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Construction

VCU Buys Building on Broad St. Near Under-Construction Arts Center

2024-12-11

The building stands opposite the Rite Aid at the junction of Broad and Belvidere. (Mike Platania photo) showcases a significant addition to VCU's real estate holdings. In the past week, as per city records, the VCU Real Estate Foundation made a purchase of a vacant two-story structure spanning 2,800 square feet at 508 W. Broad St. for $540,000. This acquisition is strategically located across from the under-construction arts center at the intersection of Broad and Belvidere. A VCU spokesperson confirmed the deal, stating that the foundation bought the property with the potential for university use. If the university cannot utilize it, the property will be leased out. The seller was an entity associated with James and Laurie Daigle, who acquired the property in 2002 for $50,000. James Daigle, whose contact details could not be reached, is the registered owner of Artcraft Designs, whose signage still adorns the building. It remains unclear whether Artcraft is still in operation or how long the building has been vacant.

University's Intent and Seller's Approach

The VCU spokesperson revealed that the sellers reached out to the university to "check VCU's interest (in 508 W. Broad St.) before putting it on the market." This indicates a proactive step by the sellers to explore potential buyers. The parcel, which measures less than a tenth of an acre, is zoned for business use and was most recently assessed at $457,000. In 2023, the VCU Real Estate Foundation had a highly active year, spending over $8 million on the Ipanema and Bookholders buildings on West Grace Street and a small office building on Shafer Street. In 2024, its real estate interests have been mainly focused elsewhere in the city. The university is actively pursuing the massive Altria Center for Research and Technology on East Leigh Street, while the VCU Health System Authority recently made a nearly $10 million investment in a facility near The Diamond.

Strategic Location and Future Plans

The location of this newly acquired building is highly strategic. Being across from the Rite Aid and adjacent to the under-construction arts center provides various opportunities for VCU. It could potentially be used for academic purposes, such as hosting workshops, exhibitions, or research facilities. The fact that it is zoned for business use also opens up possibilities for leasing to local businesses, generating additional income for the university. With the university's growing needs and expansion plans, this property could play a crucial role in fulfilling those requirements. It showcases VCU's continuous efforts to enhance its real estate portfolio and strengthen its presence in the local community.

Historical Context and Property History

The property at 508 W. Broad St. has a rich history. It was purchased by James and Laurie Daigle in 2002 for $50,000, and since then, it has remained vacant for an unknown period. The presence of Artcraft Designs' signage on the building adds a touch of history and potential. It is unclear whether the cabinetry firm is still in business or if the building has been vacant due to their operations. This historical aspect gives the property a unique character and raises questions about its future use and potential. VCU's acquisition of this property allows them to take control and shape its future according to their needs and vision.

Impact on the Local Real Estate Market

The purchase of this vacant building by VCU has a significant impact on the local real estate market. It shows the university's confidence in the area and its commitment to expanding its operations. This acquisition could potentially lead to increased development and investment in the vicinity. It may also attract other businesses and organizations to consider the area for their own ventures. The VCU Real Estate Foundation's active role in the market sets an example and influences other players in the real estate industry. It demonstrates the potential for universities to play a vital role in shaping the local economy and community.

Construction on Union Depot in Bartlett is progressing steadily. Situated at U.S. 70 and Stage Road, this approximately $200 million project marks Bartlett's foray into mixed-use development and is located on the former campus of the Tennessee Baptist Children’s Homes. The Westerly at Union Depot is set to welcome its first residents in January 2025, with 15 apartment units already completed. These units offer a range of amenities including a lounging area, a pool area, a gym, and various functional spaces such as work areas and kitchenettes. The attention to detail is evident in every corner, from the dog grooming station to the residents' mailbox area. Each unit is thoughtfully designed, with bathrooms and kitchens that meet the highest standards. This project not only brings new life to the former campus but also sets a new benchmark for mixed-use developments in the area. It showcases the potential of repurposing existing spaces and creating vibrant communities. With its prime location and top-notch facilities, The Westerly at Union Depot is set to become a sought-after destination for residents and visitors alike.

