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I wanted to make sure that I waited about a full day to react to this situation since my gut reaction to the council request was going to be much uglier than after giving it some more thought.  I also

I guess this could go in a few forums, but CoStar has announced they will anchor the new 400,000 sf tower adjacent to the Arena.  Plans to double the workforce to 2000.  Huge news! https://richmo

Yea - that $800 million in private equity funds (never to be paid back by the city) pouring into downtown is a total rip off.     Your not fooling us you shysters - take your $800 million and find som

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One thing I do not understand: I have been seeing a new movement raising awareness of evictions that appears to also be against Navy Hill.  In order to prevent evictions, we need more housing.  Navy Hill included affordable housing and market-rate in an area with currently no housing.  No one is going to build the affordable as long as market-rate is filling so fast (unless there is some incentive...) and the new housing is going to happen regardless as long as demand is high.  This just ensures more of that new housing and renovations are done in such a way as to lead to more evictions of lower-paying tenants.

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When it rains it pours. 

CoStar looking for new offices for 3,000-plus employees with Navy Hill project on verge of failure

 

From the CEO, Andrew Florence

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"I would stress that we will always have a very significant commitment to Richmond. The question is we can’t grow in the building we are in now so we need to move for growth and the question is where does that growth occur," Florence said.

"We are focused on Richmond but looking at other areas," he said. "We are looking for a place that can handle 3,000-plus people. We have to get going on this ... either in Richmond, or Henrico or Northern Virginia or D.C. or wherever."

 

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Yea I saw that @RiverYuppy maybe I am frustrated right now but it even makes me want to live up here in the dc region longer (As much as I want Richmond to thrive). I don’t think the council understands the horrendous decision they are making. So with that, we all need to reach out to Kim Gray, Chris Hilbert, Kristen Larson, Stephanie Lynch and Reva Trammell. Do it on Twitter, Facebook, in person, by mail whatever you can do. The loss of jobs, VCU, arena, entertainment, tax revenue, housing is just too much to keep saying how pissed off all of us are commenting at each other.

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VCU will expand if and when they need to.  An arena has nothing to do with it. 
The  “taxable” land is a joke.  The city wouldn’t see any taxes from the property for 30 years anyway (and by then a renovation would be financed for another 30).  Doorways already exists in that area.  Rebuilding it a block away isn’t real progress. 
 

CoStar likes to move the goalpost.  A magical 1000 extra employees appear because the city won’t build them a new building?   Nothing is stopping CoStar from expanding (and there is plenty of space in the CBD for them to occupy). They are looking for a handout. 
 

The GRTC transfer station wasn’t going to be located in Navy Hill anyway.  That money will come from the feds when built.  Tying it to the arena was just a distraction. 


 

 

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2 hours ago, Brent114 said:

Nothing is stopping CoStar from expanding (and there is plenty of space in the CBD for them to occupy).

They want all 3k people to be under the same building.

There is no building with that amount of space available or planned in the city.

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“We have filled everything available to us in the current building,” he said. “We have stopped hiring. We need to have something longer term.”

 

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1 hour ago, RiverYuppy said:

They want all 3k people to be under the same building.

There is no building with that amount of space available or planned in the city.

 

Maybe they can put it on Cary Street next to Dominion Tower when the old one is demolished.

It’s mere weeks before final votes and Dominion hasn’t committed to build the second tower, by the way.

Yet, the entire arena bond financing package (and therefore Navy Hill) only works assuming the second tower is built. Bonds do not get issued by banks and financiers for the city to construct anything without this guarantee!! 

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9 hours ago, RiverYuppy said:

They want all 3k people to be under the same building.

There is no building with that amount of space available or planned in the city.

 

I came over to see what’s going on with Costar.   I noticed on Charlotte Development Twitter that Charlotte may have its eyes on attracting Costar. Are these jobs really up for grabs now that Navy Hill stumbled?

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55 minutes ago, wrldcoupe4 said:

The deal was originally supposed to go to Charlotte a few years ago, but Richmond was the beneficiary thanks to the bathroom bill in North Carolina at the time.

Thanks for the info.   I didn’t realize that happened.   Glad that whole debacle is behind us. I’m a fan of RVA.  Hopefully the city gets this straightened out.   I bet other cities are ready to pounce on those jobs. 

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17 minutes ago, Hike said:

Not to pour salt on our wounds as we wait for the rabbit but my other concern is timing. There's a lot of conversation about letting developments happen organically, etc. That may be an option, but we all know this economy isn't going to last forever,  once it's gone or slows, I wonder what happens then and how long until the next big idea comes along.  I know, sayers of neigh, tell me that doesn't mean Richmond has to jump on this because of timing.  The wait for the next time is my concern, and I'll bet the next one will be perfect, all boxes checked, zero down and zero financing, no risk, every thing will be free and we all live happily ever after...

I’m not so sure.  I think this, if Council kills it, is the last time you will see a deal anywhere close to this.  I think it’s too risky to bet on a “next time,” because next time just might not come (developers will be turned off).  Is the plan perfect?  No, but it’s pretty damn good...worth a debate to make better and is way better than anything ever before proposed in the city.  I can understand people being afraid based on past mistakes, but I really do believe this time is different...seriously!  I really do believe that those behind the NH project really want Richmond to succeed and have invested a lot of their time, money and their good will to make Richmond an even better place. I think they have a lot riding on this...and that this was something worth pursuing. The big business leaders have their companies here - they wouldn’t want the city they call home to fail, nor the citizens upon which they rely.  To do something nefarious is counter intuitive.  They are not evil people out to suck every dime from every citizen’s pocket.  They are successful people just wanting to do some good for the community they call home.

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Cbl, you actually put that argument in writing!!  have you ever managed a bank-financed debt in your life?

a 30-year mortgage on a $100K DOES NOT equate to $100k cost over 30 years in today’s dollars!

Show us a single bank that issues 0% interest 30-year loans to ANYONE.  Do not understand the time value loss of money and inflation? 

Please google a simple mortgage or debt calculator online, try it out, and see the results.  Here's a simple one for everyone to learn from.

debt.PNG

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Make up whatever numbers you want.  I said what is the net present value of the payments.  A $100,000 payment on the bonds 25 years from now does not equal $100,000 in today’s dollars so you can’t go around quoting the dollars spent over 30 years time and act like that is the cost in today’s dollars - it is highly misleading  


 

 

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If you want to get into real costs year to year above the $300mlion initial Infrastructure investment  you can look at the rate over inflation as to cost.

assuming the 5% bond rate and 2.3% inflation.   The city will be paying $439k above inflation each month.  That equates to $5.27million per year it will be costing the city if it takes 30 years to pay off the Loan.    So it could be legitimately said the cost to the city in today’s dollars is $458million.  

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What your only supposed to put down your opinions in writing if your anti-navy Hill ... all those fake numbers thrown around add up.   All arguments for them should just be dismissed off hand. 

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23 minutes ago, RiverYuppy said:

I have a mortgage on my house and I purchased it for about $300k.

I don't tell people the cost of the house with financing prices (in dollars unadjusted for inflation) baked in,  I tell them it cost $300k and everybody simply understands that interest is part of having a mortgage.  When my mom asked me "How much is the house going to cost" it would have been ridiculous for me to tell her "Close to $600k." 

Additionally, the city finances tons of things.  When we build a new school, bridge, park, bus line, infrastructure improvement, etc. and get a loan, I have never heard the price quoted with financing costs baked in.

So I guess the question is, why is the arena the only project ever proposed by the city that gets financing costs baked into the cost we put in headlines? 

Good Point.

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