Centennial Tower

[burt]

we'll just have to wait and see when the preview center opens in July..

Early December wasn't that long ago. I think Tommy is on to something. The sly fox!!!

Didn't eyes tell us that the Goodstein boys were in discussion with officials at City Hall recently?

[burt]

Here is something :

Goodstien's lawyers were at city hall planning development office.... they may be there right now.... 9:41a 4-17 2008.

What they are discussing about the building, I don't know. They may want to build something?

Here's the quote from eyes on April 17th about Goodstein's lawyers visiting City Hall.

[eyes]

Here's the quote from eyes on April 17th about Goodstein's lawyers visiting City Hall.

I don't think discussions are going on. I only heard the boys there and it was guessed they were headed to the 5th floor.

Maybe the developer has been called on the carpet to answer questions... maybe not. If this building was going anywhere everybody would know ! Anybody building a building in this market would is as popular as a movie star. And the RTD would be focused on it.

[thatguy]

I don't think discussions are going on. I only heard the boys there and it was guessed they were headed to the 5th floor.

Maybe the developer has been called on the carpet to answer questions... maybe not. If this building was going anywhere everybody would know ! Anybody building a building in this market would is as popular as a movie star. And the RTD would be focused on it.

This post is your most intelligent post yet ( no offense intended, you have plenty of great post) I think you hit it right on the head...the RTD has not picked up on it...why?

[HopHead]

Ahh, I remember hearing about this building before I moved in '06. Glad to see that it may be moving forward, and some added to height to top it off. Hopefully the powers to be will make it happen. Here's to hoping developments like this will slow down the short pump sprawl...

Edited May 1, 2008 by dbull75

[burt]

I do not believe that lack of reporting in the RTD is indicative of doubt about Centennial. Unlike the Virginian Pilot in Norfolk, the Richmond newpaper is extremely cautious about project speculation until developers provide releases. There was considerable coverage when Goodstein first released news of his plan a couple of years ago, and if there were legitimate concerns about its abandonment, or if there were environmental/preservationist concerns, the RTD would have stories about it.

Frankly, I was surprised the TD did a speculative story on the proposed tower that may rise above the RMA garage at 10th and Canal. That's not their usual style. Note that there has been no word on the pages of the newspaper about renovation starting again on the John Marshall when people who should be in the know are confident it will begin soon.

Images (though dated) of Centennial on the Flippen Building at 6th and Main wouldn't be up there if Goodstein had given up on the tower, IMO.

Of course, anything can happen, but I believe TBurban has an inside track on this.

[burt]

Are Richmond Magazine, Work and other publications still running ads for Goodstein's properties?

Edited May 1, 2008 by burt

[wrldcoupe4]

Who said they've given up? Unfortunately for the developer, this is one of the worst times in a long time to try to pull off a new construction condo project of this scale which is so heavily reliant on the residential portion for success.

Until there is a signed agreement with a hotel and there is a substantial portion of pre-sales done (like more than 50%), it's simply going to be very difficult for them to find the financing needed to make this project happen.

As far as the paper goes, they have no story unless the Goodstein folks say anything. The press is a double-edged sword for projects like this... talk it up and they'll talk it up... start to have trouble and they'll slay you. They are smart for staying low-key at the moment... they don't want it to become the Granby Tower of Richmond. And considering the RTD tucks the business section behind the obituaries with only a half-assed effort at local content these days... how much should we really expect?

I think they are still committed to making it a reality, but who knows what the time table will be... they are stretching this whole process out probably hoping to have this hit the market when it is on the way back up. So, while moving forward, I hardly think it will be at full speed for a while, though I'd love to be wrong!

Edited May 2, 2008 by wrldcoupe4

[eyes]

Goodstein purchased the land.

Gathered people and companies '''''which are the most key ingredient.

Goodstein is in some kind of communication with the city.

Goodstein moved the tenants out.

Goodstein accomplished the abatement.

Goodstein demoed the buildings.

The city wants centennial towers.

Commercial buildings in city centers are the most stable in our economy.

Money is comming back to these properties first.

Sam Zell say's it's happening now. ( chairman of the largest commercial building leasing corporation in the country) billionaire.

Richmond is growing...... economy crisis is not as bad as thought now.

Matter of time momentum will pressure the event of centennial tower.

[thatguy]

Boy do you flip flop. You are saying in one post it will not happen. In another post you say it will. You always seem to be around their lawyers and then down play your entire post.

What do you know and what are you just guessing on by picking random thoughts?

