Centennial Tower

[burt]

Has it sold already? I noticed the CBRE sign out front. It's assessed at $800k.

My memory is a bit fuzzy, but isn't the building at n/e corner of 5th and Cary a historic town house? And there is, if I'm not mistaken, a charming little carriage house on Cary just east of 5th which may or may not be part of the town house property. Also, midblock on the east side of 5th between Main and Cary, isn't there another historic home?

Coupe, I'm wrong about Pollard and Bagby, but isn't there a building on 6th between Centennial and 10 S. 6th whose owner does not wish to sell? Thus, Centennial has nowhere to go but UP. I, like you, assume parking will be among those 30 stories in a newly designed tower.

[wrldcoupe4]

Burt, Centennial's buildings back right up to 10 S. 6th street (see here). The building at 5th and Cary is very old and historic... and won't be going anywhere. Midblock on 5th, another historic building is home to the Virginia Chamber of Commerce.

Edited December 17, 2007 by wrldcoupe4

[eyes]

I think the chamber would like a new building somewhere else and I think lawyers can unlock an historical lock on the n5th and cary property. the carriage house belongs to the 5th and cary.

This only leaves 501, 503,505 east main and the parking lot.

The whole block is needed. If Goodstein and Douglas aren't partners, then Douglas is waiting the buildings to

come down and then plans to take over the whole block. It's a monoply game in action!

[wrldcoupe4]

Why would they need the entire block? These historic buildings are going nowhere, and Jemal's property is not/will not be involved.

[eyes]

Jemal want's everything. To make the tallest in Richmond , Right in the center, He's gotta have it.

It takes the whole block to make a 40 story, with eveything and parking. Like the James Center.... but bigger and better. This escalates Richmond which is emerging and that where the money is today. The money is only in the tallest biggest and best.

[wrldcoupe4]

Ahh so you're saying Jemal needs the whole block, not Goodstein? .... If Jemal wanted it, he could have an entire block.. right next to the James Center (where he has minority ownership). What makes you say Jemal would build a new tallest in Richmond? I'm pretty sure he has plenty to work on as it is...

[burt]

Ahh so you're saying Jemal needs the whole block, not Goodstein? .... If Jemal wanted it, he could have an entire block.. right next to the James Center (where he has minority ownership). What makes you say Jemal would build a new tallest in Richmond? I'm pretty sure he has plenty to work on as it is...

Absolutely! Let Jemal find a tenant for CNB tower first. Right now, I'd be very satisfied with Goodstein's 30-story tallest in Richmond.

Or would Monroe still hold the title?

There is still hope for the triangle block signature tower -- which would be directly across the street from Jemal's James Center holdings.

[eyes]

It's

monopoly

Is Jemal going to be content with a couple of railroads and a few hotels?

That's what makes me think Jemal has this block on the back burner. Also, statistics, location, history,art,and advertising with proven models will point to this block as the pinnical of Richmond.

Between the convention center, main and 5th, and the River.

[burt]

It's

monopoly

Is Jemal going to be content with a couple of railroads and a few hotels?

That's what makes me think Jemal has this block on the back burner. Also, statistics, location, history,art,and advertising with proven models will point to this block as the pinnical of Richmond.

Between the convention center, main and 5th, and the River.

Well eyes, one thing you can be sure of in your zeal for a massive "Jemal Block" is that the two historic houses on the east side of 5th between Main and Cary will never be approved for demolition. They are part of what makes Richmond uniquely historic compared to many cities.

[eyes]

If he owns them.... (Which I think he does via some lawyers) He can use the Air space.

[thatguy]

lets be for real. 1) I doubt your claims to his (Jemal's) plans. He has too many big pieces through out the city that he has not developed as promised....CNB for one 2) There is no market for what you say he is going to do. He can build as tall as he wants, but he has to fill it to get the money to do so...the taller it is, the harder to fill. Just because it is the tallest does not mean companies are falling over each other to pay a higher $ per square foot. Many complanies are looking to show restraint not reckless spending. 3) If he can't get the 3 small buildings on 5th and main, how are we to expect him to acquire the historic properties at 5th and cary? 4) From what I hear, they still do not have the financing in place for the Centennial Tower.

[wrldcoupe4]

...it's as if you took the words right out of my mouth...

[eyes]

You are correct. Goodstien is broke and owes money. He will have to sell to a buyer,.. Jemal!

Half ass plans are in place, buildings will be down and the block is prepped for building....( a big one is due).

The 3 buildings on 5th and main are will to go at a price. A price commeasuret with the building to be built ,300 to 400 million. Hell, maybe Trump could be swayed. An Icon in the middle of Richmond will bring the money. See what you want to see, don't see whats there now.

Goodstein's investors have got to be very disenchanted. They probably want out.

