Foundry Park - CoStar HQ

[Hike]

43 minutes ago, Icetera said:

Keeping in mind that the current building is around 13 floors at the riverfront facing, that structure looks closer to 20 (the layers do not seem to fit as floors).  With its position in the skyline being well-off center, I would be very happy with something around 20 floors at that location.

Yeah, the nice thing about this location is it's at the upper most section of the available land, giving it more prominence vs down low by the river.

[I miss RVA]

2 hours ago, Wahoo 07 said:

Even if it doesn't break 300', it would add some layered depth to the cityscape.

My thoughts exactly. Look at Manhattan - not every building ever built there is epic. Lots of shorter highrises especially on both riverfronts... So this as you said - could add some really nice layered depth that adds to the "bulk" and density of the skyline, even if it doesn't dramatically change much vertically.

2 hours ago, Icetera said:

Keeping in mind that the current building is around 13 floors at the riverfront facing, that structure looks closer to 20 (the layers do not seem to fit as floors).  With its position in the skyline being well-off center, I would be very happy with something around 20 floors at that location.

Same here. In truth, 20 would be a pretty nice to see there. I'm guessing through based on what's been mentioned here, we won't see that. But perhaps even 15, 16 or 17? That would add something visually.

1 hour ago, Hike said:

Yeah, the nice thing about this location is it's at the upper most section of the available land, giving it more prominence vs down low by the river.

I was thinking the same thing. That's a HUGE plus to have the tallest of the buildings at the TOP of that crest there. If it cracks 15 or 16 stories, with the bit of elevation boost, it WILL stand out a bit.

Let's hope!

[Hike]

Another thing I wondered,  with such a large footprint and what looks to be a park like setting, paths, etc. and the approach to the river and trails,  I hope what landscaping they do will be for the public and not a federal reserve setting and no trespassing. 

Edited March 12, 2021 by Hike

[eandslee]

4 hours ago, Hike said:

Was digging around and found this as part of a video on vimeo  which has been taken down or doesn't allow access but was able to generate an image from the link.  Interesting massing going on here, notice the "large" gray structure going out of the frame top left, which I'm guessing will be the bulk of the taller structure, but not shown much in this image.  This illustrates doing something on all parts of the land, creating a large connected campus.  Noted the items that are the federal reserve and the existing office, then it shows a terraced building in the foreground with the tall structure going out of the picture top left.  OJB Landscape Architecture, thanks Google.

p.s., I assumed the connection was going to be above ground to the new but now think it will be below grade as i don't see a "bridge" connection here.  This was dated Feb. 19, 2021

Ooooo, Hike, you are sneakily good to be able to grab this image!  I'm quite impressed with your ability.

As for what you found here...I'm actually encouraged by what I see...assuming this rendering holds true.  I like all the landscaping and the taller building in the back is way taller than I had imagined it would be given the description I heard.  I really would like to know how tall that building really is, but this is way more information than we were getting anywhere else.  

Who knows whether this rendering will hold true, but this is is a great concept rendering.  It's possible they may come up with a different layout that's even better....but one thing's for sure - with all the landscaping, it bodes well for taller structures here!

Edited March 12, 2021 by eandslee

[eandslee]

On 3/11/2021 at 3:05 PM, Hike said:

Was digging around and found this as part of a video on vimeo  which has been taken down or doesn't allow access but was able to generate an image from the link.  Interesting massing going on here, notice the "large" gray structure going out of the frame top left, which I'm guessing will be the bulk of the taller structure, but not shown much in this image.  This illustrates doing something on all parts of the land, creating a large connected campus.  Noted the items that are the federal reserve and the existing office, then it shows a terraced building in the foreground with the tall structure going out of the picture top left.  OJB Landscape Architecture, thanks Google.

p.s., I assumed the connection was going to be above ground to the new but now think it will be below grade as i don't see a "bridge" connection here.  This was dated Feb. 19, 2021

This is the preliminary rendering we saw. 

[eandslee]

Okay, I'm just going to drop this bombshell on you guys on this Saturday afternoon because I was given the "thumbs up" to do so...plus, it's so exciting that I just can't keep this information from you guys any longer.  This is no April Fools or May Fools joke...this is the real deal!

