Richmond: Economy/Business/Real Estate

[mrwilliamsburg]

There are really only two vineyards in New Kent... one I cant remember the name (and I do believe it is the one you are thinking of) and the other is Farms of New Kent.

I am new to this forum.

I wan't sure if this ever got answered. The development includes Viniterra http://www.viniterra.com/ There are vineyards scattered throughout the development. They have already sold building 40+ lots for $200k-$500k (wow)

As an FYI I understand there is a Walmart being built at exit 211 of I 64 in New Kent very close to Viniterra.

[burt]

30% of Richmond area employers plan to hire more workers in next 3 months.

From today's inRich:

http://www.inrich.com/cva/ric/news.apx.-co...01-02-0038.html

Edited January 2, 2008 by burt

[wrldcoupe4]

Here's an interesting item from Commercial Notes in today's inRich:

"GVA Advantis reports the sale of a 6,440 s/f office building at 6 S. 5th Street for $823,500 to Royal Flush Properties from DRQ. Charles Polk represented the buyer."

Could this be the Pollard and Bagby building on 5th between Main and Cary, and could its sale in anyway relate to nearby Centennial Tower? Perhaps Goodstein's proposed construction is increasing nearby land values.

Burt,

This building is wedged between the Red Cross building and the Pollard and Bagby office.

[burt]

Mr. Wilder wants to reclaim old City Hall from the State.

I wonder if there has ever been any kind of serious conversation with Douglas Development about loading up city agencies in Jemal's CNB tower? The Mayor could thus rid himself of unwanted departments under his roof.

http://www.inrich.com/cva/ric/news.apx.-co...01-04-0145.html

[Cadeho]

I wouldn't mind seeing Old City Hall belonging to the city again. If the Theatre Row building is half empty, sell it, reconfigure it into apartments and retail.

[wrldcoupe4]

Theatre Row definitely shouldn't be city owned... It would do much better if it weren't publicly owned.

[burt]

Doesn't the Mayor see a potential for Law offices in the Theatre Row building which is directly across Broad street from the new Fed CH?

Coupe, why do you think Jemal doesn't make a big push to house all the disjointed city agencies in his skyscraper? Do you think such a deal has ever been negotiated -- or at least, discussed?

[wrldcoupe4]

I could only speculate Burt... it could be that rents would have to be too high for the city's liking to accomodate the cost of the build-out to bring the building up to par (all business systems, ADA compliance, etc etc etc). Keep in mind that other than the lobby and arcade, the entire building is basically gutted to the bones. If the city owns Theatre Row, they'd be wise to consolidate agencies there which are currently in leased space in numerous buildings around town.

I remember hearing that VCU was to lease a large portion of the building. If that isn't the case and if Pantele thinks that Theatre Row is such a good fit for city agencies, perhaps he should push council to buck up and move the school board and administrative offices into that building. This would free up much space in City Hall for use by agencies/departments currently leasing space elsewhere, saving the city lots of $$$. It would also put an end to all the drama, allowing us to move forward.

Edited January 9, 2008 by wrldcoupe4

[burt]

I could only speculate Burt... it could be that rents would have to be too high for the city's liking to accomodate the cost of the build-out to bring the building up to par (all business systems, ADA compliance, etc etc etc). Keep in mind that other than the lobby and arcade, the entire building is basically gutted to the bones. If the city owns Theatre Row, they'd be wise to consolidate agencies there which are currently in leased space in numerous buildings around town.

I remember hearing that VCU was to lease a large portion of the building. If that isn't the case and if Pantele thinks that Theatre Row is such a good fit for city agencies, perhaps he should push council to buck up and move the school board and administrative offices into that building. This would free up much space in City Hall for use by agencies/departments currently leasing space elsewhere, saving the city lots of $$$. It would also put an end to all the drama, allowing us to move forward.

