Miller & Rhoads Hilton Hotel/Condo Conversion

[TBurban]

Here is the promised Will Jones story about The Hilton Garden Inn and Miller & Rhoads Residences that appears in today's Times Dispatch.

I suspect hard copies of the newspaper have pictures accompanying the story.

Note the sidebar revealing the former department store's history.

http://www.timesdispatch.com/rtd/business/...-231211/200590/

The slideshow in the text of the article has some really good pics. The indoor pool and atrium look awesome. I hope they fill it with greenery..

[burt]

The slideshow in the text of the article has some really good pics. The indoor pool and atrium look awesome. I hope they fill it with greenery..

Hahaha, Tommy. I swear the slideshow wasn't attached to this story when I posted it earlier. But then, considering my "numbers" are the reverse of yours, amything's possible.

[burt]

Here's a whole bunch of pictures relating to the official opening of Hilton Garden Inn. A tour was given by Joyner Fine Properties of the hotel as well as the condos and over 300 people streamed thru the buildings.

http://www.facebook.com/photo.php?pid=2143...;id=34684396636

[TBurban]

Any news on the Hilton sign getting put up anytime soon?

[burt]

Any news on the Hilton sign getting put up anytime soon?

Tommy, I believe the sign is supposed to go up on the roof of the highest building facing Broad Street. Check it out from the corner of 5th and Broad (near the Marriott) next you're in the area.

I'm curious to know if any condos have been sold and are occupied.

[wrldcoupe4]

It's not up yet. Needs approval from the city.

[burt]

The Hilton Garden Inn is enjoying high occupancy according to a reservation clerk. Because I fractured my right foot after returning to NY on Wednesday, requiring a boot which restricts my driving ability, and because of pressing activities in NYC, my trip to Richmond for the grand opening of The Carpenter Theatre will be a one-nighter. I'll fly in on Sept. 12th and fly out the next day. Rather than impose on relatives, I called the Hilton Garden Inn but was advised they were sold out for that date. The clerk added that occupancy has been high since opening.

The Marriott has rooms at $170 (for seniors) but my date for the theatre opening insisted I stay in her large Ginter Park home and she will do all the driving.

[burt]

The condos at Miller & Rhoads are gradually being occupied. More may sell as the season progresses; it has been hinted that State Legislators will probably find the building convenient and negotiate deals with the leasing agents.

[burt]

It's my understanding that a new, more youth-oriented real estate company has taken over the leasing of condos at Miller & Rhoads.

Brent reports that a UPS store will be opening in a portion of the M&R street level commercial space...presumably at 5th and Grace.

An upscale restaurant is still being sought for the large groundfloor M&R space at the corner of 6th and Grace which is directly across from The Carpenter Theatre.

PIE is still on schedule to open at Berry Burk this fall. And the SIX BURNER restaurant has shown some interest in the building next to Berry Burk for an expansion of its Fan operation.

[burt]

As mentioned in the posting above, the new companies in charge of sales and marketing for M&R condos are Virginia Realty & Relocation and Dominion Realty Partners.

The entangled economy and reluctance of lending institutions to assist buyers are the main obstacles to slow sales.

The previous real estate firm handling sales, Joyner Properties, sold out Riverside on the James and Vistas on the James almost before each opened.

I stopped by the M&R property on Open House day at the new Carpenter Theatre (September 13th) and learned that the hotel portion of the building is doing quite well. Then I visited Curt Reichstetter of Joyner Properties who was enjoying his and his company's final week in the sales office for the M&R condos, and in the short time I was there at least 50 people poured in to tour the units.

There is a corridor from the Hilton Garden Inn which provides access to the condo lobby and to Sixth Street. But entry FROM Sixth Street to the condos and hotel is restricted to residents and hotel guests who have security cards. Thus, all the visitors who were downtown for the Carpenter Theatre Open House had to walk all the way around the block and enter through the hotel lobby if they wanted to enter the conco office. IMO, the condos are missing considerable traffic under this arrangement. I understand it's a technicality involving two different businesses within the same building,

From today's R-TD:

http://www2.timesdispatch.com/rtd/business...-213206/294767/

[burt]

Things are looking up for the Miller & Rhoads condos.

From Carol Hazard in today's RTD:

http://www2.timesdispatch.com/rtd/business/local/article/B-MILL11_20091210-215205/310830/

[Cadeho]

Too bad I could never afford it. Plus I have way too much junk for a condo and I'm going to try to renovate this house.

[rhg247]

Howdy,

I stopped by this afternoon. Even thought the RTD had an ad saying the office would be open from noon-4 this sunday they were locked up tighter than a bank vault. I told my parents about my interest in M&R and he brought up an interesting point, which I seek guidance from: has anyone considered what'd happen with a mortgage if the building owners declared bankruptcy? I'd never considered that, but after almost a year of sales, they'd only sole 11 out of almost 120 units. I was sold on the idea, but Dad had questions regarding what'd happen to my condo/mortgage if the developers called it quits. I suspect the answer would be "nothing" b/c it's my mortgage and I'd "own" the place. Does anyone have any guidance re: this issue?