So there is information out there (that I caught wind of), backed by very reliable sources who have ties to the industry, that CoStar is looking to build a signature tower, in Downtown Richmond, on their lot next to the CoStar/Westrock building they're currently in.  Folks, they are looking at building Virginia's new tallest and we are looking at heights on the order of over 500 feet...more like 560-600+ feet!!  Obviously, CoStar is still in the design/planning phase of this development, but it is known that this is their desire.  If this is built, it will break the glass ceiling for height in Richmond and open the door to other taller towers.  This may have been the reason Dominion Energy didn't build just one tower (like Duke Energy is doing right now in Charlotte): 1) because of cost, but also 2) they couldn't look too flashing in downtown Richmond having the tallest tower as a public utility company (in Charlotte, 40 stories/618' is no issue because there are many other taller towers there).  So, Dominion probably played it conservative with the two-tower design.  Anyway, if I get a hold of any renderings of this new tower, I will post them here, but this is HUGE news for Richmond and I hope the local media gets word and does some more digging.  There was some talk/concern about height restrictions on that property.  I don't know of any, but perhaps someone on this forum can look into it.  My only thought was that New Market, who previously owned the land, didn't want anything super tall on that property and a height restriction may have been part of an agreement when the lot was purchased...but I'm just not sure if that is true (just a thought that came to mind).  
 

Anyway, there you have it!  That's the big bombshell news!  If this happens,  Richmond's skyline will be changed forever!  Can't wait for more news to be released!

[I miss RVA]

3 hours ago, eandslee said:

Okay, I'm just going to drop this bombshell on you guys on this Saturday afternoon because I was given the "thumbs up" to do so...plus, it's so exciting that I just can't keep this information from you guys any longer.  This is no April Fools or May Fools joke...this is the real deal!

So there is information out there (that I caught wind of), backed by very reliable sources who have ties to the industry, that CoStar is looking to build a signature tower, in Downtown Richmond, on their lot next to the CoStar/Westrock building they're currently in.  Folks, they are looking at building Virginia's new tallest and we are looking at heights on the order of over 500 feet...more like 560-600+ feet!!  Obviously, CoStar is still in the design/planning phase of this development, but it is known that this is their desire.  If this is built, it will break the glass ceiling for height in Richmond and open the door to other taller towers.  This may have been the reason Dominion Energy didn't build just one tower (like Duke Energy is doing right now in Charlotte): 1) because of cost, but also 2) they couldn't look too flashing in downtown Richmond having the tallest tower as a public utility company (in Charlotte, 40 stories/618' is no issue because there are many other taller towers there).  So, Dominion probably played it conservative with the two-tower design.  Anyway, if I get a hold of any renderings of this new tower, I will post them here, but this is HUGE news for Richmond and I hope the local media gets word and does some more digging.  There was some talk/concern about height restrictions on that property.  I don't know of any, but perhaps someone on this forum can look into it.  My only thought was that New Market, who previously owned the land, didn't want anything super tall on that property and a height restriction may have been part of an agreement when the lot was purchased...but I'm just not sure if that is true (just a thought that came to mind).  
 

Anyway, there you have it!  That's the big bombshell news!  If this happens,  Richmond's skyline will be changed forever!  Can't wait for more news to be released!

If this is true and if this plays out, this is/will be EPIC for the future development of highrises in Richmond. I can't imagine the city imposing height restrictions there - even using the 4:1 ratio, if the building is already set back some from street (like, for example, the Federal Reserve Building is) - I am thinking those kinds of setbacks already would offset any restrictions. Not only that, I would tend to think that the city would be VERY willing to work with a now-becoming-heavy-hitter like CoStar to get any kind of SUP needed to allow them to crack through the 600-foot-tall mark. Perhaps that then changes the calculus for other developers - and even Dominion regarding the former James River Plaza block. If CoStar can build something more than 40-stories/600-feet tall, perhaps Dominion -- or another developer if Dominion sells -- will put something even taller there - although abutting streets could potentially be problematic without some serious work for a proper SUP.

Like you said - if this building actually happens, it will unquestionably break the glass ceiling on height - and allow developers to start going taller and taller in downtown Richmond. Once the precedent is set, it changes everything. Who ,knows - perhaps the city smartens up and seriously re-thinks it's 4:1 ratio for height restrictions - either eliminating it altogether (we can only hope!!) or at a minimum - changing it to something more like 10:1 or 15:1.

This is exciting news - and I know all of us here are hoping/praying it comes to pass!

Edited May 1, 2021 by I miss RVA

[Hike]

KJHburg (from Charlotte) mentioned a signature tower for CoStar a few days ago and eandslee seconds the rumor, now we just need to see it - sooner than later would be nice. Anyone know who the architect is, does KJHburg in Charlotte have a connection there because it's being designed there?

Edited May 2, 2021 by Hike

[eandslee]

39 minutes ago, Hike said:

KJHburg (from Charlotte) mentioned a signature tower for CoStar a few days ago and eandslee seconds the rumor, now we just need to see it - sooner than later would be nice. Anyone know who the architect is, does KJHburg in Charlotte have a connection there because it's being designed there?

Not sure all the answers to your questions, but I did submit a news tip to RichmondBizSense tonight with the hope that they will do some digging to find out more details.

