Centennial Tower

[wrldcoupe4]

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.

I agree about Centennial... but to be fair to Miller and Rhoads, I was recently given a hardhat tour of the property and walked through a great many condo units in various phases of build-out. The condos should be finished in early '09.

[thatguy]

I agree about Centennial... but to be fair to Miller and Rhoads, I was recently given a hardhat tour of the property and walked through a great many condo units in various phases of build-out. The condos should be finished in early '09.

Interesting about the Hilton. I had heard they were leaving the condos as a cold dark shell and were not presellng any. Were they putting finishings in?

[wrldcoupe4]

There are others here who could elaborate much better than I, but there is still a ways to go before any finishing such as cabinets, counters, fixtures, etc are installed. It's true that no pre-salling has occurred which I always thought was a bit odd.

[ric75]

There are others here who could elaborate much better than I, but there is still a ways to go before any finishing such as cabinets, counters, fixtures, etc are installed. It's true that no pre-salling has occurred which I always thought was a bit odd.

With the housing/condo market the way it is, I wonder if they are going to test the waters and see if there will be additional demand for hotel rooms? Leaving these rooms a blank slate seems to leave open the option of converting them to hotel rooms/suites, no?

[wrldcoupe4]

My guess is probably not given the distinct difference in the layouts, features, etc.

[Shakman]

My guess is probably not given the distinct difference in the layouts, features, etc.

...or perhaps the residential units will be built as condos but leased as a lease option for ownership... or be built as condos for lease as apartments for now and then sold once the market dictates.

[burt]

I took a tour couple of weeks ago of new apartment units at Canal Loft Tower (the one at 20th & Cary in Tobacco Row.) They are very nice but start at about $1400 monthly for a one-bedroom unit ($1200 for the first year as an enticement.) So far, only the third floor is complete.

Wanted to take a look at the recently completed Lucky Strike building on Cary between 27th and Pear, but did not get the opportunity to do so.

PS: Hahaha. I plead guilty! This thread is called Centennial Tower, but it seems to be a dumping point for several other projects.

Edited July 24, 2008 by burt

[burt]

Interesting about the Hilton. I had heard they were leaving the condos as a cold dark shell and were not presellng any. Were they putting finishings in?

Channel 12 says it will be doing a story on the very much alive Miller and Rhoads Residences next Monday, July 28th during the 6PM segment. As we all know, promises of news stories can be preempted, but if anyone is around at that time, it might be worth watching.

[CurtR]

I agree about Centennial... but to be fair to Miller and Rhoads, I was recently given a hardhat tour of the property and walked through a great many condo units in various phases of build-out. The condos should be finished in early '09.

I spent 6 hours in Miller and Rhoads today and the building is coming together nicely. I took some pics of some finished hotel rooms. Flat screen TV's and linens on the beds. I hope to post these the first part of the week. The rooms looked very nice.

I spent most of my time in the condos though. I saw cabinets going in and took some pics of those. Floors were being sanded and poly'd(?). One unit on the 6th floor on the 6th street side was complete with granite, cabinets, tile in the bath. About the only thing that i didn't see was a kitchen faucet. Other units are farther out in completion time but overall i would say that they are about on schedule for delivery Jan 09.

[JSI]

From Richmond.com Article:

I saw where several buildings have been demolished on East Main and 6th streets and the area is roped off for a development called Centennial Tower. What is going on with this project?

Michael Monahan

Henrico

Centennial Tower, a $180 million project, will stand 30 stories tall and include upscale retail and office space, a 122 room boutique-style hotel, 90 furnished short-term stay corporate suites, 250

[wrldcoupe4]

Yeah, they were added around the same time the old concrete utility poles were removed last week.

[burt]

Yeah, they were added around the same time the old concrete utility poles were removed last week.

Rubber bumpers would lead one to think that they plan to use the vacant lot for parking for quite a while.

Coupe, I'm confused about concrete utility poles. Do you mean they are putting overhead wires underground along the proposed building's Main Street frontage?

[wrldcoupe4]

Sort of - one was replaced with a wooden pole which services the buildings at the corner of 5th and Main, the other was no longer in use.

[wrldcoupe4]

I'm not sure it's a move towards socialism... Wall Street screwed up and in this case was looking for the government to rescue the day.

Still Burt, I don't think this will help much, unless it buoys the economy and helps indirectly.

[burt]

Hey, folks. Any comments on Centennial's future? Some are saying it might be easier to obtain mortgage loans. If so, would it therefore become likely that banks would be looser in granting loans to developers?

[eandslee]

Oops! Sorry, didn't think my comment would create such a whirlwind of political debate. Bottomline is that, like Coupe said, it probably will not help much, if any.

[Shakman]

Hey, folks. Any comments on Centennial's future? Some are saying it might be easier to obtain mortgage loans. If so, would it therefore become likely that banks would be looser in granting loans to developers?

Has the sales center opened? Are the signs indicating who are the real estate brokers still posted around the property?

Edited September 9, 2008 by Shakman

[wrldcoupe4]

Has the sales center opened? Are the signs indicating who are the real estate brokers still posted around the property?

Nope... but we do have another surface lot and a boarded up building!

[Downtowner]

As much as I want to see this development happen I dont think it ever will. Why is it all of our taller proposed towers always dont make it to construction while the shorter towers like Vistas and Willams Mullen actually get by with construction. Its not fair. I really want to see something massive go up but I dont think I ever will here untill the day I die. Theres just no hope for this city to ever get anything tall. If demand always lags forever than I probably never will see a Tall tower built here in Richmond. Or at least something in the 20's or 30 plus range. I just dont think I will ever see it again. Not only that but I was too young to remember Riverfront Plaza being built.

[heykey4]

As much as I want to see this development happen I dont think it ever will. Why is it all of our taller proposed towers always dont make it to construction while the shorter towers like Vistas and Willams Mullen actually get by with construction. Its not fair. I really want to see something massive go up but I dont think I ever will here untill the day I die. Theres just no hope for this city to ever get anything tall. If demand always lags forever than I probably never will see a Tall tower built here in Richmond. Or at least something in the 20's or 30 plus range. I just dont think I will ever see it again. Not only that but I was too young to remember Riverfront Plaza being built.

It certainly is frustrating, but it seems it's a typical scenario in Richmond. But it just seems it was sort of odd to go on and on about this building....and have no money to build it. Maybe the press generated by it was supposed to entice someone to front the money. If that was the case, it didn't work.

Who know? We could wake up next week and read that construction will start first of the year. Then again, we could also wake up and read they cured the world's energy situation.

[Cadeho]

I'd rather see every retail spot in downtown occupied by stores to rival the suburbs than a gigantic skyscraper (which you know would be another box).

[Shakman]

I'd rather see every retail spot in downtown occupied by stores to rival the suburbs than a gigantic skyscraper (which you know would be another box).

...but the density should not be wasted. That is the responsibility of suburbia.

Edited September 10, 2008 by Shakman

[Cadeho]

What are you talking about? I'd like to see all the available space downtown including all the vacant space filled and thriving with shops to put the suburbs to shame.

[Downtowner]

Why not the concept of Retail on the first few bottom floors with office space on the top floors. You can have it both ways in the City. Retail on the bottom and the other uses for the middle and top floors. Might as well execute both putting the suburbs to shame as well as adding more density too at the same time within the same building.

[Cadeho]

Do I have to spell out everything? Yes that too, but it doesn't have to be a New York skyscraper.