Centennial Tower

[burt]

OK, final words from me on this topic 'til groundbreaking. If design committment was late 2007, then Baskerfield should have some renderings or sketches. Further, the 650,000 square foot revision is a surprise!

[Shakman]

OK, final words from me on this topic 'til groundbreaking. If design committment was late 2007, then Baskerfield should have some renderings or sketches. Further, the 650,000 square foot revision is a surprise!

Design commitment is now 2009. See coupe's post above.

[burt]

Design commitment is now 2009. See coupe's post above.

Yea, Design COMPLETION is in 2009 which begins 7 months hence, but Design COMMENCEMENT is listed as 2007. That year ended 5 months ago so there must be some activity in the Baskerville office.

[wrldcoupe4]

This timeline is from December 07:

Timeline and Building info:

Timeline: Market Analysis Completed Oct 2005

Design Commencement Late 2006

Design Completion 2008

Groundbreaking 2008

Occupancy 2010

Along with the:

Approx. 650,000 ft

[burt]

OK, so they've changed plans twice, but the 4/28/08 timeline, while another slowdown, is not abandonment. There may have been financial enticements from the city, or maybe not, but this is not a Granby

Tower situation. l'm still bully on Centennial's future though I may have moved on to that great skyscraper in the sky by the time it finally opens.

[TBurban]

I've got a gut feeling the months of June/July will make or break Centennial. We shall see soon enough.

[eandslee]

I've got a gut feeling the months of June/July will make or break Centennial. We shall see soon enough.

What do you mean about that comment TB? You were rather optimistic mere days ago - what happened? What happens in June/July time frame that will make or break this project?

[wrldcoupe4]

OK, so they've changed plans twice, but the 4/28/08 timeline, while another slowdown, is not abandonment. There may have been financial enticements from the city, or maybe not, but this is not a Granby

Tower situation. l'm still bully on Centennial's future though I may have moved on to that great skyscraper in the sky by the time it finally opens.

Again, no one said the project was being abandoned, but it's clearly being delayed substantially in the hope that they can hit the market on its way up and hopefully find financing and a hotel by then.

And unfortunately for you all, a "slow down" doesn't mean "full speed ahead" so there won't be plenty of drinks pouring or any shoe eating. However, if/when this breaks ground for real, I may extend my offer again as a courtesy

Edited May 7, 2008 by wrldcoupe4

[TBurban]

What do you mean about that comment TB? You were rather optimistic mere days ago - what happened? What happens in June/July time frame that will make or break this project?

It's not that I've lost optimism, I just feel, and well..know that those months when the sales center is scheduled to be open and Goodstein starts to take dedicated sales, it will be in their best interest to get a firm grip on the demand and interest for condos in Centennial. They'll most likely base the groundbreaking and design completion on the amount of units/spaces leased/sold within the immediate opening. Just throwing that out there, Im done posting in this topic until June

[burt]

Gulp!!!

I don't know what this says for Centennial's future, but The Dolly Madison renovation complex at the northeast corner of Madison and Franklin which is a Goodstein development has lots of units for sale.

Sunday's Real Estate section of the RTD has listings by price for homes/condos. I checked Region 10, which is Center City, and 14 units ranging from 2 bedrooms/2 and a half baths at $491,800 to 1 bedroom/1 bath at $179,400 are available in the complex. Does anyone know the full inventory of units?

I noticed only one unit available at Vistas on the James at $229,000 and none at all for Riverside on the James.

[wrldcoupe4]

Their presidential project flopped pretty well.... as did the condo conversion of the suburban apartment complex. Apparently the floor plans in the former mental hospital sucked. They claim 70% of the presidential is sold... but that seems like a stretch. The skepticism at this point over Centennial isn't purely plucked from thin air

[Shakman]

Is the same broker firm marketing the Presidential also marketing Cetennial?

[burt]

Their presidential project flopped pretty well.... as did the condo conversion of the suburban apartment complex. Apparently the floor plans in the former mental hospital sucked. They claim 70% of the presidential is sold... but that seems like a stretch. The skepticism at this point over Centennial isn't purely plucked from thin air

It's possible that 70% were sold to speculators wanting to "flip" the units.

[journiyin]

It's possible that 70% were sold to speculators wanting to "flip" the units.

Burt, you are correct there, people bought those properties assuming they would get a good return on their investment and now they have been caught with their pants down when parents of students don't want to buy places for their kids right now...

