Foundry Park - CoStar HQ

[Child2021]

Costar sign is up on the newly aquired manchester office, but im starting to wonder if an economic recession hits will the new downtown complex be finished, or will only the tower part be done and the riverfront portion pushed back to a latter date? I know in terms of construction it usually takes about year to half a year for actual impacts to take effect. Costar could have also lock rates in 2020 and be fine, and richmond for some reason loves to build tall bulidings during recessions. I might be overracting, but I just want other opinions.

[I miss RVA]

2 hours ago, Child2021 said:

Costar sign is up on the newly aquired manchester office, but im starting to wonder if an economic recession hits will the new downtown complex be finished, or will only the tower part be done and the riverfront portion pushed back to a latter date? I know in terms of construction it usually takes about year to half a year for actual impacts to take effect. Costar could have also lock rates in 2020 and be fine, and richmond for some reason loves to build tall bulidings during recessions. I might be overracting, but I just want other opinions.

Good questions. Not sure what -- if any -- changes could befall their plan - but I do know (from folks have posted here) that the installation of construction fencing began this past Monday- so - that's a good sign that things are moving forward. 

[wrldcoupe4]

It’ll be fine. 

[I miss RVA]

1 hour ago, wrldcoupe4 said:

It’ll be fine. 

One of the thoughts that popped into my head was something you said a few weeks ago - you'd seen nothing to date that in any way indicated CoStar wasn't going forward with the tower as announced.

Now that fencing is going up - I am breathing easier.

[eandslee]

Anything new at the site?  Is the construction barricade/fence complete?  Any equipment being moved on site?  Just curious to see if there is anything more going on that we can’t see via webcam.  Thanks!

[I miss RVA]

16 minutes ago, eandslee said:

Anything new at the site?  Is the construction barricade/fence complete?  Any equipment being moved on site?  Just curious to see if there is anything more going on that we can’t see via webcam.  Thanks!

I wonder:

1.) WILL there be construction cams? If so, how many?

2.) WHERE will they be located? 

[wrldcoupe4]

Barricades are up, fence isn't. They appear busy at their construction office site which is just across 5th street. Seemed very active over there today.

[I miss RVA]

1 hour ago, wrldcoupe4 said:

Barricades are up, fence isn't. They appear busy at their construction office site which is just across 5th street. Seemed very active over there today.

Okay! That's progress, so it seems! Any equipment of any kind being moved in yet?

[wrldcoupe4]

Not that I could tell. It’s akin to setting up camp. 

[I miss RVA]

9 minutes ago, wrldcoupe4 said:

Not that I could tell. It’s akin to setting up camp. 

That makes sense. 

Any thoughts as to the over/under on whether or not we'll see any digging on the site before the end of the year?

Edited October 27, 2022 by I miss RVA

[wrldcoupe4]

I’ll put a quarter on yes. 

[Downtowner]

Does anyone happen to have any idea where we could be building wise say Between July and august of next year? Reason I ask is because  I want to take one more stroll downtown before I leave for Winchester next year around that time. I’m not sure how often I will get to see downtown when I come visit family or head down to nags head as I will either travel by 295 to 64 or 64 through downtown to va beach or possibly 460 but that route may no longer be viable unless I really want to give it a drive at some point. I’m just trying to get an idea I know that’s a pretty hard point to judge but just trying to see what everyone think jogs. Where were we 10 months into the dominion tower? Anybody remember that may give me an idea.

[CitiWalker]

A reliable source advised that official groundbreaking is November 1 at 1:00pm.

[I miss RVA]

1 hour ago, CitiWalker said:

A reliable source advised that official groundbreaking is November 1 at 1:00pm.

Oh wow!! They're actually going to have an actual ceremony?

[I miss RVA]

So if our internal RVA UP sourcing and reporting is accurate - and CoStar is, in fact, holding a groundbreaking ceremony on Tuesday at 1 p.m. -- even though it will no doubt be covered by RBS (and who knows, maybe even the RT-D might have enough gumption to rise from their collective tuchuses and actually staff the event) - what are the chances that we could get some eyes from the RVA UP community at the event on Tuesday? Would there be anyone who either lives close enough - or works close enough - who might have an hour or so to amble over to the event and grab a few pictures and give us a report of the general vibe and feel of the ceremony?

Whoever might be able to grab the mantle on this one - know that your efforts will be very much appreciated by a very grateful RVA UP community!

Just a thought that I felt was worth mentioning and throwing into the ring for folks to ponder...

[whw53]

I might try for it tomorrow - do we know what time it is occuring?

[I miss RVA]

5 hours ago, whw53 said:

I might try for it tomorrow - do we know what time it is occuring?

1 p.m. (according to @CitiWalker's source)

YOU DA MAN!! 

Edited October 31, 2022 by I miss RVA

[Brent114]

It’s happening today as planned….

also, this whole construction site seems like it’s on a while other level.

They've carved out a nice corral area for the construction trailers.   There are some very large posts I the ground too indicative  of a fancy and expensive fence/gate set up.  Are the toilets going to be golden? 
 

I’m getting very excited now  

 

 

Edited November 1, 2022 by Brent114

[I miss RVA]

1 hour ago, Brent114 said:

It’s happening today as planned….

also, this whole construction site seems like it’s on a while other level.

They've carved out a nice corral area for the construction trailers.   There are some very large posts I the ground too indicative  of a fancy and expensive fence/gate set up.  Are the toilets going to be golden? 
 

I’m getting very excited now  

 

 

HO-LEEE  WOWWWW!!!

It really IS happening! Thanks so much, @Brent114, for taking these and covering the event! 

Wow - this is SUPER exciting! 

