Sperity Real Estate Ventures

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The Challenges of Owning Multiple Commercial Properties

Real estate investing can be very lucrative and help you reach certain financial goals. To do this, you’ll need to grow your investment portfolio and invest in multiple properties. Of course, with multiple properties comes several challenges.

Reducing Vacancies

Vacancies are a common problem with rental properties. If you have multiple properties with vacancies it can become even more of a problem. To avoid vacancies, you need to properly market your properties. As most business is done online, you should start by creating a website for your properties. This way people can easily find them and view their availability. You also need to make sure your properties are appealing to potential tenants. Keep them clean and well-maintained. Perform repairs promptly and consider adding updates to your properties. While it will be more expensive if you have multiple properties, you should put plenty of time and effort into them to attract and maintain tenants. Of course, keeping your current tenants is another way to reduce vacancies on your properties.

Managing the Properties

Real estate investing is not passive. To reap the benefits of these investments, you need to put in a fair amount of work to manage your properties. You’ll be responsible for making repairs on all your properties. You’re also in charge of managing your tenants including collecting rent. It can be overwhelming to manage multiple properties at once, so make sure you are prepared. It is also important to consider your reputation. Managing your reputation is crucial to reducing bad reviews. Try to stay on good terms with your tenants and conduct yourself in a way that will encourage future business at your properties.

Hiring Help

The reality of owning multiple properties is that you can’t do it all alone. There is simply too much to be done and you won’t have enough time to do it all. You’ll need to form a team to help you manage all your properties and increase the benefits they can give you. The team you’ll need will vary depending on your intentions. If you continue to invest, you should look into hiring a real estate agent, a mortgage broker, an accountant, etc. to help you throughout the process. As far as managing your properties, you’ll want to have a maintenance crew, staff to run the properties, a pest control company, and more. 

When you invest in real estate, you open yourself up to many opportunities. The more properties you have, the more opportunities you can see. Just make sure you are prepared for the challenges associated with owning multiple properties.

Check out our available commercial properties here!

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Is now the right time to sell your commercial real estate?

As a commercial real estate investor, two of the most important and difficult decisions to make are when to sell and at what price. One of the most common questions we get is when is the best time to sell your commercial property? And in the same breath, we are asked — how much is my commercial property worth?

“Buy low and sell high”, right? If only it were that simple — flip a switch at exactly the right time. Even if you do get the highest price, you also need to consider how the sale fits into your long-term strategy. If you get a great return, but it’s at the wrong time, you may miss another business opportunity or not have liquidity for personal expenses at the time when you really need it.

When is the Best Time to Sell Your Commercial Real Estate

Let’s say that you just received what appears to be a great offer from a buyer out of the blue, or you have seen news about another building like yours selling recently and now you’re thinking that it might be worth exploring the market. Or maybe you recently bought this investment property and you’re thinking ahead. (Bravo for not waiting too long to consider your exit strategy!)

photo 1501139083538 0139583c060f

 

You can break the decision making process into two silos (TIMING & PRICE), and those will interact together to make a case for whether you should sell or not. What we’re going to look at today is timing. (We will have another post up soon about pricing considerations.)

1. How is the economy and the real estate market surrounding your commercial real estate

There is no getting around it, some of the factors that influence the timing of the sale of your commercial property are out of your control. While you may not be able to control these influences, you want to know how they are affecting your timing. For example, if mortgage rates are the lowest that they have ever been (sound familiar?), then that bit of information lets you know that buyers are more incentivized to buy right now than they would be if rates were the highest that they have ever been.

  • What are the general market/economic conditions?
  • What are the vacancy and absorption rates for your specific market?
  • What is the market demand and current supply for this type of property?
  • What are the local price trends for commercial property sales and commercial leasing?
  • What are the commercial mortgage rates and terms being offered generally?

2. Drill down to specifics about your property, the commercial real estate leases and the tenants you have in place

Now that you have a sense for how the market is doing in general, and what kind of demand there is for your type of commercial property, let’s look at your asset specifically. Here we want to explore things about your building that may affect your decision on the timing of a sale. For example, having replaced the roof a month ago puts you in a very different place for marketability than having replaced it 20 years ago. Or, maybe you replaced it 5 years ago and want to sell before getting too far along and having a buyer question the long-term viability of the roof.