I believe I have read that Theatre Row is half filled (or half empty) at the present time. What's the square footage there? About 200K? So there wouldn't be a lot of room for scattered city offices, but its location would make excellent court related ancillirary space for civic and private law firms. If the mayor or council negotiated for Jemal's entire building on a long-term lease, Douglas Development might retrofit the structure. Consolidating the School Board, Fire Department Headquarters and other agencies in CNB would result in a lot of vacant Class A and B office space downtown, but the overall commercial real estate situation would be better off, and municipally owned City Hall would be far less crowded. Placing any city agency at 3600 West Broad is depriving downtown of the reinvigoration it needs.

Another of my 2 cent contributions.

Edited January 9, 2008 by burt

[ric75]

More conventions means good news for Richmond hotels...

Area's 2008 convention business gets strong start

[wrldcoupe4]

I believe I have read that Theatre Row is half filled (or half empty) at the present time. What's the square footage there? About 200K? So there wouldn't be a lot of room for scattered city offices, but its location would make excellent court related ancillirary space for civic and private law firms. If the mayor or council negotiated for Jemal's entire building on a long-term lease, Douglas Development might retrofit the structure. Consolidating the School Board, Fire Department Headquarters and other agencies in CNB would result in a lot of vacant Class A and B office space downtown, but the overall commercial real estate situation would be better off, and municipally owned City Hall would be far less crowded. Placing any city agency at 3600 West Broad is depriving downtown of the reinvigoration it needs.

Another of my 2 cent contributions.

Class A space wouldn't see much impact from the city consolidating within owned properties. According to the property flyer from Harrison and Bates who is in charge of leasing for Theatre Row, the building has an RBA of 166,000 SF, of which 53,600 is vacant. I agree that its location is becoming more attractive with nearby development, and perhaps some tenants affiliated with the courts or other nearby civic buildings would be a good fit. However, with 53,600 SF of space available, it would be a perfect fit for a schools move as they need about 50,000 SF. One issue though is the price of rent. The city went to 3600 initially because it could accommodate their needs and it was cheap. Technically I think Theatre Row is owned by RRHA, and I'm not sure if the city would have to pay market rents for taking space there or not. Asking rents for Theatre Row start at $17.50 per square foot. The rent advertised for 3600 is $13.50 per square foot, a considerable difference on a long term lease. If the school board could move into the shoe that fits at Theatre Row, it would open up considerable space for many other agencies to fill.

The problem with CNB is that most of the upper floors are tiny and very inefficient for a modern office environment. Office space could definitely work on lower floors, but the logical uses for upper floors seem to be residential or hotel. And at 230,000 square feet of space, it's likely much larger than the city would ever need for leasing space outside of City Hall and other owned buildings. And IMO, a mixed use redevelopment of CNB seems like it would be more beneficial in the long run anyways.

Just my two cents

Also, Ric75 thanks for the link to the convention business story. It's certainly welcome news! Higher occupancy rates could mean new hotels downtown!

Edited January 10, 2008 by wrldcoupe4

[burt]

Thanks for your well thought-out reply, Coupe.

56K s/f wouldn't allow for School Board growth, though, since they presently occupy almost that much space in City Hall. Theatre Row, IMO, would be better off filling up with lawyers, as Mr. Wilder suggests. The Commonwealth Attorney's office is embarrassingly short of space, and Theatre Row is a block from the Marshall Court and across Broad from the Fed CH.

Mixed use is, I agree, the best use for CNB. There is plenty of space in the building up to the tower portion. What price is Jemal asking per square foot? I certainly wish him and his leasing agents success in filling the building with activity.

Edited January 10, 2008 by burt

[burt]

More conventions means good news for Richmond hotels...

Area's 2008 convention business gets strong start

Thanks for posting this, ric75. The occupancy rate at downtown hotels, as well as in the entire area, has already surpassed 65% among the + 15,000 rooms in the region. By the time the huge meeting of 21,000 arrives next September, there'll be about 2,000 more.

I wish there were funds to remove that little tower at 5th and Broad and replace it with a pazazz feature. Let's face it, the Broad street exterior of the convention center is not a thing of beauty. At the least, they could have replicated the Marshall Street facade which, IMO, has some flair and is seen by practically nobody.

[wrldcoupe4]

Thanks for your well thought-out reply, Coupe.

