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910,000 sfRiverfront Plaza selling for $247.1 million to foreign investor with premier portfolio:

The flood of loans has been fueled by the continued low commercial mortgage rates, which now range from 5.10 percent to 5.35 percent for five-and 10-year mortgages, respectively, according to the Barron's/John B. Levy & Co. National Mortgage Survey. Of course, the low interest rates are allowing property prices to soar, and Richmond is no exception.

Particularly interesting is a sales contract for Riverfront Plaza, which perhaps implies a new price and buyer paradigm for Richmond.

Riverfront Plaza, the 910,000-square-foot behemoth owned by Boston Properties Inc. (NYSE: BXP), is under contract and expected to close this month for $247.1 million.

The buyer is rumored to be a foreign-based investor that has a satellite office in New York. Before this transaction, the buyer was known to invest in premier buildings throughout the world in premier locations.

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I suppose "Richmond Development" is the proper topic heading to discuss the UPS purchase of Overnite Transportation. Besides being a boon to Overnite's shareholders, the merger may be a big economic shot in the arm for Richmond. Though the City will lose a Fortune listing (UPS is headquartered in Atlanta), it portends massive growth in and around Overnite's headquarters on Semmes Avenue in Manchester. UPS will continue delivery of packages under 150 lbs, while Overnite will expand its "less-than-truckload" pick-ups and deliveries of items above 150 lbs in markets to which it formerly had no access.

And remember, the clever UPS advertising account is handled by The Martin Agency in Shockoe Slip.

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I was reading the article posted about the UPS' acquistion of Overnight on Richmond.com and tell me what you think this means (maybe I'm reading into this too much or misunderstanding):

" Richmond-based trucking company Overnite Corp. has announced that it will be acquired by UPS Inc., the world's biggest shipping carrier, for $1.25 billion in cash. It is UPS' largest single acquisition, and follows the Atlanta-based company's decision last week to spend $24 million to build and equip five regional freight hubs at airports around the country. "

Now, is this saying that Richmond will be one of five regional UPS frieght hubs at our Richmond International Airport? If so, it's not really being reported as such. If this is what I am understanding it to be, this is HUGE news not only for Richmond, but also for Richmond International Airport! The only thing is that I'm not sure I'm understanding what this is REALLY saying. So please help translate if you can. The link to the entire article is here.

Thanks in advance.

-Eric

Edited by eandslee
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I don't know what that means, but $24M is not a helluva lot of money spread among 5 airports. One thing that seems almost certain is that Richmond will benefit from this merger despite losing a Fortune designation. But I'm with you; Eric, it would be wonderful if RIC could become the equivalent of Fed Ex's lay-out at Memphis International.

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Employment is up in the Richmond Metro by 2%. 12,100 jobs were created between March of '04 and March of this year bringing total employment to 610,500. Overall State employment is up 2.2% with most of it in NOVA and along the crescent to HR. This info from toiday's Ric.com.

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OK, this is what I've discovered so far. Below is an article regarding UPS's hub expansion at 5 airports, but unfortunately Richmond's airport is NOT on the list. However, Richmond did get the hub for the new UPS-Overnight transportation operations for heavy frieght (which we already knew and was not mentioned in this article published on the 12th of May - before the annoucement was made). I just hope that this creates a hell of a lot more jobs for the area as well as more construction in the way of expanding the current Overnight Transportation terminal. Anyway, here's some "snipits" from the article I found:

UPS to build five new freight

hubs, add 200 jobs

ATLANTA (AP)

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WOW! Things don't look good for VAPAF's Thalhimer-block plans. The Mayor wants the land returned to the City. And adding fuel to the debate, Joel Katz who recently "resigned" as director of the Carpenter Center, issued a statement attacking the Music Hall as too ambitious. See today's RTD and yesterday's Richdotcom for details.

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Good to see the Krop looking out for the environment in its new stores....

"Unique feature of this Ukrop's is outside store

GREGORY J. GILLIGAN

TIMES-DISPATCH COLUMNIST

May 23, 2005

The Ukrop's store on Forest Hill Avenue near Chippenham Parkway, set to open Wednesday, has all the features found at many of the chain's other stores. The 54,000-square foot supermarket has a Grill and Caf

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There is a new condo infill project in shockoe bottom currently under way. I drove by there last weekend and they are busy making this thing happen. The rendering on the website is kind of cheesy, but I think it will turn out pretty good:

Sterling Row Condominiums

rendering

main.jpg

progress though more has been made since this photo was taken:

p02.jpg

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There is a new condo infill project in shockoe bottom currently under way. I drove by there last weekend and they are busy making this thing happen. The rendering on the website is kind of cheesy, but I think it will turn out pretty good:

Sterling Row Condominiums

rendering

main.jpg

progress though more has been made since this  photo was taken:

p02.jpg

<{POST_SNAPBACK}>

Nice to see some more dense housing being added to richmond.

