Foundry Park - CoStar HQ

[CitiWalker]

Someone sent this pick to me from Costar building site. Any idea what this could mean?

[blopp1234]

41 minutes ago, CitiWalker said:

Someone sent this pick to me from Costar building site. Any idea what this could mean?

Looks like soil sampling. Pretty sure they wouldn’t be doing it unless they were planning to build something that would require lots of excavation.

Good sign for things to come at this site!

Edited June 16, 2021 by blopp1234

[eandslee]

41 minutes ago, CitiWalker said:

Someone sent this pick to me from Costar building site. Any idea what this could mean?

Soil samples??  To see whether the ground can hold up a signature tower!!

[Hike]

2 hours ago, CitiWalker said:

Someone sent this pick to me from Costar building site. Any idea what this could mean?

Please select from the following options.

A. Costar's project is underway, this is digging a well and will be to hook up their public water fountain. 

B. Setting up for a pumpkin launch that will be used to start this falls Folk Festival.

C. Borings to reveal the makeup of the earth below which determine the extent of excavation required and to determine what the pilings will be resting on.

D. New equipment recently purchased by this guy, had nowhere to use it and pulled over here to begin to learn how to use it.

E. None of the above.

 

 

[123fakestreet]

1 hour ago, eandslee said:

Soil samples??  To see whether the ground can hold up a signature tower!!

it's definitely a soil sampling for construction purposes, but if it were for a 20 story tower it would have to go a lot deeper than that.  One project I am familiar with was only 4 stories and the sampling was about 3 times as deep as that.

[Hike]

17 minutes ago, 123fakestreet said:

it's definitely a soil sampling for construction purposes, but if it were for a 20 story tower it would have to go a lot deeper than that.  One project I am familiar with was only 4 stories and the sampling was about 3 times as deep as that.

I think they can add tubes to the end, they're in about 12' sections, drill down 12' add another tube, etc. 

Edited June 16, 2021 by Hike

[eandslee]

3 hours ago, CitiWalker said:

Someone sent this pick to me from Costar building site. Any idea what this could mean?

Wait a minute…is that the New Market HQ in the background?  If so, how is this the site of the new CoStar tower?  Maybe I don’t have my bering right…what say ye?

[CitiWalker]

2 hours ago, eandslee said:

Wait a minute…is that the New Market HQ in the background?  If so, how is this the site of the new CoStar tower?  Maybe I don’t have my bering right…what say ye?

The photo shows the site looking from the existing Costar building towards New Market and Tredegar. It is showing the upper part of the parcel . The lower part would be to the left not shown in the photo. For orientation the photo is pointing westward.

[eandslee]

4 minutes ago, CitiWalker said:

The photo shows the site looking from the existing Costar building towards New Market and Tredegar. It is showing the upper part of the parcel . The lower part would be to the left not shown in the photo. For orientation the photo is pointing westward.

Ah got it. Thought I was losing my mind there for a second. Thanks for the orientation help!

[DowntownCoruscant]

Friends, remember the rule of thumb. Imagine what you expect we’re getting, and then chop off 20%. At least.

[wrldcoupe4]

So when do we think the renderings hit the street?

[I miss RVA]

2 hours ago, wrldcoupe4 said:

So when do we think the renderings hit the street?

Kind of like the "over/under" for a football game, yeah? 

Honestly, I don't know the timing of these things. Plus - regarding a renderings reveal, are we talking about a reveal as sniffed out by Urban Planet/Richmond's intrepid "crack staff" (as Marvelous Marv Albert used to say back in the day when presenting the "Albert Achievment Awards" on "Latenight with David Letterman") - or are we talking something more "official" as reported by Richmond BizSense, the RTD or one of the TV stations, or announced by the city or CoStar?

Edited June 24, 2021 by I miss RVA

[Hike]

1 hour ago, wrldcoupe4 said:

So when do we think the renderings hit the street?

I've been wondering this too.  I'm still regularly looking for any hidden clues but nothing since the first luck I had months ago.  My guess is, If the mystery drilling was actually testing for foundations wouldn't they be testing in the areas where the building is to be built and how would they know where the building(s) are to be built unless they have foundation plans? So, if they have foundation plans,  they know a shape and if they know a shape,  then they have a building,  and if they have a building,  my guess is 3 weeks + 2 days.

[I miss RVA]

43 minutes ago, Hike said:

I've been wondering this too.  I'm still regularly looking for any hidden clues but nothing since the first luck I had months ago.  My guess is, If the mystery drilling was actually testing for foundations wouldn't they be testing in the areas where the building is to be built and how would they know where the building(s) are to be built unless they have foundation plans? So, if they have foundation plans,  they know a shape and if they know a shape,  then they have a building,  and if they have a building,  my guess is 3 weeks + 2 days.

