Sign in to follow this  
Followers 0
wrldcoupe4

Proposed: 700 Centre Redevelopment

21 posts in this topic

Happy New Year. To kick things off, I thought I'd start a new thread for a project which should kick off this year.

A developer has recently closed on the acquisition of the 700 Centre located at 700 E Franklin ( http://www.richmondbizsense.com/2010/12/31/pipeline-commercial-real-estate-round-up-for-12-31-10/ ). Currently, this is an office building with attached parking deck. Plans call for converting the historic tower, built as the Virginia Electric Power Co. HQ in 1913, into residential units and upgrading the annex building which will remain office space. My guess is that the 1st floor retail will remain as well.

A couple photos of the building

Richmond11-25-2005028.jpg

Richmond5-30-2007100.jpg

Share this post


Link to post
Share on other sites


This is an amazing update! This part of town may soon have enough residents to actually start to fill the retail spaces.

Share this post


Link to post
Share on other sites

I hope so Brent... I think we'll see one or two more conversions in the CBD announced this year that will convert office to residential or hotel space. This will also positively impact the office market as vacancy rates will drop due to the smaller inventory or Class B/C spaces.

Share this post


Link to post
Share on other sites

This will be interesting to see get converted. I really hope you are right about all of that Coupe. I would be really excited to see more come online.

Share this post


Link to post
Share on other sites

Maybe this move will embolden some other developer (or the current owner) to act on the CNB tower on East Broad. Thats probably just wishful thinking.

Share this post


Link to post
Share on other sites

If development occurs as anticipated, the conversion to residential of the former VEPCO "Electric Building" at 700 East Franklin Street will be diagonally across from the block-long new State garage on the south side of East Franklin between 6th and 7th Streets, AND, directly across 7th Street from a proposed transportation center and parking deck in the entire block of East Grace, East Franklin, North 6th and North 7th Streets.:)

Edited by burt

Share this post


Link to post
Share on other sites


I thought the developers behind Genesis Properties were the purchasers...

http://www.genesispr...evelopment.aspx

Side note: Frequent contributor 540_804 lives in the building at Adams and West Broad Streets which is the second picture under Hunt Investment. He revealed that when I brought up BISTRO TWENTY SEVEN recently in the Dining Out thread.

Can you pinpoint your apartment in the photo, 540_804? :camera:

I noticed some construction going on in the building just to the left of BISTRO TWENTY SEVEN.

Share this post


Link to post
Share on other sites

Side note: Frequent contributor 540_804 lives in the building at Adams and West Broad Streets which is the second picture under Hunt Investment. He revealed that when I brought up BISTRO TWENTY SEVEN recently in the Dining Out thread.

Can you pinpoint your apartment in the photo, 540_804? :camera:

I noticed some construction going on in the building just to the left of BISTRO TWENTY SEVEN.

Yes, that is in fact my building.

The construction that you saw is actually part of the city's new street-scaping project. New concrete sidewalks with decorative brick detailing. Its a vast improvement over its previous state.

The article posted above states that Fair Hills Apartment, LLC purchased the building but wlrdcoupe4 suggested that Hunt Investments, LLC may be behind the project. I have to wonder if its possible that F.H.A., LLC is just a 'shell' company of Hunt Investments.

Often when developers purchase/develop a property they establish a stand-alone LLC. This can help limit their financial liability should something go wrong. If the project fails, the new corporation is liable and not the central business. If the new company goes bankrupt or folds, the original business is untouched.

I haven't been able to find much information on Fair Hills Apartment, LLC online. This is all just a theory, of course.

If Hunt is behind this project, then I'm sure everything will come out really nice. I've had the opportunity to live in 3 of their developments (2 were temporary before I moved into the building I'm in now) and have viewed/toured 3 others, including their offices in Manchester. They do really good work, especially in their newer developments; each project seems to get better than the last.

However, their management arm, aka Genesis Properties, has a fairly poor reputation in the city.

Edited by 540_804

Share this post


Link to post
Share on other sites

Do you think it's a coincidence that this LLC owns the apartments in the East End? Maybe this is Hunt's LLC, and they purchased the apartments to raze and redevelop? I'll have to ask around.

Share this post


Link to post
Share on other sites

I guess anything is possible at this point.