Oh, also don’t forget your screen capture that showed a large-size building in a rendering for a landscaping company.  Even though we couldn’t see the top of that building in the rendering, it does suggest that a major project may be in the works.  This rendering is the only visual evidence we have that suggests such a project.  I’d love to see the parts of that rendering that were cut off.  Either way,  very exciting times!

[eandslee]

I just looked up the zoning for this lot and it says that it is zoned for B-4.  Does that carry with it a height restriction in Richmond?  I don’t know much about zonings and what they mean.  If anyone can provide some insight, that would be awesome.  Thanks!

[wrldcoupe4]

It’s not a fixed limit per se. it’s based on a diagonal plane from the adjacent streets. 
 

Sec. 30-440.6. - Height.

There shall be no maximum height limit in the B-4 Central Business District, provided that no portion of a building shall penetrate an inclined plane originating at the centerline of each abutting street and extending over the lot at an inclination of one foot horizontal for each four feet vertical and provided, further, that such inclined plane may be penetrated by a building wall adjacent to a street for a horizontal distance not exceeding 50 percent of the length of the property line along such street.

Any takers on trying to sort out a hypothetical height limit on this site?

Just now, wrldcoupe4 said:

It’s not a fixed limit per se. it’s based on a diagonal plane from the adjacent streets. 
 

Sec. 30-440.6. - Height.

 

There shall be no maximum height limit in the B-4 Central Business District, provided that no portion of a building shall penetrate an inclined plane originating at the centerline of each abutting street and extending over the lot at an inclination of one foot horizontal for each four feet vertical and provided, further, that such inclined plane may be penetrated by a building wall adjacent to a street for a horizontal distance not exceeding 50 percent of the length of the property line along such street.

Any takers on trying to sort out a hypothetical height limit on this site?

I’ll just also say that by tapering the height as you go higher along this plane one could almost certainly build high enough for a state tallest without any sort of SUP. 

[I miss RVA]

10 hours ago, wrldcoupe4 said:

It’s not a fixed limit per se. it’s based on a diagonal plane from the adjacent streets. 
 

Sec. 30-440.6. - Height.

 

There shall be no maximum height limit in the B-4 Central Business District, provided that no portion of a building shall penetrate an inclined plane originating at the centerline of each abutting street and extending over the lot at an inclination of one foot horizontal for each four feet vertical and provided, further, that such inclined plane may be penetrated by a building wall adjacent to a street for a horizontal distance not exceeding 50 percent of the length of the property line along such street.

Any takers on trying to sort out a hypothetical height limit on this site?

I’ll just also say that by tapering the height as you go higher along this plane one could almost certainly build high enough for a state tallest without any sort of SUP. 

Most definitely. And given the location - if the building is set a little farther back from the actual street in front of it (much the way the Federal Reserve Building is - although it's totally isolated) ... I would think any additional horizontal space from street to building would factor into how height would factor into the calculation. And I would think it would be some kind of tapered - maybe stair-step kind of building - at least on the street-facing side. In this case, I would think that there are quite a few ways of getting around the 4:1 ratio limiter - and reach some unprecedented height for Richmond - and to grab the crown of the tallest in the Commonwealth - as you said, coupe, without any kind of SUP. Even if one was required, I think it's pretty fair to say the city will jump through flaming hoops to give CoStar what it wants in order to have this building built downtown - especially if this somehow translates into CoStar bringing the whole HQ to RVA from DC.

[eandslee]

CoStar gobbling up more office space where it can because it needs a new, shiny 600+-foot signature tower to accommodate their expansion plans!  I didn't even know this building was even available to be leased.  This story also confirmed that CoStar is definitely planning to build a new office tower (which we already knew), but that's all it mentioned...well, if you don't count that they haven't submitted formal plans to the city yet.  So, we wait longer to hear something...[sigh]

https://richmondbizsense.com/2021/05/14/costar-leases-entire-tredegar-street-building-in-its-latest-riverfront-deal/

 

[CitiWalker]

Here is  a thought...Could Dominion be playing chicken  and waiting  to see how tall Costar will build and then announce that they have re-evaluated things and try to build a even taller tower. Just wishful thinking on my part.....But...what if? 

[Shakman]

I hope this will become our new tallest but I will wait for the official announcement with details.  

Edited May 14, 2021 by Shakman

[eandslee]

9 minutes ago, Shakman said:

Let's not get too excited over what I call hype chat.  A 100 ft building can be considered a tower.  I hope this will become our new tallest but I like to take realistic stance by waiting for the official announcement with details.  

I get where you’re coming from.  It does seem like hype since nothing official has come out in the press...and nothing good ever happens to Richmond on this scale...right?!   I just have credible sources saying otherwise. 

Edited May 14, 2021 by eandslee

[Shakman]

14 minutes ago, Shakman said:

I hope this will become our new tallest but I will take realistic stance by waiting for the official announcement with details.  