I'm probably miles off base on this one - but I'm suspecting its still at least several (many?) months away. Maybe not - hard to tell. I don't have any idea how this process works from a timing standpoint.

[eandslee]

2 hours ago, wrldcoupe4 said:

So when do we think the renderings hit the street?

My thought is, by the end of this calendar year, just based off of what the CoStar CEO said about how long the process would take.  Maybe he said that it would take the better part of the year to iron things out so that he could keep the media off his back for a little while, so maybe it could be earlier than the end of the year.  I think as the time draws closer, there will be more leaks and we will start to hear about new rumors, then they will release the renderings when the news, pretty-much, gets full into the rumor mill...because at that point, the cat will be out of the bag (except for all the details).

[Hike]

16 hours ago, eandslee said:

My thought is, by the end of this calendar year, just based off of what the CoStar CEO said about how long the process would take.  Maybe he said that it would take the better part of the year to iron things out so that he could keep the media off his back for a little while, so maybe it could be earlier than the end of the year.  I think as the time draws closer, there will be more leaks and we will start to hear about new rumors, then they will release the renderings when the news, pretty-much, gets full into the rumor mill...because at that point, the cat will be out of the bag (except for all the details).

My guess on the time frame, where I mentioned 3 weeks + 2 days, was me being sarcastic and joking it'll be that soon, there's no way it's that soon.   I hope and think you're right that it's by the end of the year or sooner.  They had some plans, ideas, concepts with Navy Hill that were percolating, those should be able to transfer to any footprint.  That would put Costar developing a HQ here starting in Jan. 2020, (18 months ago) or probably earlier, as that's when we were told about it for Navy Hill.  Their new riverfront property option was announced almost 1 year ago, July 2020, so that is plenty of time...

Edited June 24, 2021 by Hike

[I miss RVA]

On 6/24/2021 at 2:15 PM, Hike said:

My guess on the time frame, where I mentioned 3 weeks + 2 days, was me being sarcastic and joking it'll be that soon, there's no way it's that soon.   I hope and think you're right that it's by the end of the year or sooner.  They had some plans, ideas, concepts with Navy Hill that were percolating, those should be able to transfer to any footprint.  That would put Costar developing a HQ here starting in Jan. 2020, (18 months ago) or probably earlier, as that's when we were told about it for Navy Hill.  Their new riverfront property option was announced almost 1 year ago, July 2020, so that is plenty of time...

And, of course, when even only the whiskers of the cat begin to poke out of the bag, the intrepid investigative team at Urban Planet/Richmond will be there FIRST to get the scoop - well before anything 'official' is announced to the media. I'll wager we get the news published here on this forum a good week before anything official is announced. 

Edited June 26, 2021 by I miss RVA

[KJHburg]

Just a comment.  Anytime we see soil sampling in Charlotte it is usually one of two things: 1. the property is getting ready to be sold   Or  2. someone is getting ready to start building. 

Now there can be a lag time but this is a clue for sure on something to come.  Since this land was recently purchased I would think it is 2nd option. 

[wrldcoupe4]

Yep I think it’s a near certainty something will happen. Just a question of how much?

[I miss RVA]

4 hours ago, KJHburg said:

Just a comment.  Anytime we see soil sampling in Charlotte it is usually one of two things: 1. the property is getting ready to be sold   Or  2. someone is getting ready to start building. 

Now there can be a lag time but this is a clue for sure on something to come.  Since this land was recently purchased I would think it is 2nd option. 

Here's hoping that will become the standard in Richmond, too regarding soil samples. Given how many projects for buildings 10 stories or higher that we are tracking (if everything we have seen thus far that's either 1.) underway, 2.) been announced, 3.) seen on drawing boards - we're looking at something in the neighborhood of 18 or 19 highrise buildings that could rise in the next several years across different areas of the city - Scott's Addition, Allison, VCU, Jackson Ward, Monroe Ward, MCV/VCU/City Center, Foundry/Riverfront, Shockoe Bottom, Manchester... it's really impressive just how much the city could change and how quickly we could see that change come. This is really exciting!

Edited June 26, 2021 by I miss RVA

[KJHburg]

A new Costar tower would need to be about 30-35 floors to be the new tallest in Virginia (look at the Capital One Tower in Tystons)  and be taller than the Westin in VA Beach which is 508 feet tall. 