But its also important to remember that any talk of there being a link between Fair Hills and Hunt is pure speculation at this point. We could be completely wrong.

Disregard the above! I found some interesting news.

Something interesting I found:

Fair Hills Apartments was sold last year for ~$5.9 million. The sale (or transfer) of the apartments occurred April 30th, 2010. Interestingly Fair Hills Apartment, LLC is listed as grantor (seller) and another company Fair Hills LP is listed as the grantee (buyer/receiver).

So, presumably, whoever purchased 700 Centre is not the owner of the Fair Hills apartment property. Which makes it less likely that Fair Hills will be redeveloped.

In short, I have found no real evidence that links Genesis/Hunt Investments to Fair Hill or 700 Centre.

Again, disregard the marked through text.

I just searched Fair Hill Apartment, LLC's articles of incorporation and discovered that the registered agent is none other than....................Ronald H. Hunt!

So yes, it appears that 700 Centre is a Genesis/Hunt Investments project.

Share this post


Link to post
Share on other sites

Happy New Year. To kick things off, I thought I'd start a new thread for a project which should kick off this year.

A developer has recently closed on the acquisition of the 700 Centre located at 700 E Franklin ( http://www.richmondb...p-for-12-31-10/ ). Currently, this is an office building with attached parking deck. Plans call for converting the historic tower, built as the Virginia Electric Power Co. HQ in 1913, into residential units and upgrading the annex building which will remain office space. My guess is that the 1st floor retail will remain as well.

A couple photos of the building

Richmond11-25-2005028.jpg

Richmond5-30-2007100.jpg

While reading the story I just posted under Richmond History about the Richmond/Ashland Railway I learned that Jay Gould, scion of the wealthy New York Gould family, owned The Virginia Railway & Power Company and built the 12-story headquarters building at 702 East Franklin Street in 1913.

Gould sold his interest in The Va. RR & Power Co to Stone Webster in 1925 and the name of the company (and the skyscraper) was changed to Virginia Electric and Power Co. (VEPCO.)

If and when it is converted to residential, another 100 or so apartments will come on market within 2 blocks of 230+ units at The John Marshall Residences.

Jay Gould died in Paris in 1956.

An architecural note: When I was a kid, each of the "bumps" along the roofline held an illuminated electric stanchion.

Edited by burt

Share this post


Link to post
Share on other sites

Here's a BizSense story on the project...

http://www.richmondbizsense.com/2011/01/17/we-want-to-be-part-of-the-resurgence-occurring-downtown/

Hunt & Associates and Armada Hoffler are teaming up on this project, which is anticipated to kick-off in August and take 2 years to complete.

Hunt said he and Armada Hoffler are planning on converting the 12-story building into 115 units made up of studios and one- and two- bedroom apartments. The building was originally built in 1912.

Hunt said that their target demographic will be people working downtown, including young professionals.

The project is expected to cost about $24 million and will be funded by a combination of bank financing, historic tax credits and new market tax credits, Hunt said.

The property also includes an attached five-story annex that was added in the 1950s. Hunt said the top three stories of the annex will be converted to apartments, while the bottom two floors will continue to be office space. The building has 10 commercial tenants.

“Ideally we’d like to move the existing tenants into the annex, which we’ll renovate with all new stuff and make it real pretty,” Hunt said.

Both buildings combined cover more than 175,000 square feet.

Hunt said the developers plan to start work in August and will likely take two years to complete the project.

Share this post


Link to post
Share on other sites


Two years, huh?

:yawn:

Two years does seem rather a long time -- especially considering that actual construction of the much larger John Marshall project began in April 2010 and will be complete in September 2011.

Edited by burt

Share this post


Link to post
Share on other sites

John Marshall is vacant. This owner has to deal with existing tenants that occupy the tower and will need to be relocated in order to commence work on the conversion. If they move them to the annex building, they'll need to retrofit space for the tenants first... More moving parts on this one.

Share this post


Link to post
Share on other sites

Construction is underway on his project. Looks like interior demo is occurring.

Share this post


Link to post
Share on other sites

Lots of work going on on-site. Anyone snapped a photo recently?

Share this post


Link to post
Share on other sites

Georgeglass - Thanks for posting the photos!  I love it when people post photos!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.