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here is that TD article: Wilder vs. Council

Good read, thanks for pointing it out burt

I checked out the new Ukrop's on Forest Hill today. It was absolutely packed! There were tons of big whigs from the main office helping customers and even playing the role of cashier and courtesy clerk. I saw about 3 or 4 Ukrop's in there....This is a release from their website:

Ukrop's Returns to Neighborhood

54,000 Square Foot Store to Open at The Shops at Stratford Hills

RICHMOND, VA - May 24, 2005 - Ukrop's is pleased to announce the grand opening of its new store at The Shops of Stratford Hills, located at 7045 Forest Hill Avenue in the City of Richmond, at 7:00 a.m. on Wednesday, May 25.

"Having operated a store here from 1968-2004, Ukrop's is thrilled to be back in the neighborhood," commented Bobby Ukrop, President and CEO. "It took great teamwork to make The Shops at Stratford Hills a reality, and Ukrop's celebrates our reinvestment in the City of Richmond with the opening of our new store."

Operating the original Forest Hill Ukrop's at this location for 36 years, it was once the company's highest volume store. This small store was a part of a dynamic neighborhood for many years, and Ukrop's is proud to once again have a store in this revitalized area. As the neighborhood itself has experienced change, Ukrop's customers will notice significant changes to our store, listed below.

1968

* Focus on superior customer service

* 18,000 square foot store

* 80 associates

* Traditional grocery store featuring grocery, meat and produce

* Shopping center with a local drug store, barber shop, jeweler, dress shop and dry cleaners

2005

* Focus on superior customer service

* 54,000 square foot store

* 200 associates

* Supermarket featuring traditional grocery offerings as well as deli, bakery, in-store grill and caf

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from Thalhimer.com....

DOWNTOWN BLOCK SOLD

RICHMOND, VA - May, 2005

Thalhimer/Cushman & Wakefield is pleased to announce the sale of the downtown block bounded by Main, Cary, Third and Fourth Streets in the City of Richmond, Virginia. Downtown Richmond Building Associates II, LLC purchased the block from Media General Operations, Inc. for $3,100,000 and plans to redevelop the property. Gary L. Hooper, CCIM and Jeffrey A. Cooke, SIOR of Thalhimer/Cushman & Wakefield handled the assignment for the seller.

----What exactly is on this block now? What type of redevelopment may take place. I think I remember us talking about it on RCW a while back. I think you had commented on it burt...

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Yes, Coupe, I several times have referred to this tract on RCW.

The area bounded by 2nd, Main, 5th (maybe even 6th) and Canal streets is practically a wasteland of parking lots. There may be one, two or three building of minimum distinction, but their loss, IMO, would not damage the city's fabric. The tract slopes upward from 5th/6th to 2nd where it reaches nice elevation. My hope is that the entire area could be developed with mixed-use, mostly residential, crowned at its higher points by a couple of high rise towers.

I think I read not long ago that another full block (maybe 2nd to 3rd between Cary and Canal) was recently sold by Thalhimer Realty. I'm almost sure the info you just posted is the 2nd acquisition toward a possible major investment in the area.

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Yes, Coupe, I several times have referred to this tract on RCW. 

The area bounded by 2nd, Main, 5th (maybe even 6th) and Canal streets is practically a wasteland of parking lots.  There may be one, two or three building of minimum distinction, but their loss, IMO, would not damage the city's fabric.  The tract slopes upward from 5th/6th to 2nd where it reaches nice elevation.  My hope is that the entire area could be developed with mixed-use, mostly residential, crowned at its higher points by a couple of high rise towers.

I think I read not long ago that another full block (maybe 2nd to 3rd between Cary and Canal) was recently sold by Thalhimer Realty.  I'm almost sure the info you just posted is the 2nd acquisition toward a possible major investment in the area.

<{POST_SNAPBACK}>

Tho I note that your report is not dated. Maybe it's the one I remember and only the one block is involved.

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Found it thanks...This project is definitely on the fast track. City council, which is strongly in favor of the project. will approve it on April 11. This will definitely change the view from the highway since the coliseum had always been such a major player in the view. I wouldnt be all that opposed to moving the coliseum to a new venue and freeing up more space for the bustling Biotech Park. After this project is complete, it will encompass over 1.1 million sf.

<{POST_SNAPBACK}>

Now, now, Coupe! You don't REALLY want to rob downtown of the thousands of visitors to games and events at the Coliseum, do you? :blink:

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In reviewing this exciting thread, there are a few questions that come to mind.

1. Any news on the CNB tower that was recently purchased by the DC developer?

2. Whatever happened to the proposed 2C Hotel in the building at northwest corner of 2nd and Clay?

3. Has anybody got any information on The Hippodrome? I'm sure the late, lamented prior city council (BW) awarded developers something like $800,000 to fix it up.

5. Since Wilder's comments in ASK THE MAYOR, has there been any further information on Canal Walk East. I think he said funds were available for its planning. :mellow:

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I hope all of this property purchasing will equal big-time developments!...Highrises, at that! The only thing is that I hope that the folks buying the property really have something in mind to develop on it, otherwise they're just buying it for investment (awaiting another buyer to come along and buy it from them for development) otherwise, we'll be sitting here a long time before we see anything happen there.

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