[burt]

Howdy,

I stopped by this afternoon. Even thought the RTD had an ad saying the office would be open from noon-4 this sunday they were locked up tighter than a bank vault. I told my parents about my interest in M&R and he brought up an interesting point, which I seek guidance from: has anyone considered what'd happen with a mortgage if the building owners declared bankruptcy? I'd never considered that, but after almost a year of sales, they'd only sole 11 out of almost 120 units. I was sold on the idea, but Dad had questions regarding what'd happen to my condo/mortgage if the developers called it quits. I suspect the answer would be "nothing" b/c it's my mortgage and I'd "own" the place. Does anyone have any guidance re: this issue?

rhg247, they may have been shut down yesterday due to inclement weather, but I found out when I was in Richmond last September that the only entrance to the sales office on the ground floor is via the hotel lobby. One can exiit the building through the 6th Street doors, but must have a key card to re-enter. Have a chat with Dominion Realty Partners/Virginia Realty & Relocation before giving up. My bet is that the project will not declare bankruptcy. If you haven't already, read the story by Carol Hazard of the Times Dispatch to which I posted a link above on December 11th. According to her there is no longer an additional charge for a parking space within the building.

[burt]

I discovered that if the Downtown Hilton Garden Inn is not full, you can enjoy valet parking in the underground garage for $6.50 (plus tip.) We availed ourselves of this when attending the matinee of THE NUTCRACKER at The Carpenter Theatre and evening performance of THE RADIO CITY SPECTACULAR at The Coliseum on Wednesday, December 23rd.

Drive up to the front entry to the hotel and talk to the attendants for valet service. DON'T drive down the ramp.

[burt]

While work is underway on conversion of the nearby John Marshal Hotel to 230+ rental apartments, what is the status of condo sales at Miller & Rhoads in downtown Richmond?

Downtown Raleigh condos are not moving very well according to the report below.

A new 7-story downtown Raleigh building with 208 condos called Hue closed down because it has been unable to move a single unit. Another downtown mixed used tower called RBC Plaza has sold 105 0f its 139 units.

Here's the Raleigh story from The News and Observer:

http://www.newsobserver.com/2010/05/28/504370/hue-condo-sales-stop-no-units.html

[Cadeho]

I don't understand the condo boom anyway... they're too small for the money. Why not just let them be apartments?

[burt]

I can't vouch for the authenticity of this, but when I popped into the Hilton Garden Inn for a look-around last week, I asked an employee if the M&R condos within the building were selling and she said with assurance that more than 60% have been bought. In addition, she said about five are leased by corporations to house visiting executives.

[burt]

The story by Carol Hazard in today's RTD about the status of the old John Marshall Hotel (see that thread) reveals some interesting info about the occupancy figures at Miller & Rhoads.

Only 21 condo units have sold, so HRl Properties began leasing as well as selling M&R units this year. As of last Thursday, 52 units had been leased in the building. If condos are not included in that figure, then 73 units out of a total of 133 are occupied.

Here's a website. Click photos:

http://www.apartments.com/rent/Richmond-VA/Miller-and-Rhoads-Residences/123633.25

[burt]

As of mid May, The Times Dispatch reported that 21 condos had been sold and 52 units had been leased in the 133-unit Miller & Rhoads Residences on North 6th between Broad and Grace Streets.

Rentals range from $795 to $2050 and the indoor parking fee is $100. Pets (depending on size) are allowed but require deposits of $250 for dogs and $150 for cats.

Since the occupancy rate for downtown rental apartments is high, it would seem reasonable to assume that the building is filling up.

http://www.apartment...iteo#PhotoFloor

[burt]

The agent in the rental office at Miller & Rhoads told me (twice, since I stood there gaping in surprise) that the residential units are 100% leased.

Later that day (Wednesday) looking down on the building from atop City Hall, it DOES appear that at least some of the duplex penthouses are lived in. A few have plantings on their outdoor decks.

[eandslee]

According to this article, the Hilton Garden Inn will be converted to a full-service Hilton:

 

According to Walker & Dunlop, HRI plans to complete an $8.8 million plan by the end of 2015 to convert the hotel to a full-service Hilton to gain meeting space, attract more large-scale events and compete with other local full-service hotel flags.

 

http://www.virginiabusiness.com/news/article/miller-rhodes-mixed-use-project-gets-a-33.5-million-refinance

 

I know our dear friend Burt would love to hear of this conversion as he hoped for a full-service Hilton from the start!  Many of us on this board also felt the same.  Better late than never, I guess!

[wrldcoupe4]

That's pretty good news!

[jbjust]

That is huge news.  To be honest, not having a flagship hotel brand near the convention center always seemed pretty lame.  I know when I travel for business, I begin by looking for the nearest Westin or Hilton and have seen some really badly located Hilton Garden Inn's.

 

The RTD story this morning indicates that there will be a restaurant announced shortly for the 5th&Grace location.  I think Peter Chang's is unlikely as the restaurant would have to be room-service friendly.