Dominion’s 2-acre plot downtown. (BizSense file photos)
The fate of some of Dominion Energy’s prime downtown real estate holdings has taken another turn.
After actively marketing three of its excess parcels for sale, the utility giant said this month the properties are no longer listed as up for grabs.
The properties in question are: an entire city block at 701 E. Cary St.; its 20-story Eighth & Main office tower at 707 E. Main St.; and a three-story parking deck at 620 E. Cary St.
As recently as late summer, all of those properties were on the market, but that’s no longer the case. A Dominion spokesman said they are now, “under evaluation as part of our ongoing strategic review.”
The company would not elaborate on what that means.
The three parcels total around 3 acres and were most recently assessed by the city at a combined $48.3 million. The Eighth & Main office tower makes up the majority of that with an assessed value of $35.1 million.
The 2-acre city block at 701 E. Cary St. was where Dominion’s One James River Plaza office tower stood until it was imploded in 2020. It was initially to make way for a sister tower for its adjacent 21-story headquarters, however the utility punted on those plans in 2021.
It later announced plans to build a “clean energy park” on the site, a use that would have included parking spaces and chargers for electric vehicles along with green space. That project, too, was scrapped, and over the summer Dominion said it was starting the process of selling the land.
The Eighth & Main tower had once planned to be converted into apartments.
The other two properties had also been eyed for redevelopment recently.
Last year local firm Genesis Properties had both properties under contract with plans to convert the 47-year-old Eighth & Main office into 300 apartments.
Genesis’ plans also included building a similarly sized structure with an additional 300 apartments atop the parking deck at 620 E. Cary St. But earlier this year Genesis confirmed that the deal was off.
While it’s not currently in the deal-making mood downtown, Dominion did recently sell off some real estate elsewhere in the city.
Earlier this month it sold nearly 5 acres it owned in the Fan for $15 million. The sale included a former office building that’s now set to be converted into over 100 apartments, plus a 1-acre parking lot on which over two dozen townhomes are planned to be built.
Dominion’s 2-acre plot downtown. (BizSense file photos)
The fate of some of Dominion Energy’s prime downtown real estate holdings has taken another turn.
After actively marketing three of its excess parcels for sale, the utility giant said this month the properties are no longer listed as up for grabs.
The properties in question are: an entire city block at 701 E. Cary St.; its 20-story Eighth & Main office tower at 707 E. Main St.; and a three-story parking deck at 620 E. Cary St.
As recently as late summer, all of those properties were on the market, but that’s no longer the case. A Dominion spokesman said they are now, “under evaluation as part of our ongoing strategic review.”
The company would not elaborate on what that means.
The three parcels total around 3 acres and were most recently assessed by the city at a combined $48.3 million. The Eighth & Main office tower makes up the majority of that with an assessed value of $35.1 million.
The 2-acre city block at 701 E. Cary St. was where Dominion’s One James River Plaza office tower stood until it was imploded in 2020. It was initially to make way for a sister tower for its adjacent 21-story headquarters, however the utility punted on those plans in 2021.
It later announced plans to build a “clean energy park” on the site, a use that would have included parking spaces and chargers for electric vehicles along with green space. That project, too, was scrapped, and over the summer Dominion said it was starting the process of selling the land.
The Eighth & Main tower had once planned to be converted into apartments.
The other two properties had also been eyed for redevelopment recently.
Last year local firm Genesis Properties had both properties under contract with plans to convert the 47-year-old Eighth & Main office into 300 apartments.
Genesis’ plans also included building a similarly sized structure with an additional 300 apartments atop the parking deck at 620 E. Cary St. But earlier this year Genesis confirmed that the deal was off.
While it’s not currently in the deal-making mood downtown, Dominion did recently sell off some real estate elsewhere in the city.
Earlier this month it sold nearly 5 acres it owned in the Fan for $15 million. The sale included a former office building that’s now set to be converted into over 100 apartments, plus a 1-acre parking lot on which over two dozen townhomes are planned to be built.
What the hell is Dominion doing now?? What’s the point of taking such prime real estate back off the market if you’re not building something substantial on them? Especially the now empty lot where 700 Canal was supposed to go. And given their very recent history with these properties, I doubt they have anything substantial planned for them.
Dominion can’t really make up their minds with their properties. They imploded their useful tower for nothing instead of just putting it on the market. I think these board of directors are bad at making plans ahead of time.
Probably could have held off on demolition but given Genesis (they were second party to make offer) and another developer pulled out office tower conversion it also says that the market, especially downtown, has slowed for a multiple of reasons so maybe it was not worth keeping the listings up anymore until rates come down.
If Dominion isn’t building on the vacant block downtown can we please have the sidewalks & street parking back?
Exactly. Who do we need to talk to? Councilperson?
It’s almost like you think people who engage in construction activities should have to mitigate some of the impact they have on infrastructure.
Come on now! You should know it’s all about money!
Put them in charge of VCU Health