Clayco expects to start work late this spring on Gateway Plaza, a $110 million office tower in the heart of Richmond’s business district, the Chicago-based developer confirmed Jan. 30. Initial plans call for a 15-story, 261,000 square-foot building located on the current site of a 1.1-acre parking lot at 8th and 9th Streets and Canal St.
The property would also include more than 10,000 square feet of first-floor retail space and 520 parking spaces. Clayco is considering the possibility of adding six more stories. The project will be a candidate for LEED Gold certification.
If approved by city officials, Gateway Plaza would be Clayco’s next major project in Virginia, following Amazon’s recently completed 1.1 million square-foot distribution center in Dinwiddie County.
Gateway Plaza will be anchored by McGuireWoods LLP and McGuireWoods Consulting LLC. The law firm plans a 2015 move-in and will occupy 217,000 square feet and a conference center on the top floor. Colliers International is the leasing agent for the property.
In its announcement, Clayco cited studies showing that Gateway Plaza will offer significant benefits:
- 812 construction jobs, paying a total of more than $50.7 million in wages.
- 1,653 jobs, including more than 630 at McGuireWoods.
- $117 million in tax revenues over the next 30 years.
“We believe that Gateway Plaza will be an attractive and successful addition to downtown Richmond. It will set a new standard for office buildings in Central Virginia and demonstrates a commitment to the city’s economic growth and vitality,” commented Bob Clark, Clayco’s chairman and chief executive officer.
“It also represents the continuation of our involvement in Virginia projects, including the recently completed 1.1 million square-foot distribution center for Amazon.com. in Dinwiddie County,” Clark added.
Chart courtesy of CBRE Inc.