Canal Tower Plans Revived 

“There are a number of prospective tenants in the market that would need the space,” Kreckman says. One of the biggest said to be looking for space is BB&T Corp. Local real estate brokers say the bank is looking to consolidate its Virginia headquarters and its brokerage operations — BB&T Capital Markets and Scott & Stringfellow — in the near future. BB&T needs about 120,000 square feet of space.

The new 250,000-square-foot office building would be more than twice the size of the Turning Basin Building on Virginia Street, home to First Market Bank and Morton’s Steakhouse, which opened in 2001. The tower also would include about 14,000 square feet for retail, possibly a restaurant.

In addition to the improving economy, Kreckman says that prospective tenants are excited about the Canal Walk area, especially with the new office and retail development underway on Brown’s Island.

Before building can begin, however, Highwoods needs tenants. About 50 percent of the building must be pre-leased before financing for the project can be secured, Kreckman says, which is standard in the real estate business.

But finding the tenants shouldn’t be a problem, he says. “The market’s just getting a little better.” — Scott Bass

Letters to the editor may be sent to: letters@styleweekly.com



Subscribe to this thread:

Add a comment

Connect with Style Weekly

Most Popular Stories

  • Starting Conversations

    Starting Conversations

    The Conciliation Lab finds a natural fit between theater and activism.
    • Feb 23, 2021
  • Diversity through Unity

    Diversity through Unity

    Two biggest local LGBTQ+ nonprofits join forces to further their impact.
    • Feb 23, 2021
  • Designers, In Living Color

    Designers, In Living Color

    Richmond’s Black designers impart creativity, culture, cool – and lift – as they climb.
    • Feb 16, 2021
  • The Big Smooch

    The Big Smooch

    That issue around Valentine’s Day when we spread some love to people, places and things that deserve shoutouts.
    • Feb 9, 2021
  • More »

Copyright © 2021 Style Weekly
Richmond's alternative for news, arts, culture and opinion
All rights reserved
Powered by Foundation