56K s/f wouldn't allow for School Board growth, though, since they presently occupy almost that much space in City Hall. Theatre Row, IMO, would be better off filling up with lawyers, as Mr. Wilder suggests. The Commonwealth Attorney's office is embarrassingly short of space, and Theatre Row is a block from the Marshall Court and across Broad from the Fed CH.

Mixed use is, I agree, the best use for CNB. There is plenty of space in the building up to the tower portion. What price is Jemal asking per square foot? I certainly wish him and his leasing agents success in filling the building with activity.

Burt - with the school board removed from City Hall, Mike Herring's deserving office would have ample room within City Hall, rent free. The school administration shouldn't have much of a reason for more space as city schools are not seeing growth in student population like their suburban counterparts. If they were to need more space though years from now, I imagine they could have something inserted into their lease that would help accommodate their needs within the building. But like I said, it could be that this building is off the table because the Schools would have to pay market rate (can anyone say one way or another on that?). Since the School Board uses council chambers for public meetings, a location at Theatre Row only a block away would make it much more convenient.

[burt]

I should have included this story in my comments to rich75's posting above. It lists some of the bigger conventions scheduled for '08:

http://www.inrich.com/cva/ric/news/busines...01-10-0173.html

Edited January 10, 2008 by burt

[burt]

I don't think RichmondCenter Stage is responsible for building a parking garage, but here is a story from Michael Martz in today's TD about a meeting tomorrow to discuss the matter:

http://www.inrich.com/cva/ric/news.apx.-co...01-10-0213.html

I'm surprised that the Broad street lot between 4th and 5th isn't mentioned.

With all the increased convention business expected and with hotels running at 65% maybe an aLoft or another brand should rise over parking at the 7th and Grace lot. It would be convenient for legislators as well as tourists and business people.

Edited January 10, 2008 by burt

[Cadeho]

Why don't we have park and rides for downtown?

[eandslee]

Why don't we have park and rides for downtown?

We do don't we? At least I thought I had seen some in western Henrico.

[blake_p]

We do don't we? At least I thought I had seen some in western Henrico.

There are three in Western Henrico:

Glenside and Staples Mill

Parham and I-64

Gaskins and I-64

One in Eastern Henrico at Audubon and Airport Dr.

Edited January 11, 2008 by blake_p

[Icetera]

There are three in Western Henrico:

Glenside and Staples Mill

Parham and I-64

Gaskins and I-64

One in Eastern Henrico at Audubon and Airport Dr.

Mechanicsville has atleast one and there is one in Manakin off I-64. Also one on Airport Drive off of I-295. But, since this is mentioned, I do see very few. Rural Connecticut has one at every exit and many spread out elsewhere, which surprises me that there are seemingly so few around Richmond.

Edited January 11, 2008 by Icetera

[wrldcoupe4]

There are actually a few in Chesterfield as well... particularly in the Western Hull Street Corridor. Portions of parking lots at the Lowe's and Commonwealth 20 are used and I've heard the buses are always near capacity.

[Icetera]

There are actually a few in Chesterfield as well... particularly in the Western Hull Street Corridor. Portions of parking lots at the Lowe's and Commonwealth 20 are used and I've heard the buses are always near capacity.

Oddly, I can not recall any along the Powhite, which is a major route for Office goers.

[wrldcoupe4]

It is odd... HCA has a distribution center in a former HQ home improvement center at Powhite and Midlothian which has a severely underutilized parking lot... Perhaps GRTC could secure a portion of it for Park N Go?

[eandslee]

Oddly, I can not recall any along the Powhite, which is a major route for Office goers.

That's because RMA would loose money if there were park n rides off of the Powhite. Fewer cars going through the booths equals less revenues for RMA.

[Icetera]

That's because RMA would loose money if there were park n rides off of the Powhite. Fewer cars going through the booths equals less revenues for RMA.

That certainly makes sense. What organization handles park and rides? Is that VDOT, RMA, or GRTC? Since RMA also has many parking garages, I would imagine they would be strongly against Park and Rides.

Edited January 11, 2008 by Icetera