From what I remember they subleased the space from Westrock and then they bought the building.  Some tenants to prefer to own rather than lease.  And certainly a real estate market research company would be someone who likes to own.  I think they will move their HQ out of DC and consolidate to Richmond altogether.  DC as we all know is super expensive and their client base is all over the US.  Plus they know every major developer in the country to build a signature building if that want one.  Since where I live is bad word in Richmond I will just say there are several major employers here that prefer to own one being Truist Bank for example.  Others like to lease.  Truist likes to own buildings and they do that all over their footprint. But think about it Costar  could build a signature tower they could grow into and lease out space in it in the meantime.  (and they know whose lease is coming up too and how to market space)   There is a flight to quality across the country as many companies want their office space to attract employees with highly amenitized spaces.   With the strict height limitations in DC proper there is no room to build a signature tower (and there is not much cost savings going to the suburbs either there)  

Look at their website they are already calling Richmond their Research HQ which is the heart and most important part of Real estate information data company.  Easy to drop the Research and just call it HQ.  

About | Costar North America

and Clayton and I have talked about this months ago.  

CoStar drops $130M on 5th Street office building that bears its name - Richmond BizSense

their own press release earlier this hints at much more growth in Richmond

CoStar Group News

Edited December 2, 2021 by KJHburg

[wrldcoupe4]

My guess is that it won't be a new tallest for Virginia, but it will be a great addition to the downtown market and skyline.

[eandslee]

7 minutes ago, wrldcoupe4 said:

My guess is that it won't be a new tallest for Virginia, but it will be a great addition to the downtown market and skyline.

I hate it when you're right about stuff like this...but you may be right in this case.  I'd love to see the state's new tallest in Richmond, but dang...developers/companies in the area can't seem to think beyond the 450' height...as if there is a concrete ceiling just above that height that they just can't punch through.  I hope you're wrong on this one Coupe, but what example to we have that says otherwise?  Answer: nothing.  If it does happen, it would be freaking huge!

[I miss RVA]

39 minutes ago, eandslee said:

I hate it when you're right about stuff like this...but you may be right in this case.  I'd love to see the state's new tallest in Richmond, but dang...developers/companies in the area can't seem to think beyond the 450' height...as if there is a concrete ceiling just above that height that they just can't punch through.  I hope you're wrong on this one Coupe, but what example to we have that says otherwise?  Answer: nothing.  If it does happen, it would be freaking huge!

There's always a chance it could come it at 500 or 505 feet - still not the tallest in the state - but 51 to 56 feet taller than the Monroe Tower. Much as we'd prefer something much larger, that would still work, wouldn't it? 

Edited December 2, 2021 by I miss RVA

[I miss RVA]

1 hour ago, KJHburg said:

A new Costar tower would need to be about 30-35 floors to be the new tallest in Virginia (look at the Capital One Tower in Tystons)  and be taller than the Westin in VA Beach which is 508 feet tall. 

I think they will move their HQ out of DC and consolidate to Richmond altogether.  DC as we all know is super expensive and their client base is all over the US.  Plus they know every major developer in the country to build a signature building if that want one. 

Since where I live is bad word in Richmond

A few thoughts: @KJHburg

1.) 30-35 floors - 500-plus feet: I hope and pray we could get something that tall here. It's well beyond time we start breaking into the big leagues a little bit (we were headed there in the '70s but it just dried up...)

2.) CoStar moving HQ from DC to RVA - PLEASE GOD!! That would be a huge gain for RVA - and does seem to make a lot of sense for CoStar.

3.) Bad word in RVA: Nah ... it's okay to mention Charlotte here. You know at one time, we (CLT & RVA) were considered sister cities way back when (I think it was mainly because of Jefferson-Pilot Telecommunications owning both WBT and WWBT & that Betty Feezor (who my mom, of blessed memory, watched religiously) taped her show from studios in both Charlotte and RVA)...

3a.) - which reminds me of a joke that as a Carolinian you might appreciate: I grew up a life-long fan of the UNC Tar Heels basketball program (I know - I'm a traitor - it is what it is...) ... now, I go back to the days of Walter Davis, Mitch Kupchak, Phil Ford, etc.   ANYWAY - as a diehard UNC fan (even though my alma maters are VCU (undergrad) and ASU (grad school)) I've always had a healthy hatred for the Evil Empire that plays in Cameron Indoor Stadium in Durham. ANYWAY - the old joke goes that: "in Chapel Hill, 'Duke' is a four-letter word."

Think about THAT one for a minute! 

Edited December 2, 2021 by I miss RVA