[eyes]

Boy do you flip flop. You are saying in one post it will not happen. In another post you say it will. You always seem to be around their lawyers and then down play your entire post.

What do you know and what are you just guessing on by picking random thoughts?

I'm thinking that It's all fallen apart. But it's too good of an idea and concept to fail. These people will fade away, a new group will buy the lot and build. Doing nothing costs money... if they had money they would do it.

If they were doing it , we would know. But it will happen. I think we all know that. If thats flip-flop,that's the way it's happening.

I'm thinking 10 years out.

But if your question is :" What do I know?", Well the answer to that is absolutely nothing!

[eyes]

My interest here has vanished. Good luck with your discoveries!

[thatguy]

now it makes sense to me. I was having trouble following your post as to what was or should be going on. Thanks and I agree. They are floundering, but the project has meat.

[burt]

Is Lenny Bayer still Goodstein's man on the Centennial project?

[wrldcoupe4]

yes

[burt]

yes

That's encouraging. Since Bayer is still on payroll and has hung on since inception of this project in 2005 he must have faith.

[wrldcoupe4]

Burt -

He was with Goodstein for years prior to this project's inception and will likely be there for years to come.

http://www.goodsteindevelopment.com/aboutu...xecutive=Lbayer

As senior VP, I don't think he's off the payroll if this project or any other just didn't pan out.

[burt]

Burt -

He was with Goodstein for years prior to this project's inception and will likely be there for years to come.

http://www.goodsteindevelopment.com/aboutu...xecutive=Lbayer

As senior VP, I don't think he's off the payroll if this project or any other just didn't pan out.

Aha. OK, I see. I thought he was strictly the point man in RICHMOND until just reading his bio. He's really a big boy in the organization and is in the Metro New York area and doesn't maintain an office at 6th and Main.

But who is the local contact and office manager -- or is there one?

[thatguy]

my guess is ( from their website) and I know he is local..." Stephen J. Staats, the Managing Partner for the Goodstein Organization of Richmond, has more than 30 years in the Real Estate Development and Construction industries."

[burt]

my guess is ( from their website) and I know he is local..." Stephen J. Staats, the Managing Partner for the Goodstein Organization of Richmond, has more than 30 years in the Real Estate Development and Construction industries."

Interesting!

Staats' bio refers to Centennial without naming it but describes it as "approximately 500,000 square feet of mixed use development. The multi faceted Class A hi-rise building will include several components, such as retail, office, hotel, condo, RENTAL APARTMENTS, gym and parking garage."

Edited May 5, 2008 by burt

[wrldcoupe4]

The original concept calls for about 50 corporate stay units, which could be rented.

[Shakman]

It would be Steve Staats. However, I have been able to get more info on Centennial from Lenny.

[burt]

Riverfront Plaza's two buildings total slightly less than 1 million square feet and neither tower reaches 30 stories in height. How high should Centennial's 500,000 s/f rise? It's a small lot, so that might account for the higher number of floors.

Also, 30 stories in a mixed use building would not rise as high as an office tower with the same number of floors. The Omni Hotel at about 20 stories is an example of that hypothesis. My guess is that Centennial's 500,000 s/f would result in a tower of about 325 feet from ground to top.

[wrldcoupe4]

It has approx. 22,000-23,000 square foot floor plates. Including the parking garage, the Goodstein website says the tower will be 650,000 square feet... so that adds up pretty well.

And as far as "full speed ahead" it looks like Goodstein has pushed back the timeline for this project yet again:

Timeline:

Design Commencement Late 2007

Design Completion 2009

Groundbreaking 2009

Occupancy 2011

**as of 4/28/08

We should just go ahead and let this thread rest for another year or so...

[journiyin]

Riverfront Plaza's two buildings total slightly less than 1 million square feet and neither tower reaches 30 stories in height. How high should Centennial's 500,000 s/f rise? It's a small lot, so that might account for the higher number of floors.

Also, 30 stories in a mixed use building would not rise as high as an office tower with the same number of floors. The Omni Hotel at about 20 stories is an example of that hypothesis. My guess is that Centennial's 500,000 s/f would result in a tower of about 325 feet from ground to top.

That also depends on the point at which you measure the ground... from the existing adjacent buildings along Main St, or at the 2 or 3 story lower caddy corner of the lot along 6th. Some developers will say 30 stories, but that is from the base of the underground parking all the way to the top of the building spire. Now we wont know how they measured this project for quite a while... although TB and/or Eyes might find out sooner.

My gut is they are measuring the parking, but where they set that bottom floor remains to be seen.