  • What is the financial strength and credit-worthiness of your current tenants?
  • What length of term is left on your leases? (commercial leases and apartment leases, if any)
  • How long have the current tenants been in their leases?
  • Are there any vacancies and how long does it take to fill space when there is a vacancy?
  • Is there any deferred maintenance on the building? (roof leaks, peeling paint, etc)
  • Consider the timing of capital expenditures (i.e., how long ago was the roof replaced?)
  • Is there any new development nearby? (this could hurt or help your marketability)
  • If you are also the tenant, what lease terms are you willing to offer?

3. Evaluate your personal situation and how the sale of your commercial real estate may impact you goals

Then consider your personal situation, goals, and investment strategy:

  • What is your anticipated timing of your retirement?
  • What type/class of property that you want to own?
  • What are the terms of your current commercial mortgage?
  • What is the status of any tax benefits? (i.e., historic tax credits)
  • What are the tax implications of selling vs. holding?
  • How does this real estate asset factor into your personal investment portfolio?
  • How much time/headache is this property costing you?
  • Is there something else you want to do with the capital you have invested here?
  • Are there any other personal circumstances to consider?

What can you do from here

After going through this review, you should have a solid handle on whether the timing is good for a sale — or is there another time that would be better, and how can you plan for positioning your property for sale. If there are a number of red flags that make it a bad time to sell, don’t just shelve this idea and walk away. Now is the time to look at those different pieces of the puzzle and see what you can improve. Think about what changes you could make that would create a more appealing situation for selling. When you renew a lease or sign a new commercial tenant, what should you keep in mind for the lease terms?

Of course, timing isn’t the only variable in making the decision to sell. Pricing is another huge consideration. While some aspects of timing will affect pricing, some aspects of pricing will also affect the timing.

We are here to help you achieve your goals, not convince you to sell. It very well may be that your perfect timing may be years away. Let’s make sure that we work together to take the appropriate steps to maximize the value of your commercial property.

While we are working on the next post, why not give us a call at 804-464-3898 or send us an email to get the conversation started? 

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Instrumental Growth for Spacebomb

When Spacebomb, a Richmond based record label and recording studio, began to outgrow their Shockoe Bottom studio, they knew it would be a challenge to find a space that fit their needs and would allow them to grow in the direction they needed. Through a mutual friend, they had met and gotten to know Nathan over the years and knew if anyone would be up for the challenge, it was the Sperity team. Nathan and Veronica worked together to ensure the Spacebomb team wouldn’t miss a beat.

Spacebomb started looking for a new space in 2017. As a record label and recording studio, they had unique needs that they knew would take time to find. They were looking for a space that would have room to house both the creative team and the folks running the label and production company all under the same roof. Keeping these two teams together allows for communication in an efficient and fast paced way. “It’s a necessity in our industry,” says Jesse Medaries. “The ability to make decisions on the fly is super useful.” This space would need to have both an office area, and a full recording studio.

What does a recording studio require? A simplified breakdown includes the “live room” and the “control room.” The live room houses microphones where instrumentalists and vocalists perform and the control room houses equipment where the engineers and producers record the “tracks.” These are very specific needs, and not every space is able to be accommodating.

Nathan and Veronica didn’t waste Spacebomb’s time by showing them just anything that was available. They knew what their needs were, and showed spaces that they believed would truly work for them. Jesse remembered, “We looked at a few spaces that could have worked but didn’t quite meet what we needed. Eventually she showed us the space that we’re currently in.” Plans changed and a few months went by before the team decided to go back and look at the 106 S Robinson Street space.

The new space has been instrumental in their growth. “We’ve had a ton of really positive feedback on the space alone,” chimed Jesse. A lot of time, thought, and energy went into creating Spacebomb’s new headquarters. Not just the recording studio, designed by partner Trey Pollard in consultation with Adrian Olsen (of Montrose Recording), but the overall vibe and aesthetic — two things important in the music and art industries.

On top of finding a new space, Nathan and Veronica were tasked with finding a sublet for their Shockoe Bottom location. Handling both parts allowed for Spacebomb to focus on what really mattered: taking care of the artists they managed, and producing music.

