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Williams Mullen Center

Shakman

By Shakman
in Richmond

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Slightly updated article:

http://www.inrich.com/cva/ric/news.apx.-co...07-29-0138.html

The council voted 8-0 to approve an agreement with the Virginia Beach development company Armada Hoffler for the construction of an office building at 10th and Canal streets. The Williams Mullen law firm would be the main tenant.

The $60 million building would stand between One James Center and Riverfront Plaza, and a portion would rise over the Expressway Parking Deck.

The agreement calls for the city to contribute $2.1 million in grants over five years, with some of the money going for parking deck and streetscape improvements.

Construction would start in the late fall with completion anticipated in mid-2010. Williams Mullen, with about 350 attorneys and staff members, is based in Two James Center.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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All city funds are dependent on this project being completed by no later than Dec. 31, 2010. The project should start in late 08 with an 18 month construction time-frame.

http://www.ci.richmond.va.us/applications/...NO=2008-175-187

"The approximate 220,000 sq. ft. facility will consist of eleven floors including street level retail. Additional parking will be added to the adjacent RMA parking facility. Total construction cost and private capital investment is estimated to be not less than $60 million."

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burt Megalopolis

burt

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According to a story in today's RTD, downtown vacancy in Class A Buildings is hovering around an all-time high. In face of that, why would Williams Mullen want to build when they could probably get an excellent sub-lease deal in Riverfront Tower West? I hope they think it over, bide their time, hire a new architect, then proceed later with a building in which they and all of Richmond could be proud.

What they and Armada Hoffler have proposed at 10th and Cary is the height of mediocrity.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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If Williams Mullen was looking for "bargain" Wachovia Securities sublease space, they wouldn't be building a new Class A tower. There are other motivations at play. That said, there is considerable interest from others in the former WS space.

The market will absorb the vacancy... just don't expect to see any speculative buildings any time soon. Also, keep in mind that the 16.1% vacancy rate downtown isn't just Class A vacancy... it includes A, B/C, and sublease space. The biggest drag on the vacancy rate downtown is B space. With the state taking over Main Street Centre, Dominion recently taking over Eighth and Main, etc, the B rate should improve.

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Brent Hamlet

Brent

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I think that it is a fine building. Retro cool and not obnoxiously over designed. I guess I like my office buildings to look like office buildings, not like statements or fairyland castles (public buildings should be more grand). This wont look dated in 10 years like some postmodern new south piece of crap. It's fine... a 15 story law office. This is what they look like folks.

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Shakman Burg

Shakman

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Has any re-design begun?

At the rate this is passing through the hoops, any changes made, would be in the form of change orders during construction. Generally developers despise change orders. They tend to be cost more than design modifications prior to construction.

Hopefully the Architect is just as quick to make designs changes at the Developer's request.

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Shakman Burg

Shakman

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Ryan Ramsey at RCW reports today that the POD for Williams Mullen describes the tower at 10th and Canal Streets at 17 stories reaching 220+ feet.

Isn't this slightly taller than the original announcement?

Hopefully it has been re-designed as well.

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