Current Projects – River District
Riverfront and Canal Walk Development
The Riverfront and Canal Walk area stretches along a 1.25-mile corridor from the historic Tredegar Iron Works site — just west of 5th Street — to 17th Street on the east. The Canal Walk winds along the renovated and rebuilt James River and Kanawha Canal and Haxall Canal. Originally envisioned by George Washington as a link to the West, these canals were built to give boats a way to sail around the falls of the James River. The river traces more than 400 years of Richmond’s history and many of those stories have been blended into the redevelopment of the area.
The Canal Walk is the center piece of the 32-acre Riverfront developed area. There are 11 sites; five sites have been redeveloped into the Turning Basin Building, Lady Bird Hat Factory, Riverside on the James and the Vistas on the James. Four of the five remaining sites are currently owned and used by Alcoa.
Construction on the sixth development site began last year with MeadWestvaco’s new corporate headquarters and the Federal Reserve Bank’s new parking deck. The Riverfront is already home to a number of Richmond’s large corporations. Moving from east to west along the Canal Walk, you’ll find: First Market Bank, Troutman Sanders, Hunton Williams, Wachovia Securities, New Market and Dominion, and those are just the companies that have riverfront and/or Canal frontage. The Federal Reserve Bank is also located on the Canal Walk.
But don’t just think of the Riverfront as just a place to work, there are new high-rise condos, new entertainment and restaurant venues, and more outdoor activities and festivals than you can believe — ranging from the Richmond Folk Festival to Fridays Cheers to the James River Adventure Games. There are also historic canal boat cruises, pedestrian walking and running paths, historic exhibits, and two historic attractions: the American Civil War Center and the National Park Service Civil War Visitor Center.
MeadWestvaco
On Nov. 9, 2006, MeadWestvaco Corporation (NYSE: MWV) announced it will establish its corporate headquarters facility in the city of Richmond. The new headquarters are part of a long-term development project named Foundry Park, which is located on the riverfront site between Fifth and Seventh streets in downtown Richmond. Construction of the new headquarters began in 2007 and is expected to be completed around mid-2009.
“The downtown riverfront is the ideal place for MeadWestvaco to grow our business and contribute to Richmond 's vibrant community,” said John A. Luke Jr., chairman and chief executive officer. “Establishing our headquarters at the Foundry Park site provides employees convenient access to their workplace and puts our company in the heart of everything Richmond's energetic downtown area has to offer.”
“I was pleased that Mr. Luke called to announce his intention that MeadWestvaco will locate in Downtown Richmond at the Foundry Park site,” said Mayor L. Douglas Wilder. “A number of people participated in working to see this happen and I am grateful for that, because the city of Richmond will benefit from this great company having confidence in the community to want to locate its corporate headquarters here.”
MeadWestvaco is a global packaging company that delivers high-value packaging solutions and products to the world’s most recognized companies in the food and beverage, media and entertainment, personal care, home and garden, cosmetic and healthcare industries. The company also has market-leading positions in its consumer and office products, specialty chemicals and specialty papers businesses. MeadWestvaco, with operations in more than 29 countries, has been selected for the Dow Jones Sustainability Indexes, and manages all of its forestlands in accordance with internationally recognized forest certification standards.
To learn more, visit www.meadwestvaco.com.
Foundry Park
Mixed use: office, hotel, residential and retail. New Market Corporation owns the property. Construction of Phase 1 began in early 2007 and includes the MeadWestvaco corporate headquarters and the Federal Reserve Bank’s new parking deck, fronting Byrd Street between Fifth and Seventh streets.
Virginia Capital Trail
The Virginia Capital Trail continues to move forward as Governor Tim Kaine cut the ribbon Nov. 21, 2006 on the first section near Jamestown. Eight miles of the trail have been completed and are in use. Subsequent sections are in various stages of design or construction in Richmond and Charles City and Henrico counties. Construction is underway on a critical one-mile link between the Great Ship Lock Park and the Canal Walk bordering Tobacco Row, with completion estimated at the end of 2008. The Virginia Capital Trail Foundation is working with the Virginia Department of Transportation and developers to the east of the city to facilitate a riverside alignment in Henrico County. Once completed, the entire 50-plus mile project will connect Downtown Richmond to Jamestown.
Vistas on the James
Mixed use, new construction: condominiums, commercial, parking. $50 million, 168 units, 18-story condo tower, one to three bedrooms and one to two bathrooms, starting at $350,000. It is possible to combine units to create larger residences. Property located at 14th and Virginia streets. “We’ve got floor-to-ceiling glass, views of the river, a fitness center on site, granite countertops and 24-hour security,” states Project Developer Michael Campbell, listing off just a few of the features available to the lucky owners of these new one-, two- and three-bedroom luxury condos. “There are no other sites in downtown Richmond that you can have the views of the river and of the city like here. It’s a once-in-a-lifetime opportunity.”
“The views of the river and the skyline are just spectacular,” he says. “There are other condominium projects in Richmond, but there’s nothing else like high-rise living. Once you get up there and see the views, it’s breathtaking.” Commercial space also is available with Canal Walk frontage.
To learn more, visit www.vistasonthejames.com.
Southern Railroad Deli
Opened winter 2007 in the Southern Railway building portion of the Turning Basin building, located on the Canal Walk between Virginia, 14th and Canal streets. Outdoor seating along the Turning Basin makes this a great “third place.”
Lady Byrd Hat Factory
Mixed use: anchored by entertainment, music and restaurant venue. $9.5 million, 48,000 square feet. Roseline Financial Group moved in 2006 and anchor tenant Toad’s Place and Highwater Restaurant opened in 2007.opens in 2007. Commercial space is available for lease.
Toad’s Place Richmond and Highwater Restaurant
Canal Walk patio dining is a unique feature for this live-music venue and restaurant featuring gulf-inspired, low country cuisine. It occupies three levels and 20,000 square feet with the capacity for 1,200 to 1,500 attendees. Toad’s Place is attracting both local and national talent.
Riverside on the James
Mixed use, new construction: office, parking, retail and condominiums. $90 million, 719,000 square feet, 230,000 square feet office, 70,000 square feet retail and entertainment, 800-space parking garage, 122 condominiums with parking, one to two bedrooms, one to two bathrooms, re-sales available starting at $200,000 to $600,000. Property located at 1101 Haxall Point on the eastern end of Brown’s Island.
Welcome to big city living at its finest. The condominiums that comprise Riverside on the James feature swanky skyline views and a strategic location a stone’s throw from the hubbub of downtown. “There are twice as many people living downtown as there were five years ago,” comments realtor Lacy Williams. “There’s so much positive stuff going on downtown right now, MeadWestvaco’s headquarters is under construction and Philip Morris USA has opened their new research center. There are a lot of condominium projects downtown. It’s become a really cool place to live.”
It’s an ideal situation where122 residential condos are combined with 263,000 square feet of Class A office space, all set literally in the middle of the river. “The views of the city are unbelievable,” states Project Developer Michael Campbell. “This project has created an opportunity to help revitalize the city and help it grow into more of a live, work and play environment.”
To learn more, visit www.riversideonthejames.com.
Hydroelectric Plant building at Riverside on the James
Offers great canal level retail and restaurant opportunities.
American Civil War Center at Historic Tredegar
Museum/education center. $13.6 million, 10,000 square feet of exhibition space, high-tech, multi-media. Opened October 2006 with its flagship exhibit, “ In the Cause of Liberty” — the nation’s first exhibit to tell the Civil War story from Union, Confederate and African-American perspectives.”