Scott's Addition Development

[I miss RVA]

4 hours ago, DowntownCoruscant said:

Nice article, but my sense tells me that site isn’t 2.5 miles away from the Diamond.

They didn't write the sentence very clearly. The way it was framed leads to confusion.

"The apartment community site is located about 2.5 miles from downtown Richmond and across the street from the  Diamond District..."

They should have written it this way:  "The apartment community site is located across the street from the Diamond District, about 2.5 miles from downtown Richmond..."

[I miss RVA]

I have a personal connection to these two physically connected buildings. My dad worked for the envelope printing company that was located at 3410-12 W. Leigh for close to 45 years -- and he managed the company for the last 20 years he was there. Much as I'm pedal-to-the-metal for the new high-density development to pretty much bulldoze Scott's, I have to admit I'm actually glad and somewhat relieved that this building won't meet a wrecking ball, considering that I spent portions of many a childhood summers hanging out there in my dad's office, and my mom also worked there in the summertime. I had actually reconciled myself to the likelihood that a very tangable part of my past would cease to exist - and was okay with it for the sake of the greater progress of Scott's and of RVA. A little bittersweet, so to speak.

I'm glad I won't have to cross that bridge. 

From Richmond BizSense:

https://richmondbizsense.com/2022/05/19/general-contractor-dons-developer-cap-for-project-in-scotts-addition/

Edited May 20, 2022 by I miss RVA

[I miss RVA]

Cool story. The Tang & Biscuit folks in Scott's Addition are opening a breakfast joint in the Dairy Bar on Roseneath. Being right across the street from the Otis, I can imagine that the new iteration of the Dairy Bar (to be called "Biscuits and Gravy") should do some real bang-up business once the Otis is complete and fills up with tenants.

https://richmondbizsense.com/2022/05/23/biscuits-gravy-owners-bringing-breakfast-back-to-dairy-bar-space/

[whw53]

New project to track y'all - 

SUP filed yesterday for property at 1701 Roseneath Road block north of where the Otis is rising.

https://energov.richmondgov.com/EnerGov_Prod/SelfService/richmondvaprod#/plan/56ac2f16-b220-4aec-95c9-086502b14fc0?tab=locations

 

Site is currently industrial yard for and owned by Richmond Machine Co. 

Stats at the submission show 250 units, 4,000 sqft commercial space - which puts us somewhere between 6 to 8 stories I'd reckon?

 

 

[I miss RVA]

2 hours ago, whw53 said:

New project to track y'all - 

SUP filed yesterday for property at 1701 Roseneath Road block north of where the Otis is rising.

https://energov.richmondgov.com/EnerGov_Prod/SelfService/richmondvaprod#/plan/56ac2f16-b220-4aec-95c9-086502b14fc0?tab=locations

 

Site is currently industrial yard for and owned by Richmond Machine Co. 

Stats at the submission show 250 units, 4,000 sqft commercial space - which puts us somewhere between 6 to 8 stories I'd reckon?

 

 

YES!!! VERY good news!

Agreed - 6-8 stories is very likely - they wouldn't be filing an SUP request otherwise.

I wonder if the planning department might give consideration to blanket upzoning Scott's to TOD-1? That would eliminate the need for develoers to file SUP requests, and giving the amount of density, size and height already beginning to take shape in Scott's, it would make a lot more sense to simply have this whole district upzoned so that good, tight, high-density developement can go pedal-to-the-metal without worrying about filing SUPs unless someone is going to exceed 12 stories - and I have a feeling were quite a few years away from that happening.

I'm reminded of a comment on the RVA reddit page - someone took a photo of a storefront on Arthur Ashe Boulevard and commented - "some developer will tear it down and replace it with another 8-story apartment building." While it's humorous, it's also heartening that folks recognize that something like an 8-story apartment building is becoming the norm in Scott's -- which is VERY good because that kind of thing no doubt pushes the envelope and gets us ever closer to seeing more double-digit heights rise in the neighborhood down the road.

Edited May 24, 2022 by I miss RVA

[Shakman]

It was probably someone who lives the around Chicagoland wishing it were taller.  Very similar to the desires of this person typing.  

Jokes all aside, it's exciting to read interest in Scotts Addition continuing.

 

Edited May 26, 2022 by Shakman

[I miss RVA]

48 minutes ago, Shakman said:

1.) It was probably someone who lives in the around Chicagoland wishing it were taller.  Very similar to desires of this person typing.  

2.) Jokes all aside, it's exciting to read interest in Scotts Addition continuing.

 

1.) You might just be on to something there! 

2.) AMEN to that! 

Edited May 24, 2022 by I miss RVA

[I miss RVA]

Nice to see the Virginia Credit Union plugging away full speed ahead  with plans to open a branch in Scott's Addition by the end of the year. This comes hot on the heels of the credit union opening a branch in Carytown this summer.

