With the first of potentially two new towers under construction on Sixth Street, Richmond’s resident utility giant has chosen a name for its forthcoming downtown complex – and it’s also mulling the future of two other sizable properties in the city.
Dominion Energy this week announced that the 20-story, nearly 1-million-square-foot office building taking shape at its 111 S. Sixth St. headquarters will be called Canal Place, spokesman Ryan Frazier said.
That building, being developed by Richmond’s Hourigan Construction and Chicago-based Clayco, will be dubbed 600 Canal Place, due to its address at 600 Canal St.
Its neighboring building – which will be either another newly constructed 850,000-square-foot, 16-story tower or a renovated version of the existing One James River Plaza – will use the name 700 Canal.
A year has passed since demolition began on the site, which encompasses the entire city block spanning Sixth and Seventh streets between Cary and Canal. Frazier said construction is well underway, with the foundation laid and seven floors of the elevator shaft rising out of the massive pit.
The Canal Place name was chosen from a pool of 1,000 ideas submitted by Dominion employees, and is a nod to Dominion’s original incarnation – a canal navigation company chartered in 1787 as Upper Appomattox Trustees.
The first of the Canal Place buildings is planned for completion in early 2019, with more than 1,000 employees expected to move in later that year.
A decision then would be made on the One James River Plaza building.
Also in 2019, Frazier said, Dominion no longer will need its three-building compound on Grayland Avenue in the Fan and potentially would look to sell the properties, which encompass more than 4 acres at 2400 and 2501 Grayland Ave. and surrounding parcels.
The 2400 Grayland building comprises 37,000 square feet and most recently was assessed at $5.6 million. The 2501 Grayland site holds a 15,000-square-foot building and is assessed at $1.2 million.
Those properties abut the Cary Street Station development, a nine-building rehab of the former GRTC Bus Barn site.
And by 2022, Dominion will make a decision on its existing 20-story tower at 705 E. Main St. Workers in that building will move into the second phase of Canal Place, leaving the aging building open to lease out to another tenant or to be sold, Frazier said.
The 342,000-square-foot building was built in 1976 and is assessed at $31 million.
Dominion’s hand and that of CEO Tom Farrell also are steering another major downtown project – the potential redevelopment of the Richmond Coliseum and surrounding properties.