[CitiWalker]

Is official.... ground has been broken. CoStar Group Breaks Ground on Campus Expansion in Richmond | Business Wire

[I miss RVA]

25 minutes ago, CitiWalker said:

Is official.... ground has been broken. CoStar Group Breaks Ground on Campus Expansion in Richmond | Business Wire

Did they scale the tower back? Or are they just "listing" it differently from last December? What happened to 26 stories? Or was it always 21 occupied floors atop five levels of parking?

From the Richmond Business Wire release:

Located on the banks of the James River, CoStar Group’s current space at 501 S. 5th Street combined with the two new buildings will create a fully integrated corporate campus of over one million square feet. The two-building complex will house a 21-story, LEED-certified office tower and a five-story multipurpose building to be used as a central hub for employee and community amenities. The project also incorporates on-site energy generation, energy-efficient building systems and enclosures and a reduced carbon footprint, in line with CoStar Group’s commitment to sustainability.

I guess we'll know in a year or two if the tower is taller - or shorter - than either the Fed building or the Dominion tower. If I remember correctly, it should shake out to be physically/visually taller than both existing buildings.

Edited November 1, 2022 by I miss RVA

[CitiWalker]

Going to be parking and retail involved but 26 total floors

 

[I miss RVA]

1 hour ago, CitiWalker said:

Going to be parking and retail involved but 26 total floors

 

Awesome! Thanks for clarifying and confirming the original plans are still (as Jack King of NASA's Kennedy Space Center Launch Control used to say in the late '60s) - "a GO at this time."

I've been periodically scanning the RVA media to see if any of the major outlets (RBS, RT-D, WRIC, WTVR, WWBT) covered the event - SO FAR nisht. Not sure who might have staffed this outside of RBS - or if anyone did, they haven't updated their live reports on their websites just yet. But el zippo thus far, which is kinda disappointing. (It's times like these that I SO miss the old days of the Richmond News Leader - the city's afternoon daily. Now a 1 p.m. event would probably be too late for a same-day run for all editions except the very latest edition - the regular home-delivery editions wouldn't have it same-day. So you'd think with internet news being almost "instant" when juxtaposed to the old days...)

I'm guessing our good friend Mike most likely staffed the groundbreaking for RBS, yes? And according to the press release, this was a BIG to-do, what with the governor, the mayor, the Commonwealth's secretary of commerce, the VP of Richmond City Council, the city's economic director, AND the CoStar CEO all on hand to speak. That's a '27 Yankees-esque lineup of dignitaries to step to the microphone for this event - about as blue-ribbon as it gets. Which when you consider just how many major construction projects in Richmond get underway with little to no fanfare at all - THIS is a VERY big deal!

That said, I have to say I'd be at least a tad surprised if RBS was the only media outlet to staff the event, all things considered.

Edited November 1, 2022 by I miss RVA

[I miss RVA]

Looks like NBC 12 is the first out of the box this late afternoon/early evening (depending on your time zone) with coverage of the CoStar tower groundbreaking. I LOVE that they led off the story with "Richmond's skyline will soon change..."

BTW - Channel 12 is referencing the tower as being 26 stories. Here's now NBC 12 is reporting it:

"The 26-story, 750 thousand square foot campus will include a conference space, fitness amenities, retail, restaurants and more."

I can't wait to see what RBS has on this in the morning.

From NBC 12 News:

https://www.nbc12.com/2022/11/01/costar-group-hosts-ground-breaking-ceremony-460-million-expansion-project/

[I miss RVA]

34 minutes ago, I miss RVA said:

 

Alllllllllllllllllrighty folks... it gets EVEN BETTER!!

The Times-Dispatch just moved their story on the groundbreaking (about 15-20 minutes ago) - and some VERY interesting tidbits came out of this coverage.

First - they ALSO refer to the tower as being 26 stories - so we're two-for-two in that category - and we can prolly put that baby to rest.

But check THIS out!! CEO Andy Florance revealed a couple of VERY tasty nuggets.

1.) He first conceived of the idea of bringing his company to Richmond as far back as 2005 - when he attended (drum roll please...) the Richmond Folk Festival and saw just how much potential RVA had as a great city in which to come to do business. How about that!!

2.) Once the tower is up and folks are pouring into the River City to begin working there - CoStar won't be done pouring money into the RVA economy - Florence suggested that CoStar might become involved in "easing Richmond's housing squeeze" (I take it to mean - being a facilitator to bring developers to the city to build, build, BUILD!! (HOWEVER - Is there an actual CRE DEVELOPMENT arm of CoStar?)) And check out where he's setting his eyes for building lots of new housing!

From the RT-D article:

"Florance said CoStar is planning still more investment in Richmond once its  new tower and an associated multi-story building is up. 

The company has acquired a building in the 900 block of Semmes Avenue, in Manchester, which it plans to renovate.

Eventually, as CoStar brings more and more people to Richmond to work, Florance said he expects housing will become a challenge.

He's eyeing Manchester as an area where the company could invest in easing the city's emerging housing squeeze."

All I can say is... WOWWWWW!!!  THIS is the kind of synergy between a huge corporate presence with super deep pockets and the city that RVA -- until now -- has lacked. Landing CoStar was a GRAND SLAM for this city. (Now we need to do the same with LEGO and pry their HQ away from Connecticut and bring it to downtown RVA!!) Who knows... if all of this that Florence is talking about comes to pass, in, say, 10 or 20 years, CoStar might be very much entitled to quote the line of the famous Starship song - "we built this city..."

From the Richmond Times-Dispatch:

https://richmond.com/news/state-and-regional/after-pandemic-second-thoughts-costar-proceeds-with-downtown-campus-plan/article_019cacf0-c019-57c7-9cf0-a930e83891d4.html#tracking-source=home-top-story

Edited November 1, 2022 by I miss RVA