Dominion Energy’s new downtown Richmond office tower won the Project of the Decade award from the Greater Richmond Association for Commercial Real Estate.
The real estate group honored the project because of its size and impact to downtown Richmond and the city’s skyline. It was the first time that the organization recognized a project for a period of a decade.
The 19th annual GRACRE Real Estate Awards ceremony, which was held Thursday morning, honored outstanding commercial real estate projects and transactions in the Richmond region during 2019. About 150 people attended the event, which was held outside at The Diamond.
Richmond-based Dominion Energy last fall moved employees into 600 Canal Place, the 20-floor office tower on East Canal Street. The 960,000-square-foot building can house more than 1,200 employees.
The real estate organization also honored the new Whole Foods Market in The Sauer Center development off West Broad Street near the Fan District by bestowing its Project of the Year award.
The 47,000-square-foot supermarket at 2024 W. Broad St. opened in late January. The two-story store is the anchor tenant of The Sauer Center, which is on the site of the former Pleasants Hardware building adjacent to C.F. Sauer’s corporate headquarters.
Greater Richmond Association for Commercial Real Estate, or GRACRE, recognized a total of 16 projects or transactions in the Richmond area.
The other project winners are as follows:
- Top Adaptive Reuse Project: Lumber Liquidators Holdings Inc. took over the former Southern Season gourmet grocery store at the Libbie Mill-Midtown mixed-use development off Staples Mill Road in Henrico County and turned it into its corporate headquarters.
- Top Multifamily Project: The Jane at Moore’s Lake apartments in Chesterfield County is set back from Jefferson Davis Highway just north of state Route 10 in Chester. George Emerson and Phil Roper are developing the luxury apartments. The first phase opened last year and the second phase is underway now.
- Top Retail Project: The Island Shrimp Co. and Casa del Barco restaurants at Chesterfield Towne Center opened last fall by HOUSEpitality Family, the group that runs The Boathouse restaurants and others. Both restaurants have a rooftop patio and the patios are connected by a party bridge.
- Top Industrial Project: Polykon Manufacturing LLC, a France-based maker of cosmetic and pharmaceutical ingredients, built a $60 million manufacturing plant at White Oak Technology Center in eastern Henrico.
- Top Mixed-Use Project — Westhampton on Grove is a mixed-use development on the site of the former Westhampton Theater on Grove Avenue near Libbie Avenue in Richmond’s West End. The three-story building houses retail on the first floor (including Taste Unlimited gourmet market; Mango Salon and a Long & Foster location), offices on the second floor and residential units on the third floor.
- Top Entertainment Project: Topgolf opened a 55,000-square-foot, three-story complex at 2308 Westwood Ave. in Henrico. The golf entertainment operator has multilevel driving ranges, a dining and bar area, outdoor terraces and a 14-hole mini golf course.
- Top Institutional Project: Virginia Commonwealth University opened a new $87.3 million building at 10th and Leigh streets for the College of Health Professions. The eight-level, 154,000-square-foot building opened last fall.
The transaction awards were presented in the following categories:
- Top Land Sale: Specialty insurer Kinsale Capital Group Inc. bought a 5.6-acre tract at Maywill and Thalbro streets in Henrico, where a five-story corporate headquarters building is nearing completion. The insurer paid $2.5 million, buying the property from Ukrop’s Family Holdings LC, an entity tied to the Ukrop’s Homestyle Foods business.
- Top Retail Lease: NOVA of Virginia Aquatics Mall will operate the new swimming facility under a 20-year lease using the former Macy’s South building at Regency mall. Construction is underway for the center, which will have two 25-yard pools and an Olympic-size 50-meter pool. The aquatics center is slated to open in July 2021.
- Top Industrial Transaction: The former Ace Hardware Corp. warehouse in Prince George County, which had been vacant, sold for $21.72 million last year. Ashley Capital LLC, one of the nation’s largest privately held real estate investment companies, bought the 798,786-square-foot distribution center on 155.4 acres as an investment. It signed a lease earlier this year with Amazon.
- Transaction of the Year: The 2000 West Creek apartment complex in the West Creek office park of Goochland County sold for $103 million to Capital Square 1031, a real estate investment company based in Henrico.
- Top Office Transaction: The Deep Run III building at 9954 Mayland Drive was purchased by a real estate asset management company based in Massachusetts for $56 million in January 2019. It was one of the buildings that made up the former corporate headquarters complex of Circuit City Stores Inc.
- Top Retail Transaction: The Colonnades West shopping center at West Broad Street and Cox Road is now owed by Quebec-based Colterra Capital Corp. The company bought the 136,082-square-foot center Corp. for $21.76 million.
- Top Office Lease: Atlantic Union Bank leased a three-story building in the Innsbrook Corporate Center.