500 s.f. that will be available fronting Byrd Street. Otherwise, street level space will be office and residential lobbies and back of house stuff like loading docks and trash receptacle.

I'll believe it when I see shovels in the ground. As of right now this project is as good for nothing as the sky is blue

[wrldcoupe4]

I'm hearing/seeing things that make me feel confident it will happen...

[eandslee]

5 hours ago, wrldcoupe4 said:

I'm hearing/seeing things that make me feel confident it will happen...

The real question is...when?

[Downtowner]

This is not good . Is it possible Costar could be looking at it and they make it taller?

http://www.richmond.com/business/local/article_bdc3dffd-dbe7-59d6-a6a3-246e98f74c22.html

Edited October 24, 2016 by Downtowner

[wrldcoupe4]

Nope. Costar moves into Westrock. Not good for this project. May likely kill it. Curve ball I wasn't expecting. 

[eandslee]

55 minutes ago, Downtowner said:

This is not good . Is it possible Costar could be looking at it and they make it taller?

http://www.richmond.com/business/local/article_bdc3dffd-dbe7-59d6-a6a3-246e98f74c22.html

Ouch!  This is not good at all!  This could be either disastrous or a boon if a new tenant can be found. I bet Suntrust bowed out because the building was taking too long to get started. They would have never made their deadline.  I hope this plot of space lands an even bigger tenant and a taller building. I'm interested to see how this all plays out. 

[RVA-Is-The-Best]

Welp. this project is about dead then. Time to move on through the tears

[blopp1234]

Yep this project is done, they won't find a tenant that will pay as much for that amount of space. Hopefully we will see a tower that will be taller and more unique and pedestrian friendly that will contribute to the canal walk. However I think this thread can be archived.

Edited October 24, 2016 by blopp1234

[wrldcoupe4]

It's not dead yet. 

[Downtowner]

So I just reread the article and it says the developer wants to still proceed with this project. It has a tidbit that says something about they have a plan and that they are keeping their fingers crossed. It also mentions it could change the ratio of office space but Im wondering if possibly they could include more apartments now with costar coming into town. Maybe this results in more new residents downtown.

Edited October 24, 2016 by Downtowner

[drayrichmond]

We will see, the developer still wants to proceed be it by adding more apartments or seeking a new tenant. SunTrust probably is just doing what any business would do, save money by staying where they are, I'm not too upset by that because if they moved it would have left a massive whole in the current SunTrust Tower that would have to be filled. I'd rather see what we have get filled up then new tower be constructed. What's the point of having all these shinny new towers if the older ones are vacant? With CoStar moving to the area more office space is being taken off the market. If this keeps up and we keep having big chunks of office space being taken up then the market may allow for a new tower even without a guaranteed tenant. So, now the waiting game just got a bit longer, but I think this will still happen.

[wrldcoupe4]

Here's my guess:

SunTrust committed to the new tower contingent upon a set occupancy date because there are likely substantial penalties if they stay in the current space after the lease expires. If the developer couldn't deliver they could back out of the project. Timeline got delayed. So whereas the current landlord wouldn't cooperate to give them more time to leave, they would happily help them structure a backup deal to stay. 

Downtown office market is still soft. Maybe they can replace the office portion with a hotel or more residential?

[Icetera]

While we have high office vacancy trends have also changed, which hurts the current office towers.  New office construction can potentially pull in tenants that we would otherwise not acquire.

[Asace88]

The good news is that something will be happening here regardless.  Fountainhead Properties was quoted in BizSense as saying if Dominion Realty didn't put something there then they would.  With the way the city is currently trending I wouldn't be surprised to see Fountainhead hold on to the property and build a "first of it's kind" residential tower.  They have an opportunity to redefine the downtown residential market and build something with amenities and retail options superior to anything currently available.

This piece of property is way too valuable to not do something substantial.  In my mind this is a great opportunity to hit the reset button and create something that may have more impact, whether it be in physical size or demographics, than Locks at 321 ever would have.  I think we all had the feeling that 321 was doomed from early on.

Edited October 26, 2016 by Asace88