Mixed use project that would complete the Canal Walk in Downtown closer to reality

Developers who want to turn an industrial plant along Richmond’s Canal Walk into a mixed-use community are one step closer to their goal.

This is a repost of richmond bizsense article dated 10/22/2010
Partners Fountainhead Development and the WVS Companies had requested several changes to restrictive covenants put in place when the Canal Walk was developed in 1994. Those changes have now been endorsed by the executive committee of Venture Richmond, and director Jack Berry said he expects the full board to approve the changes within the month.

“There was unanimous agreement on the part of the developer, the city and Venture Richmond to make some changes in the convents to enhance the Canal Walk,” Berry said.
The developers, who have the six-acre site under contract, sought changes that would allow for taller buildings and some leeway in requirements that mandate pedestrian-oriented uses such as ground-level retail.

With the covenants changed, Fountainhead principal Rick Gregory said, it’s time to focus on financing. The purchase price for the site has not been disclosed.
The developers were granted a Special Use Permit by the city in July (read more here) that allowed for residential uses on the ground level, among other changes to the existing zoning.
Since then, the developers have continued negotiations with Venture Richmond on the covenant changes. The result is something in between what was granted in the SUP and the original covenants.

“There are a lot of different parties who have different agendas, and some people wanted more retail space,” Gregory said. “The point was there is already enough vacant space down there.”
The developers had wanted to use much of the street-level space for office or apartments, citing a lack of demand for retail. For the most part, provisions that require ground-level pedestrian uses such as shops and restaurants were kept intact.
“The requirements for first-floor pedestrian uses were retained and strengthened in certain instances,” Berry, of Venture Richmond, said.

The developer was relieved of this requirement on the first floor of a proposed residential building along the canal, which now will allow for commercial offices instead. The developer had been given permission by the city to place apartments on the ground level if they wanted, but in this case the covenants supersede the zoning.
The developers were also allowed to reduce pedestrian-oriented uses along 11th Street. In other sections, the current requirements were kept intact.

Among the other changes:
- Allow taller buildings in some sections.
- Protect river views from condo units in the Vistas above 70 feet.
- Strengthen and clarify existing covenants relating to architecture.
- Reduce setback from canal in some sections to allow larger building footprints.

Canal walk downtown richmond va; richmond real estate; kerry riley; one south realty group