 

6 minutes ago, eandslee said:

I get where you’re coming from.  It does seem like hype since nothing official has come out in the press...and nothing good ever happens to Richmond on this scale...right?!  

I was trying to tone down my response since I didn't want to come across as an attack but you beat to it.  

 

Exactly how I feel.  So many times people get wrapped around a few mere words.  Then when details are released, these same people get confused and upset.

Edited May 14, 2021 by Shakman

[I miss RVA]

1 hour ago, eandslee said:

I get where you’re coming from.  It does seem like hype since nothing official has come out in the press...and nothing good ever happens to Richmond on this scale...right?!   I just have credible sources saying otherwise. 

Regarding your sources, it must be like Tony Soprano would say - "a friend of ours..."   

Here's the quote from the Richmond BizSense article:

"And it’s most notable move came last summer when it purchased a 4-acre green space next to its current office for $20 million, where it’s confirmed it’s planning an office tower. It has yet to file formal plans with the city for that site."

[Wahoo 07]

1 hour ago, Shakman said:

I hope this will become our new tallest but I will wait for the official announcement with details.  

Totally agree but even if we "only" get a 300' architecturally pleasing building, I'll be happy.  CoStar is serious about its commitment to RVA and whatever they do will be an improvement.

[wrldcoupe4]

4 hours ago, CitiWalker said:

Here is  a thought...Could Dominion be playing chicken  and waiting  to see how tall Costar will build and then announce that they have re-evaluated things and try to build a even taller tower. Just wishful thinking on my part.....But...what if? 

Yep... wishful thinking. No chance though.

[CitiWalker]

On 8/25/2020 at 8:30 PM, eandslee said:

It's funny - we laugh, but you may not be wrong.  I've been disappointed before.  Just hoping for the best!

From what I heard from a couple of people who work for the company the CEO does not half step when he does things. Usually he tries to go big  or does not go at all. I think if we are patient big things will come.

[Hike]

1 hour ago, CitiWalker said:

From what I heard from a couple of people who work for the company the CEO does not half step when he does things. Usually he tries to go big  or does not go at all. I think if we are patient big things will come.

I can be patient, won't even mention Costar,  will just ignore it, what project, they're doing something, here, in Richmond?  What if we're not patient, will it be lower, asking for friend.

[I miss RVA]

2 hours ago, Hike said:

I can be patient, won't even mention Costar,  will just ignore it, what project, they're doing something, here, in Richmond?  What if we're not patient, will it be lower, asking for friend.

Good question. I'll be patient as well - but until ground is broken and construction is underway, regardless of what's announced (but especially if it's something super-sized (by Richmond standards) - I won't 100% believe it will be built. Recall what happened with the Locks at 321 tower. A gorgeous, sleek 21-story glass tower replaced with ... Jesus... a squat box with offset windows.

[KJHburg]

all I can say is this here in Charlotte sometimes our developers are very shy about hinting about about major office towers.  For example one such 632  foot tall tower for Bank of America was not even formally announced by the developer until one of our UP members saw in a trade publication  that they were shopping for construction loan for a 33 story tower.  He literally smoked them out!   Then poof the developer announced it within a week. 

Have you ever been around people who brag how much money they have only to find out later they don't have it?  Some developers love to talk and talk about their buildings but they never get built.  Some people like to have all their ducks in a row and ready to go before they announce.  I suspect this Costar future tower is one of those.  Our major utility Duke Energy bought land and all these rumors circulated then one Friday during the holidays they announced their 41 story 1 Million sq ft new tower under construction now. Release one rendering and nothing else.  Called it (and it is ) a consolidation of space in uptown Charlotte into one building. No much else to say and construction started within weeks. 

Costar knows every major developer in the country due to their business and they know what every new building going up looks like and costs and probably have a list of things they want in a new building.  Hold on and dream higher.   And this lease of this building they did this week means they are needing more and more space . 

[CitiWalker]

15 hours ago, Hike said:

I can be patient, won't even mention Costar,  will just ignore it, what project, they're doing something, here, in Richmond?  What if we're not patient, will it be lower, asking for friend.

All  I can say is, from a common sense perspective  you don't  speed 20 million dollars on land without a purpose.  If something is to be built of significant size I would think they would have their ducks in a row before announcing anything. We will see.  I would rather wait and see a  real proposal than have someone  talking a big game and only to be dissapointed. Being a real estate analytics company I just can't see making a huge purchase without having something down the pipe. Of course these things take time.  Lets not forget the bureaucracy that comes with something  of this proposed scale. I know everyone wants to have something to talk about including myself. I just don't want to get my hopes to high too soon. IMHO I believe eventually we will be happy with whatever happens.