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Centennial Tower

eandslee

By eandslee
in Richmond

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thatguy Whistle-Stop

thatguy

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I have been thinking about that and can not find a reason to use part of an existing structure. One the facade is different from the proposed design and if they alter it, it can not qualify for credits. The supporting columns were never designed to support a 30 story building. Any savings in keeping it, would be offset a great deal by the expenses to adapt it to the new structure. We are talking about a project that is over 100 million dollars. Even if they some how get credits to apply, it is based upon the cost of the renovation of that piece not the project. There can not be $500k in its renovation, so at best we are talking about a possible $200k in credits ( $0.40 on the dollar est, which is high since they have to sell off the credit at a reduced rate) On a $100 million that is not even worth the effort, considering the above mentioned issue of blending into the new building.

Just makes no sense to me. Any ideas?

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Richmonopoly
Richmonopoly

I contacted Goodstein about the potential of this being reborn.  The response from Lenny Bayer was:   "No, we are working on another development."  

RVA-Is-The-Best
RVA-Is-The-Best

That's this article from BizSense in 2016. It was linked on the development map under a completed project "The Centennial (Phase 1)". In the description I pasted the excerpt that would match the

wrldcoupe4 Metropolitan Area

wrldcoupe4

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I agree... however, if you look closely at the rendering, the facade of the existing corner building and the Centennial Tower corner at 6th and Main do look somewhat similar (arched windows for example). So either the structure will in some way be incorporated or the architecture is merely paying homage to the structure. I feel like I heard that the sales center would go in the corner building, but I can't confirm it for sure...

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eyes Unincorporated Area

eyes

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Sbcox's man said level buildings to the big corner. A sales office is planned with a speck condo. ????? These plans change on an ongoing basis. I think they want to spend as little money as possible to see if sales and financing will go in the right direction.

I say they want and need the parking lot and the buildings at 5th and e. main for the ideal building. They will take all the time...and spend as little as they can. It's all great advertising, right? It's precarious... the market and financing and the other lots.

Once it is known that sales are there.. financing is there; Goodstien will pay what they have to in securing the rest of the land. The building will be too skinny to be the impressive icon that investors will want to invest in.

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burt Megalopolis

burt

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Sbcox's man said level buildings to the big corner. A sales office is planned with a speck condo. ????? These plans change on an ongoing basis. I think they want to spend as little money as possible to see if sales and financing will go in the right direction.

I say they want and need the parking lot and the buildings at 5th and e. main for the ideal building. They will take all the time...and spend as little as they can. It's all great advertising, right? It's precarious... the market and financing and the other lots.

Once it is known that sales are there.. financing is there; Goodstien will pay what they have to in securing the rest of the land. The building will be too skinny to be the impressive icon that investors will want to invest in.

If that's true, Goodstein must have two sets of design specs and renderings --one we've seen and another covering the entire Main Street frontage.

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journiyin Hamlet

journiyin

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Just a guess but I think they have to be careful with this one building because 1/2 of it isn't being demolished.

You would be correct, and there isnt much room on the back side to work with because of the parking lot in the back. They are giving themselves an alley so to speak with which to bring in heavier equipment and not worry about damaging their neighbors.

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eyes Unincorporated Area

eyes

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O.K. The builidings are almost down. A new roof was put on the large building on the corner of 6th and main to put a model condo

in side as well as a sales office.

Can they build in this market? Will banks loan construction money in this market? 183 million? Will people buy condos in this market?

Will people buy condos downtown? Maybe they are positioning themselves for the turnaround of the market.... years from now.

Any inside info?

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journiyin Hamlet

journiyin

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O.K. The builidings are almost down. A new roof was put on the large building on the corner of 6th and main to put a model condo

in side as well as a sales office.

Can they build in this market? Will banks loan construction money in this market? 183 million? Will people buy condos in this market?

Will people buy condos downtown? Maybe they are positioning themselves for the turnaround of the market.... years from now.

Any inside info?

Well if the building is done in 2-3 years, that means the market could be booming again... so, maybe they will build it without too much speculation?

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eandslee City

eandslee

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I'd also like to see construction begin soon, but I have a feeling that they are demolishing these buildings only to show some progress. I have a feeling that they will not begin real construction for another while yet - they have to have financing in place and they have to ge the construction permits through the city, which we know they haven't done yet.

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