[thatguy]

Well I hate to say this, but someone needs to tell Goodstein to stop everything. They just hired a photographer to shoot the interior of the 3 un-owned buildings. They wanted "before shots" done to prevent any lawsuit from false damages as they demo. Why would Goodstein do this if they were "broke" and why would they do this if Jemal owns the project? Even if Jemal bought the project, he can not finance it himself, which means he has to shop the "deal". To do this means he has to do his own proforma and LOI to get the packet done for the lenders. Something he just can't buy as part of the "via lawyers". Also, please do not confuse "no financing" as "broke".

Jemal owns some big "projects" that he has bragged that he was going to do something great. I would consider it a slap in the face of Richmond, if he starts something else other than following through on his promises. The CNB has been ready for years, why can he not get this going?

Edited December 19, 2007 by thatguy

[eyes]

I think once an icon or two are built ...all the other buildings will more favorable to companies. Jemal will then

fullfill the other projects. I will not confuse "no financing" with being "broke"

The buildings are required to come down now by the city's demand. Thus the photos need to be taken as part of that requirement.

[majors2410]

Does anyone know if the CNB building is sitting totally empty?

[Cadeho]

You can see right through the building... I'd say that's empty.

[wrldcoupe4]

The entire building is vacant.... all of the upper floors are completely gutted as well, but the lobby/arcade are still in tact and stunning.

[burt]

The entire building is vacant.... all of the upper floors are completely gutted as well, but the lobby/arcade are still in tact and stunning.

I still think it would transform into an ideal mini city hall where displaced city agencies such as the School Board, The Fire Dept. headquarters and other agencies could be placed.

[Henry]

I still think it would transform into an ideal mini city hall where displaced city agencies such as the School Board, The Fire Dept. headquarters and other agencies could be placed.

A few years ago, some non profits were considering locating there to make a "non Profit headquarters"

[thatguy]

The city has demanded that Goodstein demo the buildings? I did not know the building were condemned. Were they occupied before they were purchased? If so, why is the city forcing them to demo. How has this not hit the papers, when everything else does?

I was under the impression that Goodstein was taking the buildings down to satisfy doubts in order to gain favor in the lending community. Not to mention the property has more value cleared, so I considered it an investment on Goodstein's behalf.

Please explain, you seem to know a ton more than everyone here...

A few years ago, some non profits were considering locating there to make a "non Profit headquarters"

That plan was in place when Ukrops owned the building. He wanted to provide a place for non profits to consolidate and save money while offering convenience to the community.

[burt]

This topic runs hot and cold with unpredictable postings. I, for one, believe that Goodstein's company, without any Jemal involvement, will go ahead with "a" project on the property...whether or not it is a 30-story tower.

An encouraging bit of news in today's paper talks of the consistently rising hotel occupancy in the area. Attracting a hotel chain to 6th and Main probably is becoming more and more likely.

[wrldcoupe4]

The city has demanded that Goodstein demo the buildings? I did not know the building were condemned. Were they occupied before they were purchased? If so, why is the city forcing them to demo. How has this not hit the papers, when everything else does?

I was under the impression that Goodstein was taking the buildings down to satisfy doubts in order to gain favor in the lending community. Not to mention the property has more value cleared, so I considered it an investment on Goodstein's behalf.

Please explain, you seem to know a ton more than everyone here...

That plan was in place when Ukrops owned the building. He wanted to provide a place for non profits to consolidate and save money while offering convenience to the community.

I am unaware of any reason why the city would require the developer to tear down these buildings. The city hasn't requried this for hundreds of other blighted buildings sitting idle without demanding demo (a policy which would be worse than the blight IMO). There does not appear to be any obvious structural reasons for demo and as far as being vacant structures, as long as they are secured (boarded windows, locked doors, etc) I don't think the city could ask of anything more.

that_guy's suggestion that the purpose of demo would be to help with lending woes seems spot on. I imagine they can afford to pay for the demo, but do not have the resources to construct a new building without significant financing. Thus, my concerns that if demo moves forward in the current lending climate we'll be stuck with a gaping surface lot on Main Street for a prolonged period.

Goodstein could change facts on their website to reflect "plans" for a 500 story tower, but until I hear of financing being secured, a hotel named, reservations being taken for condos, and steel/concrete rising I'm going to remain guarded on this project.

I think we'll see action on the CNB tower, but like others my impatience grows!

Edited December 19, 2007 by wrldcoupe4

[eyes]

Richmond City invested a lot of money and time digging up services, overseeing demo application, A ton of

man hours have been spent digging up main street, over and over to disconnect the gas lines and then repairing the 90 years old pipes. Now the buildings are hazzards. Windows left open, holes in roofs;very dangerous conditions exists especially due to snow and ice to increase the potential hazzards. The city will not let them stay up due to the cities' investment and obligation to it's citizens for safety. Goodstien has turned the structures into delapidated colaspeable situations. Goodstien is now obligated to demo.

It would have been better to have left them in use until they got the money.

[wrldcoupe4]

Windows can be closed and covered, holes in roofs can be patched, right? Any utility upgrades could be utilized at a later date.