Redskins Moving to $10M Richmond Training Center in July

By Adrian Maties, Associate Editor

The Washington Redskins may have come up short in their quest for a Super Bowl title this past season, but the team and its fans still have something to look forward to: a new summer home. In July, the pro football team will leave behind its training facility in Ashburn for a  $10 million complex in Richmond.

Richmond city leaders, representatives of Bon Secours Virginia Health System and team officials joined other dignitaries on Feb. 14 to break ground on the Bon Secours Washington Redskins Training Center. Those attending included Gov. Bob McDonnell, Mayor Dwight C. Jones, Bon Secours CEO Peter Bernard and Bruce Allen, executive vice president & general manager of the National Football League franchise.

Located on a 17-acre site behind the Science Museum of Virginia, the facility will include two full-sized football fields, a practice field, a gymnasium and locker rooms, as well as improved amenities for fans.

Part of an economic development deal between the city and Bon Secours, the complex will bring $40 million investment and several hundred jobs to Richmond. The project team includes Hourigan Construction, 3North and the Timmons Group.

The Redskins are committed to spend three weeks at the training center for a minimum of eight years. One hundred thousand fans are expected to visit the complex, which backers say will inject $8.5 million into the local economy.

Photo credits: www.redskins.com

Clayco Details Plan for $110M Richmond Office Tower

By Adrian Maties, Associate Editor

Clayco expects to start work late this spring on Gateway Plaza, a $110 million office tower in the heart of Richmond’s business district, the Chicago-based developer confirmed Jan. 30. Initial plans call for a 15-story, 261,000 square-foot building located on the current site of a 1.1-acre parking lot at 8th and 9th Streets and Canal St.

The property would also include more than 10,000 square feet of first-floor retail space and 520 parking spaces. Clayco is considering the possibility of adding six more stories. The project will be a candidate for LEED Gold certification.

If approved by city officials, Gateway Plaza would be Clayco’s next major project in Virginia, following Amazon’s recently completed 1.1 million square-foot distribution center in Dinwiddie County.

Gateway Plaza will be anchored by McGuireWoods LLP and McGuireWoods Consulting LLC. The law firm plans a 2015 move-in and will occupy 217,000 square feet and a conference center on the top floor. Colliers International is the leasing agent for the property.

In its announcement, Clayco cited studies showing that Gateway Plaza will offer significant benefits:

• 812 construction jobs, paying a total of more than $50.7 million in wages.
• 1,653 jobs, including more than 630 at McGuireWoods.
• $117 million in tax revenues over the next 30 years.

“We believe that Gateway Plaza will be an attractive and successful addition to downtown Richmond. It will set a new standard for office buildings in Central Virginia and demonstrates a commitment to the city’s economic growth and vitality,” commented Bob Clark, Clayco’s chairman and chief executive officer.

“It also represents the continuation of our involvement in Virginia projects, including the recently completed 1.1 million square-foot distribution center for Amazon.com. in Dinwiddie County,”  Clark added.

Rendering: www.gatewayplazarichmond.com

Chart courtesy of CBRE Inc.

Crosland Southeast Unveils $60M M-F Project at Stoneridge

By Adrian Maties, Associate Editor

As 2013 gets out of the starting gate, the demand for apartments in the Richmond metropolitan area is showing no signs of a slowdown, and developers are rushing in to meet the need.

Crosland Southeast announced plans Jan. 22 to build a 600-unit complex
on the site of the former Cloverleaf Mall in Chesterfield, Virginia Business reported. The $60 million project will be part of Stonebridge, the 400,000-square-foot mixed-use development Crosland Southeast is developing on an 83-acre site at Midlothian Turnpike and Chippenham Parkway next to the Kroger marketplace.

The urban-style complex will offer studio, one-bedroom and two-bedroom apartments, plus 27,000 square feet of retail space. Charlotte, N.C.-based Crosland, which is teaming up with Boyd Homes of Virginia Beach, expects to have the first units ready for occupancy by mid-2014.

Multi-family developers plan adaptive-reuse projects for several other vintage properties. Richmond BizSense reported that the former Seaboard Bag Co. factory at Moore and Belleville Streets is in line for a $10 million makeover. The developer, Jerry Peters, wants to transform the property into a 94-unit complex dubbed Monroe Street Apartments.

