With the ink dried on a $9 million Manchester acquisition, a local real estate firm is unveiling plans for its massive Reynolds South renaissance.
Cushman & Wakefield | Thalhimer last week released marketing materials giving the first clear picture of what the company has in mind for the 17-acre former Reynolds South plant.
Conceptual drawings show two 13-story additions to the Southside skyline, as well as a new construction retail section anchored by a 34,000-square-foot shop at Hull and Fourth streets.
That’s in addition to three historic rehab projects planned on the site, one of which is already in the demolition phase.
Thalhimer broker Jeff Cooke said the overall development could total more than $100 million in renovations and new construction at one of the city’s largest tracts that has been untouched by the downtown development drive.
“In a city like Richmond that is mature, there are very few open pieces of land like this,” Cooke said.
Thalhimer Realty Partners, Cushman & Wakefield | Thalhimer’s acquisition and development wing, bought the dormant metals plant in December after putting it under contract at least eight months earlier. The firm paid $9.25 million for the property and announced plans for a long-anticipated mixed-use development.
Cooke, whose Reynolds South marketing and leasing domain runs northwest from Porter Street to the property’s edge, anticipates one office tower and one residential tower to be built on a concrete pad that sits between Sixth Street and the Manchester Floodwall Walk. The conceptual plan calls for each building to reach 13 stories, although Cooke said they could grow as tall as 15 stories.
The residential tower is slated for 10 floors of housing on top of three levels of parking. It will total 250 total units, adding to the 263 apartments planned for the three rehab buildings.
The office building shows four parking levels and nine floors of space on the other side of Perry Street. Cooke estimated about 250,000 square feet of space for that building.
For comparison’s sake, the MeadWestvaco building north of the river is nine stories and 310,000 square feet. Cooke referenced the Fortune 500 packaging company’s headquarters Monday, saying the Reynolds South building would likely also have a more modern look.
Reynolds South Building A, the conversion project that reaches Seventh Street, will also have office space, and Cooke said he has shown the building to two potential 20,000-square-foot tenants.
|Reynolds South by the numbers|
|Purchase price in millions||$9.25|
|Planned apartments, converted||263|
|Planned apartments, new construction||250|
|Planned office space, square feet||250,000|
|Planned retail, square feet||61,500|
|Planned surface parking spaces||565|
On the retail end, which fronts Hull Street and is separated from the high rise site by the three rehab projects, drawings call for a 34,000-square-foot anchor at Hull and Fourth streets and two 13,000-square-foot strips.
The Reynolds South plan encompasses several branches of the Cushman & Wakefield | Thalhimer real estate conglomerate.
Thalhimer Realty Partners handled the acquisition and will be paying for the construction. The brokerage arm is handling leasing, and MGT Construction, Thalhimer’s construction arm, is the site’s general contractor.
Walter Parks is the architect for the current adaptive reuse projects.
There is no firm timetable for development beyond the apartment conversions currently underway, and Thalhimer Realty Partners president Drew Wiltshire said the market will determine the order in which the pieces come together.
“The development I see playing out clearly starts with the renovation of the buildings,” he said. “But I couldn’t wager a guess on what comes next.”
Thalhimer is the latest in a long line of developers to add apartments to Manchester. There are at least 500 units under construction, with a slew of buildings completed in the past few years.
Cooke said those other developments sprouting up around Reynolds South give him confidence that Manchester’s most ambitious development plan yet will take off.
“All of this is going to happen. The proof is here,” he said. “This is no longer pioneering.”