10.31.2008




Three downtown office buildings sold.

The State bought 400 E. Cary Street (formerly United Dominion Realty Trust) for 6.5 million that will house health department clinics for both the state and city in the 51,000 s.f. space.

VCU Heath Systems bought One Capitol Square for 8.95 million to relocate employees from other properties around downtown into the 188,000 s.f. space.

The State bought Main Street Centre (600 E. Main Street) to expand the existing VA Department of Taxation and relocate other state agencies over time.

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Proposed plan to transform a portion of Shockoe Bottom into Shockoe Center, a $363 million transit-oriented, mixed-use town center.

Plans call for:
  • 200,000 s/f of Class A corporate headquarters-caliber office space
  • 80,000 s/f of entertainment-oriented retail and restaurants
  • 250 apartments (some overlooking ballpark)
  • 300 hotel rooms (two hotels, one overlooking ballpark)
  • 60 condominiums (some may overlook ballpark)
  • 2 parking decks, plus surface parking, and
  • Slave Trail and Heritage Center
  • 1 ballpark; 8,500-capacity
The Ballpark:
  • 6,500 traditional seats; 1,500 to 2,000 additional guests in restaurant/club, terraces, family zone, enclosed suites and picnic areas.
  • Unique ballpark woven into the streetscapes of Shockoe Bottom.
  • Adjoining historic buildings retained, restored and incorporated with rooftop "party decks" for groups.
  • Extension of 17th Street Farmers' Market as main promenade into ballpark including open air pavilion, Shockoe Square entertainment area, and an "entertainment alley" between the ballpark and existing nearby businesses.
  • Designed for expansion to 8,500 seats
The Master Developer:

Highwoods Properties (NYSE: HIW) is a real estate investment trust that provides leasing, management, development and construction services. On September 30, 2008 the company owned or had an investment in 383 in-service office, industrial and retail properties encompassing approximately 35 million square feet and owned 619 acres of development land. Since January 2005, the company has delivered $505 million of new development.

Highwoods is the largest suburban office developer in the southeast, and the largest in the Richmond area. The Company has developed 29 buildings in the western Henrico/Innsbrook area and five in the Stony Point area. Highwoods also developed One Shockoe Plaza (headquarters for The Martin Agency) in the Shockoe Slip historic area.

The Team:

The development team includes Highwoods Properties; CMSS Architects; Timmons Group; SMBW Architects; Hirschler Fleischer; LeClair Ryan; Williams Mullen; Boisseau Partners; Richmond Baseball Club, LC; HKS; Morgan Keegan; and Historic Housing, LLC.

For more information about Highwoods Properties, go to highwoods.com
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