Good to see all of this new development paying dividends in many different ways.

From Richmond BizSense:

https://richmondbizsense.com/2022/05/26/virginia-credit-union-expanding-again-with-first-branch-in-scotts-addition/

[Icetera]

17 hours ago, I miss RVA said:

Nice to see the Virginia Credit Union plugging away full speed ahead  with plans to open a branch in Scott's Addition by the end of the year. This comes hot on the heels of the credit union opening a branch in Carytown this summer.

Good to see all of this new development paying dividends in many different ways.

From Richmond BizSense:

https://richmondbizsense.com/2022/05/26/virginia-credit-union-expanding-again-with-first-branch-in-scotts-addition/

Bring one to Shockoe, please.

[I miss RVA]

3 hours ago, Icetera said:

Bring one to Shockoe, please.

Good call! Perhaps that will be the next branch to open -- unless Manchester grabs the next one, which I could totally see happening.

[wrldcoupe4]

They were looking for a downtown branch. 

[I miss RVA]

53 minutes ago, wrldcoupe4 said:

They were looking for a downtown branch. 

Sweet! That would make sense.

Perhaps after that they'll consider a branch across "the ruvvah" in Manchester 

[Icetera]

1 hour ago, wrldcoupe4 said:

They were looking for a downtown branch. 

They currently have one but the ATM access closes at 5pm.

[wrldcoupe4]

Yes but they were in the market for a 2k sf branch downtown. Not sure if they have found a space though. 

[I miss RVA]

On 5/24/2022 at 9:36 AM, whw53 said:

New project to track y'all - 

SUP filed yesterday for property at 1701 Roseneath Road block north of where the Otis is rising.

https://energov.richmondgov.com/EnerGov_Prod/SelfService/richmondvaprod#/plan/56ac2f16-b220-4aec-95c9-086502b14fc0?tab=locations

 

Site is currently industrial yard for and owned by Richmond Machine Co. 

Stats at the submission show 250 units, 4,000 sqft commercial space - which puts us somewhere between 6 to 8 stories I'd reckon?

 

 

Good call,  @whw53- it's going to be a 7-story building.

It's official - a new 7-story, 250-unit apartment building will rise at 1701 Roseneath in Scott's Addition, in the next block north (across Norfolk Street) from the Otis.

Of COURSE - there is only a VERY generic - "preliminary" - rendering available. So we don't have a clue what it'll look like - except that it'll be 7-stories tall.

Is it just me, or, since Blackwood had to file an SUP request, wouldn't it just make more sense for the city to upzone the entirety of Scott's Addition to TOD-1?

From Richmond BizSense:

https://richmondbizsense.com/2022/06/06/blackwood-development-planning-7-story-building-in-scotts-addition/

 

Edited June 6, 2022 by I miss RVA

[DowntownCoruscant]

Tentatively named “The Tetris Building.”

[I miss RVA]

7 minutes ago, DowntownCoruscant said:

Tentatively named “The Tetris Building.”

Nice!! 

[123fakestreet]

There's ~48 blocks in Scott's Addition, depending on how you count some of them.  With this development there is maybe only about 5 full blocks left to develop, with portions of another 6 or so.  Manchester is heading the same way. Will be nice to see these neighborhoods completely "full" and force development to spill over elsewhere (looking at you Monroe Ward).

[I miss RVA]

1 hour ago, 123fakestreet said:

There's ~48 blocks in Scott's Addition, depending on how you count some of them.  With this development there is maybe only about 5 full blocks left to develop, with portions of another 6 or so.  Manchester is heading the same way. Will be nice to see these neighborhoods completely "full" and force development to spill over elsewhere (looking at you Monroe Ward).

From your keyboard to God's eyes, my friend! 

I'm hoping this trend will also push the height of buildings ever higher. It'll be nice to see both neighborhoods (Scott's and Manchester) transition from 7 or 8 story buildings to 11 or 12 story buildings (and even taller farther down the road).

Edited June 6, 2022 by I miss RVA

[eandslee]

3 hours ago, I miss RVA said:

From your keyboard to God's eyes, my friend! 

I'm hoping this trend will also push the height of buildings ever higher. It'll be nice to see both neighborhoods (Scott's and Manchester) transition from 7 or 8 story buildings to 11 or 12 story buildings (and even taller farther down the road).

I'm actually surprised developers aren't thinking about this already - there's only limited space in Scott's Addition...why not start now to make sure that each block in SA is density-maximized?

[I miss RVA]

1 hour ago, eandslee said:

I'm actually surprised developers aren't thinking about this already - there's only limited space in Scott's Addition...why not start now to make sure that each block in SA is density-maximized?