 

 

 

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My TOP 5 Favorite Projects [VIDEO]

My TOP 5 Favorite Projects:

Hey RICHMOND!!!Do you love supporting LOCAL businesses and organizations?That's what I love MOST about my job. I’ve been in the commercial real estate and brokerage world for over 15 years. I get to help local businesses and organizations find a place to call home right here in Richmond. In fact, here are my TOP 5 Favorite Projects:#1) Flooring RVA.We helped find them a new showroom with more space AND we were able to help find a tenant to replace their previous lease so they could make a clean break.#2) The Summit (Scott’s Addition area).Such a great, action packed area of town where we were able to help long time friends sell two different properties at the same time.#3) Nomad Deli & Catering Company.Anthony and his family are proof that the American Dream is alive. They started this family owned business as tenants, but eventually bought their building and have continued a successful (and delicious) restaurant!#4) LUX ChurchThis is a great community minded organization that brought life back into a building that was over 130 years old and an area landmark.#5) Liberty Public HouseWhen Alexa told us about her dream concept of a restaurant inside a renovated, historical building, we knew we had just the right property for her! In fact, she moved all the way back to Richmond from the west coast to fulfill her dream of being a restaurant owner.

Posted by Sperity Real Estate Ventures on Tuesday, June 30, 2020

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What Can I Do to Increase My Pool of Prospective Tenants?

 

Owning rental properties can be a great source of income for many people. However, it can be challenging to attract quality tenants. If you follow a few useful tips, you can increase the number of people who apply to rent from you. Here are some things you should do to make sure you attract the cream of the crop when it comes to tenants.

Regular Maintenance

Keeping up with various maintenance tasks around the properties can provide a few key benefits you might use to attract more tenants. For one, it will help you make sure you don’t get overwhelmed by time-consuming or costly repairs that turn into a big job. Staying on top of things can give you more time to improve your reputation as a landlord and find additional renters. Scheduling regular maintenance in occupied properties shows the current tenants that you care about the state of their home and their well-being. You might be able to do much of this yourself. However, you should call in some experts to avoid overspending or wasting time on things that are hard to fix.

Build Your Reputation

A solid reputation can work wonders in most industries, and this is something that is true for landlords as well. In a way, your main job as a landlord is to provide not only four walls and a roof for tenants. You also need to give them some peace of mind and the certainty that you are there to help them with some of the major issues that might crop up in or around the property. People don’t just look for information about the state of the home or apartment they are hoping to rent from you. Consider that 84% of people trust online reviews as much as personal recommendations when deciding who they want for a landlord. Building a good reputation leads to positive word of mouth from people in the area. This kind of reputation management is something that can increase the number of tenants you get to the house.

Handle Security Deposits

Handling security deposits is part of the job of being a landlord. Since returning them is one of the last things you might do for a tenant, establishing a proper way of handling them can improve overall satisfaction among your tenants and lead to more rentals based on their recommendations. It’s important to avoid typical mistakes when it comes to handling these financial matters.

Getting more tenants in properties you own means more responsibility, but it also means more revenue in your pocket. If you’re able to keep both empty and occupied properties free of any maintenance woes and present yourself as a landlord to be trusted, you can become the ideal choice for new renters looking for a place to call home.

If you’re looking for a new property to rent out, see what properties we have for sale here!

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Brown Greer Goes Waterfront on Rocketts Landing

Five years ago, Rocketts Landing – the rural neighborhood of Richmond bordering Downtown and Churchill along the James River – was desolate, barren and considered as just a watering hole by local fisherman. It was pretty much unheard of by the general public.

Two years ago, that all changed with The Boathouse at Rocketts Landing opening in 2010 and The Conch Republic soon after in 2011. The area was completely transformed into an attractive, scenic stretch of restaurants along the James and tourists, visitors, locals, couples, families and Richmond-ers flocked like seagulls.

Today, Rockett’s Landing is making an even bigger splash. One of the Richmond area’s biggest law firms, Brown Greer, is relocating its headquarters to the 38,000-square-foot Cedar Works Building along the riverfront on Dock Street.

Although the building still needs to be renovated, there are major factors in favor of moving to Rocketts, according to Principal Orran Brown: convenient parking, the location, and the long-term prospects of what Rocketts Landing could develop into.

Rocketts Landing Memorial Day 2012 event

Check out these recent articles in the Times-Dispatch and Richmond BizSense, which give a more detailed look into Brown Greer’s latest urban development.

In the mean time, be sure to visit Rocket’s Landing on Sunday, May 27th for Rocketts Red Glare.  The event will feature the Kings of Swingband and a fireworks display to benefit the Neighborhood Resource Center of Greater Fulton.

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“New” development north of Broad on Staples Mill

About once a month I get a question about the large, vacant property that borders Staples Mill Road that is just north of West Broad Street, right over the Henrico Count line. My answer is always that it was an old, rundown neighborhood that was purchased and cleared with the intention of rebuilding, and that the developer is the same group that is doing the project at Monument Avenue and Willow Lawn Drive — Gumenick Properties. As to why it hasn’t been started, well just look around at new building all around the country. The developer was obviously waiting until the economy turns around.

