RT : Just back from kayaking in the flat water around Belle Island. I kept forgetting that there was a city behind me. 06:28:11 PM July 27, 2010
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September 18, 2009
The first phase of the Cold Storage renovation is complete. The building has 37 all-inclusive apartment units, and it is one of five buildings that will make up the Atrium Lofts at Cold Storage. The renovation and conversion of the rest of its buildings is not in any rush due to the economy, but Brian White with Historic Properties indicates it will be completed eventually. A property manager with Main Street Realty says that the downtown rental market is still strong, citing that the building next door is 100% occupied. [via]
Plans for a brewery and restaurant by David Napier as part of the Atrium Lofts at Cold Storage have been shelved. Napier says one of the reasons for suspending development of the brewery is the lack of a plan for the Shockoe Bottom area. [via]
Posted by jacqui at 9:28AM under RVANews-news, real estate, restaurants | Tags: Cold Storage
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Well it stinks that the brewery got shelved. I was looking forward to walking down to it!
Napier’s reasoning makes little sense. If you have faith in your business, you shouldn’t wait around for the city to help you.
Once someone takes the leap, others will join. Look at the Boathouse – that place is packed every night. There’s a built-in, upscale clientèle all over Church Hill and Tobacco Row. I have no idea how on earth had the area been empty that long, but kudos to the Boathouse for seizing the opportunity.
Napier’s reasoning makes sense to me;
He’s waiting for a sweeter incentive (than none) from the City via a clear plan and (the resulting) monetary incentives. At this point in time, the risk associated with starting a business in this climate outways the reward that he sees as potential gain. Currently the rental market is strong, so the draw to the area isn’t required nearly as much. Second, if the plan does not work out in his favor (such as emphasizing that area, or tax incentives for example), then the capital outflow has been done and will be more difficult to recoup.
So yes, his comments make sense to me, it’s a conservative play. Whether I agree with his actions I’m not nearly as sure.
I don’t blame Napier. He, like Maggie Freund, is playing with his own money, not somebody else’. They have done a great deal more for the Bottom and the Hill than all those sideline cynics.
[...] in 2007 there were plans to put a brewery into the Cold Storage development on 18th Street. River District News is saying that the brewery is no longer part of the plan… Posted by john_m at 6:48PM under redevelopment | Tags: Cold Storage Share a Comment Please [...]
Between the city’s y2k comprehensive plan and the 2007 downtown master plan I think we have done our due diligence in planning for the Bottom. Instead of spending $125k on redundant planning the good mayor should spend it on implementing one of the many wonderful plans for the Bottom, esp those found in the recent DMP. I’ll bet we could get a right decent amount of streetscaping done for $125k that might bolster investors’ confidence in continuing to develop the area.
You have to wonder how much this is part of the dynamic:
http://riverdistrictnews.com/2009/08/28/shockoe-bottom-businesses-sue-city-for-31-million/
Dave Napier is NOT part of the suit. He has chosen not to sue at all, so I doubt this is part of the dynamic
Napier is right to hold off. The only plan the city has for the bottom right now is a ridiculous bus transfer station that will drive patrons AWAY from the bottom.
Richmond needs to grow up and execute a plan.