Peters’ plan calls for 79 one-bedroom and 15 two-bedroom apartments in the one-story, 81,000-square-foot building. Walter Parks is the architect and Monument Companies L.L.C.’s construction affiliate will serve as general contractor.

Also in the works is the redevelopment of the 84-year-old Central National Bank building at 219 East Broad St., which has been vacant for nearly 10 years. Douglas Development Corp. wants to turn the vacant 240,000-square-foot tower into a 200-unit residential property. The Washington, D.C.-based developer, which bought the property for $5.3 million in 2005, plans to start work this year. Although details are incomplete, Douglas expects to invest about $20 million in the project.

Rendering of Stonebridge courtesy of Crosland Southeast.

Landmark Virginia Beach Hotel Hits the Market in Family Feud

By Adrian Maties, Associate Editor

 The Cavalier Hotel, a Virginia Beach landmark that has hosted presidents and celebrities, is fon the block. According to Virginia Beach city records, the property is assessed at $34.25 million. However, court records show it is worth around $41 million, reported the Virginian-Pilot. Doug Henkel, Tom Ives, Lew Miller, Andy Wimsatt and Kym Halsted of CBRE Inc.’s hotels group are marketing the property.

The Cavalier property occupies a 21-acre tract and includes two hotels. Open since 1927, the seven-story Cavalier on the Hill offers 110 guest rooms. Its counterpart, the 282-key Cavalier Oceanfront, opened in 1970 directly across Atlantic Ave. Between them, the two facilities provide more than 50,000 square feet of meeting and function space and feature indoor and outdoor pools, tennis courts, a fitness center, and a below-ground parking garage. An owner/manager residence, employee housing and automobile repair garage are also located on the property. Presidents Calvin Coolidge, Herbert Hoover, Harry Truman, Dwight Eisenhower, John Kennedy, Lyndon Johnson, and Richard Nixon have all been guests.

According to the Virginian-Pilot, the court-ordered sale will help resolve a battle among the heirs of Gene Dixon Sr., the late mining magnate, who purchased the Cavalier in 1960. Dixon made a fortune mining the mineral kyanite in Buckingham County.

In a dispute over company profits, Dixon’s grandchildren, who own 42 percent of the family business, the Disthene Group, sued their uncle and cousin, the majority owners. A Faifax County judge ruled in favor of Dixon’s grandchildren and ordered the sale of the family assets to. In addition to the Cavalier complex, a kyanite mine and 30,000 acres of timberland are also for sale.

Photo credits: www.cavalierhotel.com

Sheraton Norfolk Waterside Heads to Auction Block Dec. 20

By Adrian Maties, Associate Editor

The Sheraton Norfolk Waterside Hotel, long regarded as one of the city’s top hospitality assets, is headed for a Dec. 20 foreclosure sale, according to a legal notice published Dec. 6 in the Virginian-Pilot.

Phf li Norfolk L.L.C. had previously acquired the 468-key, 10-story hotel for $40 million in Oct. 2006 from Norfolk Hospitality L.L.C. Since then, the property’s value has dropped as low as $31.4 million in 2011, according to city records. In July, the hotel was assessed at $32.1 million.

Property assets listed in the legal notice amount to $197 million. The hotel’s furniture, furnishings, machinery and equipment will also be sold.

Located at 777 Waterside Drive on a 3.4-acre parcel close to the Elizabeth River, the 10-story, 323,520-square-foot property was built in 1976. More than half of the hotel’s guest rooms offer a private balcony with a harbor view. Amenities include 35,000 square feet of meeting and event space, an outdoor pool, health club, lounge and the City Dock Restaurant.

Adjacent to the hotel, the Cordish Cos. plans a $38 million makeover of the Waterside Festival Marketplace into a new entertainment/restaurant venue, Inside Business reports. The Sheraton Norfolk Waterside is near Norfolk Naval Base, Norfolk City Hall, the Norfolk Convention Center, museums and universities.

A public auction is scheduled for Dec. 20 at 1 p.m. at the Norfolk Circuit Courthouse on St. Paul’s Blvd. Prospective bidders may be required to put up a $100,000 deposit. The property will continue to operate during the ownership transition.

Photo credit: www.sheratonnorfolkwaterside.com