But, I always have to give that answer with the caveat that the last official word I had heard about it was a few years ago. I couldn’t even be sure that the same plans were in place. Thankfully I can point to this article on Richmond.com that gives us the lowdown on the current situation — which is pretty much as described as above. It sounds as though things are just on hold, but the same big plans are still on the books. In fact, this project is expected to take 10 years even once they finally get underway.

You need to go read the article to see all of the reported details, but I thought I would share a couple of details of the plans here:

What: Staples Mill Centre, proposed to include 1,096 apartments, 571 condominiums, 391 townhouses, 32 single-family homes, 60,000 square feet of offices, and 100,000 square feet of stores.

Where: About 80 acres between Staples Mill Road, Libbie Avenue and Bethlehem Road, near Interstate 64.

[cetsEmbedGmap src=http://maps.google.com/maps?q=Staples+Mill+Rd+%26+Suburban+Ave,+Richmond,+VA&hl=en&ll=37.591213,-77.49316&spn=0.011885,0.026157&sll=37.588289,-77.492216&sspn=0.011953,0.026157&vpsrc=0&hnear=Staples+Mill+Rd+%26+Suburban+Ave,+Brookland,+Henrico,+Virginia+23230&t=m&z=16 width=350 height=425 marginwidth=0 marginheight=0 frameborder=0 scrolling=yes]

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Don’t try to fool the insurance company

Understanding Landlord Insurance

By: Dona DeZube

Published: September 1, 2010

Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.

 

Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.

But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.

Landlord insurance is expensive

You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.

Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.

What a landlord insurance policy probably will cover:

  • Lightning, windstorm, hail, explosion, riot and civil commotion, smoke, falling objects, snow, ice, sleet, vandalism, sonic boom, sprinkler leakage, frozen pipes, water damage, burglary, volcanoes, and sinkholes.
  • Things that belong to you that stay at the property, like appliances, furniture, or lawn care equipment. Keep an inventory of what’s on site.
  • Outbuildings, like sheds or garages, although this coverage will have its own limit (probably 10% of the overall insurance policy amount).
  • Costs to defend yourself against lawsuits filed by tenants or guests, as well as the costs awarded if you lose the case. Some policies cover medical bills for injuries; some don’t.
  • Lost rental income if the property is damaged and you can’t rent it.

What a landlord insurance policy probably won’t cover:

  • The tenants’ belongings.
  • Your rental property if it’s vacant for more than 30 days. Seek an exemption in advance from your landlord insurance company as soon as you know the property is going to be vacant.
  • War and nuclear, biological, chemical, or radiological attacks.

Optional coverage you might want to buy:

  • Flood
  • Earthquake
  • Vandalism (if the policy you buy excludes it)
  • Pool and tennis court insurance
  • Liability for personal injury, wrongful eviction, wrongful entry, libel, and slander

Don’t forget liability coverage

To cover yourself in case you lose a big court case filed by an injured tenant, buy anumbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.

Don’t file a claim unless you absolutely have to

There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.

One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.

More from HouseLogic

How to Correct Your Clue Insurance Report

Improve Your Insurance Score

Other web resources

Renters Insurance Brochure to Share with Your Tenants

Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

 

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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Small rental property owners breathe a sigh of relief

There is always a lot of new legislation passed every year that sounds like a good idea at the time and generally goes unnoticed, and every once in a while the consequences of that legislation become horrifyingly apparent afterwards.

This past year, the legislation that was causing so much heartburn for small property owners was a new IRS requirement that anyone with rental property file a 1099 for any repairs that add up to $600+ over the course of the year. (see my post about it here, from December 2010)

Good news — the provision was repealed before it could take effect!! (here is the actual legislation that was passed to repeal the IRS provision, in case you would like to read it)

Hats off to the Realtor community for standing against this for the good of the mom-and-pop investors, who are the ones would be most affected by those proposed requirements — and for Realtor Magazine’s blog for bringing the repeal to my attention. From their description of how everything unfolded, it seems as though everyone understood that this was good to do:

When the provision was included in the small business bill, REALTORS® were among the first and firmest opponents of it, helping to ensure that Congress understood the provision was an example of over-reach that was never intended to burden mom and pop property owners. Members of Congress and President Obama got the message and, in a rare example of agreement between not only Republicans, Democrats, and independents, but also between House and Senate chambers and between the legislative and executive branches, lawmakers agreed the provision needed to come out.

