HD13 - A Plan with Options for the Development of 8th, 9th and Broad Streets
The Capitol Square Preservation Act in part and as amended by the 2004 session of the General Assembly, required that the Governor:
" ...prepare and release a plan to the Chairmen of the Senate Finance and Rules Committees and House Appropriations and Rules Committees for the demolition of derelict buildings and the development of office and parking facilities on certain state-owned property bounded by 8th, 9th and Broad Streets in the City of Richmond, which shall provide detailed information on the feasibility of entering into public-private partnerships including a comprehensive agreement with a private entity for the completion of such project pursuant to The Public-Private Education Facilities and Infrastructure Act of 2002...."
This document is that plan required by the Act. The plan addresses:
• Options for demolition and development of derelict buildings on state-owned property bounded by 8th, 9th, and Broad Streets.
• Feasibility of entering into a Comprehensive Agreement under The Public-Private Education Facilities and Infrastructure Act of 2002.
• Building Assessments for 8th and 9th Street Office Buildings
The build vs. lease analysis documented in the plan will show that building new office space rather than leasing could potentially result in cost savings to the Commonwealth. Six development options are described in the plan; they are summarized on the following page of this Executive Summary.
The Plan describes the success of a Public-Private Partnership between the Commonwealth and Trammell Crow Company, a commercial developer with offices in Mclean, Williamsburg and Richmond, Virginia, This Partnership formed as a result of a competitive process, pursuant to the Public-Private Education Facilities and Infrastructure Act of 2002, for the renovation of the Finance and Washington Buildings located in Capitol Square. Outcomes of the partnership include a reduction in the costs to complete renovations, a resourceful plan for sequencing renovations that resulted in eliminating the need for costly leased space during the renovation period, and noteworthy small, women, and minority business participation.
Building condition assessments for the 8th and 9th Street Office buildings are documented in the plan. Necessary repairs to address life/safety, structural, mechanical and other building issues are identified. Included are costs to make the necessary repairs for each building and the office space utilization efficiencies that can be achieved after repairs. The analysis performed, as documented in this plan, concludes that it is potentially more costly and less efficient to make repairs to these two buildings than it is to build new office space.