Home News CoStar breaks ground on $460M riverfront office complex

CoStar breaks ground on $460M riverfront office complex

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A 26-story office building will be built next to CoStar’s building at 501 S. Fifth St. (Photo of Mike Platania)

Work on the nearly $500 million Riverfront development officially began on Tuesday.

CoStar Group breaks ground on a $460 million office complex at 600 Tredegar Street.

The campus includes a 26-story office tower and a 6-story mixed-use building near Browns Island. The complex, which spans 750,000 square feet, will be built on his 4-acre lawn area that the DC-based real estate data firm bought in 2020 for $20 million.

The new building is adjacent to CoStar’s current local office building at 501 S. 5th St., where it moved in 2016. Bought last year for $130 million.

Connecticut-based Pickard Chilton is the architect for the project, and Whiting-Turner Contracting Co. is the general contractor.

Co-star announced the plan For last year’s campus, along with the intention to hire an additional 2,000 employees to work in the new building. Founder and CEO Andy Florance said Tuesday that the company now has 1,500 employees in Richmond, and across the company he has 5,300 employees.

On Tuesday, a ceremonial turning of the soil took place on the site of the future complex. (photo of michael schwartz)

When completed, the CoStar building will be Richmond’s tallest building above sea level, and potentially the tallest once the James Monroe Building is demolished. as the state prepares to replace it.

Florance said Tuesday’s event was “one shovel in the ground for coming back together, working together and being more productive,” adding that the company plans to return employees to the office. mentioned the goal of

Government officials including Mayor Levar Stoney, Governor Glenn Youngkin, Richmond City Councilman Ellen Robertson, and Economic Development Director Leonard Sledge also spoke at Tuesday’s event.

Public entertainment spaces are also part of the plans for the new complex. The six-story mixed-use building has room for a restaurant, and Florence says, “We’re looking for great culinary partners in the city.”

The project also includes an amphitheater, which Florence said is considerably smaller than the one planned just down the street. Group led by Coran Capshaw.

“Our amphitheater is more modest than the amphitheater over there. We have 400 to 500 seats,” says Florance. “We do[events]that are smaller and more intimate.” The Capshaw venue has a capacity of 7,500, he said.

A rendering of the new CoStar complex. (Courtesy of CoStar)

While waiting for the new office tower to be built, CoStar is also working on new office space south of the river.at the beginning of this year Purchased former Suntrust Mortgage office building $20 million at 901 Semmes Avenue. Florance said the company will be moving in about a year and is currently undergoing renovations.

He added that CoStar may eventually consider redeveloping land in Manchester.

“Our thinking is that once we build this campus, we will probably redevelop[the SunTrust land]for housing. he said.

Aside from major campus developments and contracts for office buildings in Manchester and downtown, CoStar’s appetite for Richmond real estate appears to be unfulfilled.

In remarks to the crowd on Tuesday, Florence appeared to be joking that he would like to build a second and third tower in Richmond after the first tower is completed.

Asked after the event how serious she was about such an initiative, Florence said: I think the building will be full. “

“I have a map of the city on my wall,” he said with a laugh. “And I’m looking at parking lots that could be something else. But it’s been a while.”

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