Nice to know that we don’t have this provision coming up to haunt us over the next few years, isn’t it?

 

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How to make zoning easier to understand

Government regulations are typically so complicated that not only can the lay-person not understand what they mean, but they are written in such a way that even people that think they know what is meant are left arguing completely different interpretations.  Zoning regulations are no exception.

In fact, in NYC the zoning regulations are so convoluted that “In a recent case, a judge said the word “development,” which appears at least 2,500 times in the [zoning] resolution, did not mean what the city said.” (source: New York Times article — we’ll see more about that article in just a minute)

The Planning Commissioner for NYC, Amanda Burden, is attempting to make the zoning regulations a little more accessible to the general public by issuing a new city handbook with plain explanations and cartoon drawings that illustrate what particular zoning designations look like and what they mean.  Check out the coverage in the New York Times about what she has been doing to bridge that gap.

While this may not be the right approach for every locality, the idea is one that every local government should take to heart:  Start building tools that puts control of the government back into the hands of the people.  Sure, we elect officials to represent us and we should not be ruled by mob mentality (see: California), but the people also need to be able to understand what is being done — especially when we are expected to interpret these rules and abide by them.

I have seen far too many business and property owners try to follow the rules that have been laid out, only to find a health inspector or building inspector come in with a totally different understanding and cost the owner thousands of dollars in hard cost and lost business because the rules were not clear enough.

What do you think, Richmond? Have you had any issues with the local zoning regulations (city or county)? What would you suggest could be done to make the rules more clear?

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Redevelopment plans for Carytown get nod from Museum District

The redevelopment of the old Verizon building at 10 N. Nansemond Street has been hotly debated and contested. (see: the official site for the Carytown Place; Don’t Big Box Carytown‘s website; & this post and the accompanying comment thread on Caramelized Opinions for a good summary & feel of the debate)

The Museum District Association had originally ruled to oppose the redevelopment based on the original plans, but Friday they sent out a press release announcing the reversal of that position.  The gist of the situation can be summed up from this one paragraph in the press release:

The Board voted 13-1 in November to oppose the original SUP and subsequently provided the applicant with detailed requests for further changes to make it more amenable to the neighborhood. The applicant responded by altering the SUP to remove vehicular ingress/egress on Nansemond Street as well as reduce the number of available uses of the property to 10 uses. The applicant also agreed to limit the usable floor space of any one tenant to no more than 25,000 square feet, ensuring there would be multiple tenants in the building and ruling out a single, larger “big box” tenant.

The whole press release can be read here on the MDA’s website (right now it’s at the top, but it will shift down the page as new releases are issued).

What do you think? Are you satisfied with the MDA’s ruling, or are the changes in the plan not enough for you? In that case, what changes would be enough to get your support for the development?

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Retail Real Estate Market: 2010 vs. 2011

Retail real estate has gone through a lot over the past year and will continue to evolve over the upcoming year.  I can say from anecdotal experience in our office and from what I’ve heard from other colleagues in the business that the last half of 2010 was very busy, with the level of activity only set to increase going forward.

Retail Traffic is a great resource for information on the retail real estate market and I always enjoy seeing a new issue come out.  If you don’t want to miss anything, I would suggest you watch it closely too.  Of course, if I see anything particularly interesting, I will be sure to pass it along here.  For example…..

Their “Retail Real Estate’s 2010 in Review” is a comprehensive review of the biggest stories in retail real estate over the course of the past year.

And even more important, “What Will 2011 Bring?” (which links to a few other very informative pieces)

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Breakin’ the law! Or not… (new real estate laws)

July 1st each year is when most of the new legislation that was passed by the State of Virginia takes effect. This year (as every year), there are a number of changes that will directly impact the real estate business.  — Side note: Thank you to the Virginia Association of Realtors, RPAC, and the local associations for all of their hard work in getting these laws proposed and lobbying to get them passed!

VARbuzz has a great summary, so be sure to go there for the full list.