Progress of Construction

Construction on Union Depot has been ongoing for some time now. The team has been working diligently to bring this ambitious project to life. The site at U.S. 70 and Stage Road is bustling with activity, with workers constantly on the move. The rough estimate of $200 million ensures that every aspect of the development is of the highest quality. From the foundation to the finishing touches, every detail is being carefully attended to. This project is not just about building structures; it's about creating a community. The ongoing construction serves as a testament to the commitment of the developers and the local community. It's a sign that great things are happening in Bartlett.

Features of The Westerly

The Westerly at Union Depot offers a plethora of features that make it stand out. The 15 completed apartment units are designed to provide maximum comfort and convenience. The lounging area is a perfect place to relax and unwind after a long day. The pool area is a great spot for a refreshing swim or a sunbathe. The gym is equipped with state-of-the-art equipment, allowing residents to stay fit and active. The work areas are ideal for those who need a quiet place to focus on their work. The kitchenettes in each unit are fully equipped, making it easy for residents to prepare their own meals. The attention to detail extends to every aspect of the units, from the flooring to the lighting. The bathrooms are modern and stylish, with all the necessary amenities. This attention to detail ensures that residents feel at home from the moment they move in.

Location and Significance

The location of Union Depot at U.S. 70 and Stage Road is highly strategic. It provides easy access to all parts of Bartlett and the surrounding areas. The former campus of the Tennessee Baptist Children’s Homes adds a unique charm to the development. It's a reminder of the area's history and heritage. This mixed-use development is not just a building; it's a symbol of progress and growth. It shows that Bartlett is moving forward and embracing new opportunities. The completion of 15 apartment units is just the beginning. There are more plans in the pipeline to further enhance the development and make it an even more attractive place to live. This project has the potential to attract more businesses and residents to the area, boosting the local economy.

The construction of The Novus, aiming to be the tallest residential building in North Carolina's Durham region, is a remarkable feat. Through a collaboration between Buildots and Samet, AI-driven construction technology is being harnessed to enhance project efficiency and ensure schedule adherence. This luxury residential project by Austin Lawrence Partners and Global Holdings Management Group is set to redefine architectural and interior designs in the Southeast US' rapidly growing metro.

Unique Features and Amenities

The 670,000ft², 27-storey mixed-use development will feature an array of upscale amenities. There is a 25m outdoor swimming pool, a steam room, hot and cold plunge tubs, and a spa suite. Recreational and social spaces like a pickleball court, yoga area, putting green, and a dog run with a coffee and grooming station add to the allure. The private clubroom on the top floor with luxury amenities is a standout feature.

These amenities not only enhance the living experience for residents but also contribute to the overall desirability of the project. The variety of offerings ensures that there is something for everyone, from those who enjoy outdoor activities to those who prefer a more relaxed spa-like atmosphere.

The attention to detail in the design and provision of these amenities showcases the commitment to creating a truly exceptional living environment. It sets The Novus apart from other residential buildings in the area and positions it as a leader in luxury living.

Collaboration and Innovation

This project marks the third collaboration between Samet and Buildots and the second with Global Holdings utilizing the technology. Samet Raleigh Operations senior vice-president Tyler Kelly emphasizes their commitment to using innovative technologies.

Implementing Buildots on The Novus project gives Samet unprecedented control and visibility. The insights gained from the AI-driven progress-tracking and predictive analytics are instrumental in enhancing quality control processes and avoiding delays. This ultimately benefits clients and the future residents of this landmark project, demonstrating the power of collaboration in achieving excellence.

For example, in their previous joint venture, Anagram Columbus Circle in New York City, they recently celebrated a fully leased milestone. This showcases the potential of AI-driven construction technology in modern developments and gives confidence in the success of The Novus project.

Architectural Design and Construction

Designed by LS3P, The Novus combines functionality with aesthetic appeal. The 27-storey building will house 54 for-sale condominiums and 188 rental apartments, along with five levels of parking.

The architectural design is carefully crafted to make the most of the available space and create a harmonious living environment. The use of modern materials and innovative construction techniques ensures the durability and longevity of the building.

LS3P's expertise in architecture is evident in every aspect of The Novus. From the exterior facade to the interior layouts, every detail is designed to meet the highest standards of quality and comfort.