-
Introduction
- All aboard — Roanoke's downtown
renovation preserves its past
- Developer unsnarls traffic congestion
as part of deal
- Sensitive project tests broker's
deal-making skills
- Shipbuilding complex boosts downtown
Newport News
- Other Nominees
Turning
Basin project could be turning point for Canal Walk
Project:
111 Virginia St., Richmond
Owner:
The CathFord Group, Richmond
Architect:
SMBW Architects, Richmond
General
Contractor: DPR Construction, Inc., Glen Allen
Broker:
Edward P. Roberts, Advantis Commercial Real Estate,
Richmond
by
Brett Lieberman
Click
to enlarge |
Like
many of the structures in Richmond, the Turning Basin
has a rich history. It was a spot where mule-drawn barges
could be turned around to traverse the Kanawha Canal
system that George Washington envisioned would link
the Atlantic Ocean to the Ohio River. Adjacent to the
basin is a namesake building that likewise has historical
significance - a once abandoned red brick warehouse
owned by Norfolk & Southern Railway.
Today,
that building is anchoring a $17 million project that
should pump new life into the city's Canal Walk and
could speed the $450 million Richmond riverfront development
at Shockoe Slip. The building's owner, Bob Englander
of the CathFord Group, likens the site to "basically
ground zero for the canal development" which eventually
could attract dozens of restaurants, offices, shops
and clubs to the canal area.
The
renovated warehouse is linked by a two-story glass connector
to a new, five-story, 82,000-square-foot building. Combined,
the two structures offer 102,000 square feet of space
- space that has already attracted new downtown tenants,
including Morton's Steakhouse and First Market Bank,
which located its headquarters there.
The
site was especially challenging because of its size
and location in the city's historic Shockoe Slip warehouse
district. The .94-acre site and height restrictions
limited the developers as well. A 15-foot variance allowed
the new building to go beyond the 60-foot height limit.
The project also would have been easier if the Norfolk
& Southern building were torn down, but the developers,
city officials and community leaders agreed on its historic
value. The warehouse was restored and the new building
designed to mesh with the area's old, brick, warehouse
style.
Englander
and city leaders envision new buildings with residential,
retail, and office space on both sides of the canal.
Plans are in the works to rekindle Washington's vision
by opening the locks at the east end of the canal to
offer access to marinas and the James River. "All
of that's going to take 10 or 15 years … It's going
to be a slow process, but one that is well needed …
and will have a huge economic impact on the city,"
says Englander.
Key
to economic development was the inclusion of minority
investment. A group of local minorities make up one
of eight partners in the Turning Basin Building. The
developers and Richmond City Manager Calvin Jamison
see minority involvement as critical to rejuvenating
the city's downtown core and creating wealth. Jamison
hopes to emulate this model at other projects along
Canal Walk. With good planning, creative thinking and
help from minority business people, the Turning Basin
Building could be a true turning point for Richmond's
ambitious Canal Walk plans.
Return
to Virginia Business - April 2002
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