[burt]

This article about Norfolk's new Westin -- a rather long read -- encourages me about Centennial's prospects. If about 8 or 10 pre-sold penthouse units and an enlarged hotel presence under the banner of a name brand could be in Goodstein's plans, prospects for his skyscraper could be rosier:

http://www.wavy.com/Global/story.asp?S=8383476&nav=23iu

[thatguy]

This article about Norfolk's new Westin -- a rather long read -- encourages me about Centennial's prospects. If about 8 or 10 pre-sold penthouse units and an enlarged hotel presence under the banner of a name brand could be in Goodstein's plans, prospects for his skyscraper could be rosier:

http://www.wavy.com/Global/story.asp?S=8383476&nav=23iu

Here is a key difference..."The top six floors are residential condos that have already been pre-sold to the developer's families." They spent their own $ to make sure they would hit their presale numbers. Not many developers would do that.

A promising outlook though, can't deny that....

[burt]

Here is a key difference..."The top six floors are residential condos that have already been pre-sold to the developer's families." They spent their own $ to make sure they would hit their presale numbers. Not many developers would do that.

A promising outlook though, can't deny that....

With downtown Richmond's heavy corporate and political presence, selling penthouses may not be that tough.

I wonder if ad agencies, such as Martin, could be hired to promote ventures like Centennial?

Richmond's convention center, compared to the one proposed at Norfolk's Westin, is gigantic in comparison. (I'm NOT referring to the new center in Va Beach nor the thousands of hotel rooms in that city.)

Norfolk has about 35,000 downtown workers -- Richmond has about 85,000. Downtown Norfolk has (or is projecting) 2000 hotel rooms, about the same number in downtown Richmond.

Overall, it's all about marketing!

Edited May 28, 2008 by burt

[Downtowner]

I dont know if any of you noticed this but I just looked at the goodstein development website and I saw that the design completion is now 2009 and the groundbreaking is 2009 with completion in 2011. This thing just keeps getting put off and I hope its for the better of it. Because right now it doesnt look so good. heres the website for you all to see for yourselves.

http://goodsteindevelopment.com/main.htm?cent_twrs=t

[wrldcoupe4]

We talked about this about a month ago... they have no financing, no firm commitment from a hotel, no office commitments, no retail commitments, and the project is primarily residential which is lagging at the moment... it's not a surprise to me that the timeline keeps changing.

[burt]

I dont know if any of you noticed this but I just looked at the goodstein development website and I saw that the design completion is now 2009 and the groundbreaking is 2009 with completion in 2011. This thing just keeps getting put off and I hope its for the better of it. Because right now it doesnt look so good. heres the website for you all to see for yourselves.

http://goodsteindevelopment.com/main.htm?cent_twrs=t

That's the first time I have seen this particular web site. The Project Fact Sheet, dated April '08, has a photo with the caption: "Future vision of Richmond skylkine with Centennial Tower", but unless the beam-like feature in the picture is supposed to be the tower, I don't see it.

Nor does the building rendering reach 30 stories.

But, I still like the idea and believe it will become reality.

[Shakman]

That's the first time I have seen this particular web site. The Project Fact Sheet, dated April '08, has a photo with the caption: "Future vision of Richmond skylkine with Centennial Tower", but unless the beam-like feature in the picture is supposed to be the tower, I don't see it.

Nor does the building rendering reach 30 stories.

But, I still like the idea and believe it will become reality.

I guess that rendering will stay outdated until sometime next year.

I agree... I think this project will happen.

[wrldcoupe4]

Fellas, TB wouldnt fool you I come back with excellent news.. Centennial is full speed ahead, they are in the process of luring tenants for the office/retail and a hotel portion is semi-closed on a tenant (boutique hotel). The tower will in fact be 30 stories tall, and more information is to come when the preview center opens in July

It appears that unfortunately, TB has been fooled.... July is quickly coming to a close and the only action to report is the dismantling of the ugly concrete electrical poles in front of this property.

[Shakman]

It appears that unfortunately, TB has been fooled.... July is quickly coming to a close and the only action to report is the dismantling of the ugly concrete electrical poles in front of this property.

I thought the sales center was not expected to open until August?

[thatguy]

With downtown Richmond's heavy corporate and political presence, selling penthouses may not be that tough.

I wonder if ad agencies, such as Martin, could be hired to promote ventures like Centennial?

Richmond's convention center, compared to the one proposed at Norfolk's Westin, is gigantic in comparison. (I'm NOT referring to the new center in Va Beach nor the thousands of hotel rooms in that city.)

Norfolk has about 35,000 downtown workers -- Richmond has about 85,000. Downtown Norfolk has (or is projecting) 2000 hotel rooms, about the same number in downtown Richmond.

Overall, it's all about marketing!

Hilton miller and Rhoads are not even building out the condo units due to the market. They have not even built their sales center and they have financing. Centennial has no financing, so how are they expected to hit presale numbers to satisfy the banks? Even the JM is going lease not buy to get their project to the market...we hope.

[TBurban]

Coupe's right..sorry to get anyone's hopes up. Im sick of idle conversations between myself and members of the Goodstein team, I had faith and July was their time to prove themselves..Im disappointed.

Edited July 24, 2008 by TBurban