As @wrldcoupe4and @upzoningisgoodtell us - it's economics. RVA doesn't yet have the space demand or the ROI in the form of capability to get and sustain rents to justify the significantly higher costs of maximizing height. Plus - unlike quite a few other cities, RVA still seems to be local-developer-heavy in terms of who is building major projects. The big national developers -- whose pockets are deeper -- are typically better positioned to afford to go taller, but given that RVA's economic drivers aren't yet comparable to some of these other cities, it seems that the big national developers have only recently started to take notice of Richmond. They're definitely noticing us - but it's a slow grind to get them here in large(r) numbers. That said, I'm taking it that we are currently (whether good, not so good, or otherwise) "in the ballpark" of where the market is allowing heights to be at this time for our market size (which in a lot of ways, really sucks for those of us who want more height). Hoping against hope this will dramatically change (for the better!!) in next couple of years, though I realize this kind of thing takes time.

Edited June 6, 2022 by I miss RVA

[upzoningisgood]

You're learning! Only thing I disagree with is larger developers going higher. That's not necessarily the case. Tony Giarratana built the tallest residential building in Nashville and he's local. Tom Papa isn't afraid to build up here and he's local.

Scott's Addition and Manchester have high enough rents you could squint and maybe go over 6 stories, although that would be easier if you could surface park some of it. Last time I checked Richmond had a few buildings in the $2.50/SF range. Assuming Nashville construction costs, I would feel better about 7+ stories closer to maybe $3/SF. Which to be clear, would represent a rise in rents that would hurt a lot of people, so I genuinely hope we add enough supply we don't get to that point.

 

Edited June 7, 2022 by upzoningisgood

[I miss RVA]

41 minutes ago, upzoningisgood said:

You're learning! Only thing I disagree with is larger developers going higher. That's not necessarily the case. Tony Giarratana built the tallest residential building in Nashville and he's local. Tom Papa isn't afraid to build up here and he's local.

Scott's Addition and Manchester have high enough rents you could squint and maybe go over 6 stories, although that would be easier if you could surface park some of it. Last time I checked Richmond had a few buildings in the $2.50/SF range. Assuming Nashville construction costs, I would feel better about 7+ stories closer to maybe $3/SF. Which to be clear, would represent a rise in rents that would hurt a lot of people, so I genuinely hope we add enough supply we don't get to that point.

 

Why thank you, kind sir! I have a couple of very good teachers! 

Very true - Tom Papa has some pretty ambitious plans in the works for both sides of the river and he likes height. But he has pretty deep pockets, too, no? Deeper than a lot of the local yocals who have gotten freight trained by either the pandemic, the recent super-spike in construction costs or both.

Question: to your point about Scott's & Manchester: Both are now almost routinely getting projects at  7 and 8 stories  with the newest projects.  I think Soda Flats in Scott's is set for 7, plus this new one on Roseneath is set for 7 as well -- and the cluster of buildings on W. Marshall announced a few months ago is supposed to be 7 or 8.  Plus, we know that if Tom Papa gets rolling with South Falls II, he's aiming for 14 (and also 11? for South Falls 3 condo piece if/when that ever comes to pass) -- and if the group from NY go forward with River's Edge II, those buildings are slated for 11 stories. So the economic drivers as they are currently are supporting that tick-up in height, no?

Edited June 7, 2022 by I miss RVA

[upzoningisgood]

It's a fair point. A few things to consider:

1. I assume Nashville and Richmond have similar construction costs. If that's false, that could help a deal pencil out.

2. Just because a project is announced at 7-8 stories does not mean it is currently 7-8 stories, or even that it currently exists.  Construction costs have increased A LOT in the last six months. Projects that penciled out in January may not pencil out now, or may only pencil out in watered-down form. I believe the Soda Flats is breaking ground, which is good! I'd be curious to see their underwriting, but that means the project was solid enough to survive. That's legitimately good. All I'm saying is that higher construction costs will kill *some* projects and shrink others.

 

 

Edited June 7, 2022 by upzoningisgood

[I miss RVA]

13 hours ago, upzoningisgood said:

1.) Projects that penciled out in January may not pencil out now, or may only pencil out in watered-down form.

2.) I believe the Soda Flats is breaking ground, which is good!

3.) All I'm saying is that higher construction costs will kill *some* projects and shrink others.

 

Good info, as always, @upzoningisgood! We all go to school when you & @wrldcoupe4give over these insights. 

Couple of thoughts:

1.)  Witness for the prosecution: Block D. 

2.) Yes - it's broken (or is breaking) ground. A VERY good thing! 

3.) In Richmond, yes it does. But NOT nearly as much in other cities as it does here. (There needs to be an eye-roll emoji on here!)

Edited June 7, 2022 by I miss RVA