Here, I want to highlight a few of the new laws/updates that I found particularly interesting and/or encouraging:

* Brokers who do the right thing won’t be punished (amnesty for honesty). A real estate broker who discovers, either through a self-audit or through a third party retained by the broker, that the firm or a member of the firm has violated a law or regulation will no longer be penalized if the broker satisfies certain requirements:The broker must notify VREB within 30 days of the discovery of any noncompliance, and he must submit a written plan explaining how the issue will be fixed. This may include entry into a voluntary compliance program. Any voluntary compliance or other remediation must be completed not more than 90 days after the date the plan is submitted to the VREB, and must be certified by the broker or a third party in order to create immunity from enforcement. *Note that bill does not protect the broker if the noncompliance was intentional or the result of gross negligence.*

* Landlord and tenant laws changed. A number of changes were made to landlord and tenant laws this year. Some key revisions:For leases governed by the Virginia Residential Landlord Tenant Act:

* Landlords are now allowed to provide information about tenants to a commissioner of the revenue and, in the case of a military tenant, to his commanding officer.
* A landlord may withhold a reasonable portion of the security deposit to satisfy unpaid water and sewer bills.
* Interest rates on security deposits are updated for 2010.
* Utility charges are treated as rent.
* The definitions of “commencement date” and “effective date” of leases are added to the Act.
* Several other things were clarified as to landlord-tenant law generally:
o the bifurcated rent and possession practice in some courts
o what property managers and Realtors® can do in court without a lawyer
o that interest runs on all judgment amounts

* Vested rights are better protected. If a local government issues a permit (other than a building permit) for a property improvement, it can’t change its mind and later declare those improvements to be illegal (although it can find them to be nonconforming).The law also clarifies that a property owner may replace an on-site sewage system for an existing building in the same general location, even if a new sewage system would no longer be permitted in that location. However, if access to a sanitary sewer system is available the property owner must connect to it.

*If a rental property occupied by a tenant is foreclosed upon, the landlord must transfer any security deposit to the new owner of the property, and the new owner, on termination of the lease, must return any security deposit and any interest owed to the tenant in accordance with the provisions of the lease. Interpleader actions limited to disposition of an earnest money deposit may be brought in district court even in cases where the amount of the deposit exceeds the ordinary jurisdictional limits of district court cases.

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Does downtown Richmond have a parking problem?

Given the info in this post at The Urbanophile, I sure hope we do!
desolation
The author is specifically talking about Buffalo, New York, but this is an issue that most cities of any substantial size have to wrestle with all of the time.  I can’t count all of the times I’ve heard people complain about parking in downtown Richmond — and I know that I have at certain times/events.

Here’s an excerpt that I felt summed up the key point of the post to me:

Downtown can never compete with suburban office parks on the basis of convenient and affordable parking. To compete successfully on that basis would mean the destruction of all of downtown’s remaining (and emerging) value.

By definition, downtown can never out-compete the suburbs on suburban, automobile-based terms. By necessity, parking takes up a tremendous amount of land, creating lots of dead, open space, which the suburbs have plenty of. In fact, that’s the suburbs’ main asset: lots of open space. A city’s main amenity is not open land, but density, walkability, a diverse mix of uses, and the quality of the streets and other public spaces. These are the areas in which the suburbs cannot out-compete downtown.

That doesn’t mean that we should ignore parking entirely.  Complaints about parking are a symptom, not the actual problem.

Parking will always be an issue if everyone is coming from out of town to visit the downtown.  More importantly, we should focus on bringing more businesses and residents downtown — increasing the walkability and decreasing reliance on cars will make parking less of a problem.

But more to the point of the post, downtown isn’t supposed to be a wonderland of surface parking lots.  It’s supposed to be a dense area with lots of people and businesses, and events that bring more people from all over.  If the downtown is a vibrant place, then people will deal with the parking issues (they will still complain, but they will still come).  If you want lots of open parking, go to the suburbs — that’s what they’re good at.

There a good discussion in their comment section, so be sure to check that out while you’re reading through the original post.

Photo credit greeneyedhedgehog

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UPDATE: Cineplex Slated for Boulevard

This is a call-back to a posting several months ago (5/18/06, to be exact): New Cineplex Slated for the Boulevard?  — see the post to get up-to-speed

This has been long in the works, obviously, and is still in the early stages.  As Style Weekly pointed out in this week’s edition ("Merger Won’t Slow Boulevard Complex"), the architectural plans are still being drawn up.

But there is no rush for Bow Tie Partners (the developers), as Richmond Steel isn’t planned to relocate for another 8 months.

Some interesting facts from the article:

  • the new cineplex will be called Movieland
  • the redevelopment project is being called Boulevard Square
  • there will be 13,000+ sq ft of retail and restaurants in the development
  • the area where Bowtie originally planned for a cineplex is called Jefferson Square (between Main, Cary, 3rd & 4th Streets)

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