Fountainhead Featured in Richmond Times Dispatch
Article by Carol Hazard:
The Locks, a 6.7-acre development at the former North Plant site of Reynolds Metals Co. in downtown Richmond, has been four years in the making — and it’s still coming together.
“We have two more building sites there,” said Richard Gregory, a partner in Fountainhead Properties, which is developing the project on the Haxall Canal with The WVS Cos. The two local development companies bought the site for $7.9 million in 2012.
One building site, for a mid-rise on the north side of the canal, is under contract, said Gregory, declining to elaborate.
“On the other side of the canal is another building site that we are evaluating,” he said.
Also under contract is a corner piece at South 10th and East Byrd streets, where a 21-story apartment and office skyscraper will replace a former Reynolds warehouse.
Atlanta-based SunTrust Banks Inc., one of the largest employers here, will become the anchor tenant in the building — The Locks at 3Twenty-One.
The project was announced in January, but the deal still has not closed, Gregory said. He added that he expects financing to be finalized within the next month.
“These are complicated,” he said about the deal.
The first phase of the development included the renovation of five historic buildings into The Locks apartments, office and retail space.
Built from the late 1800s to the early 1900s, the buildings between South 10th and South 12th streets were used to package aluminum foil and were operated until mid-2009 by Reynolds Consumer Products division.
The first apartments opened in late 2012 in a renovated Italianate building. The renovated Alume building nearby, named in reference to its history as an aluminum packaging plant for Reynolds, opened a month or so later — also as apartments.
Two years ago, the developers finished a four-story apartment building in The Locks, constructing it on the same footprint as a 1970s building that was torn down.
Meanwhile, Fountainhead — already a big player in Manchester — is planning to build two towers for apartments and some office space on Hull Street north of the Reynolds South development.
“I am so in favor of Reynolds South,” Gregory said. “Hopefully, Thalhimer Realty Partners (the developer) will bring retail to the area. That is Thalhimers’ forte.”