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The Land Barons:

A look at the powerful real estate developers who hold sway in RVA.

by melissa scott sinclair 

• Tom Papa and Rick Gregory at the New Manchester Flats, one of their apartment projects in the former industrial neighborhood.

Father-and-son team David and Brian White (No. 42) of Main Street Realty and SWA Construction have done more than anyone else to bring people back to Shockoe Bottom, building several hundred apartments in the area and, most recently, bringing people north of Broad Street in Shockoe Valley with their five-building Richmond Cold Storage project.

Hopping across the river, Tom Papa (No. 47) and Rick Gregory of Fountainhead Properties have been busily molding Manchester into an artsy, urban neighborhood. Not only does Fountainhead have two new, major apartment projects under way there, but Papa and Gregory also are partners in the Locks, a $35 million, mixed-use endeavor that could bring life back to the Haxall Canal.

Ron Stallings has transformed once-ignored Jackson Ward by systematically rehabbing the buildings bequeathed to him by his father. The big question now: Will the Hippodrome, the historic theater that's the crown jewel in his portfolio, ever become a powerhouse music venue?

Other powerful developers include Al Lingerfelt, emperor of office real estate; Robin Miller, a pioneer in historic redevelopment; Jason Vickers-Smith and Richard Souter, the guys behind Rocketts Landing and the canal project; and Manchester and Shockoe developers Charles MacFarlane and Sam McDonald. — Melissa Scott Sinclair

Major Richmond Waterfront Project on Schedule

WHERE IS THE LOCKS?

Published on July 10, 2012 | by The Locks

Alright, people. Today we are putting construction updates, neighborhood highlights, and history lessons on hold to address a very distressing piece of intelligence: you can’t find us! This gives us all at The Locks a serious case of the Mondays, and it’s Tuesday for crying out loud.

Not only is it hard for you to visit us if you don’t know where to go, but all of our excitement about our surrounding neighborhood and our exceptional access to downtown RVA is pretty meaningless if you don’t know the area.

So let’s have a quick tutorial.

At the risk of stating the painfully obvious, the City of Richmond is on the James River. We are on the north side of the river, between 10th and Virginia streets, with East Byrd Street at our north and the Haxall Canal to our south. The Kanawha Canal runs behind our property up to 12th Street. Please refer to the map below:

Got it?

Knowing where to put our pin on a map isn’t enough, though. To fully grasp why we are geeking out over our location, let’s go back to the map. Put your finder on The Locks and consider the following:

Two blocks west up the Canal Walk from The Locks is Brown’s Island, which is not only a lovely park but a venue for many of Richmond events and concerts. Plus, the Canal Walk extends 1.25 miles down the Kanawha and Haxall Canals, providing a gorgeous place to run (or walk, which is far more likely when the weather is as hot as it’s been lately!)

Now look across the Haxall Canal from The Locks. That’s the Troutman Sanders building at Haxall Place and 10th. Follow it north up to Broad and you’ve walked through the heart of the downtown business district. The whole “walk to work” thing we keep harping on is not an exaggeration.

We guarantee north and east will be your favorite weekend destinations. The shops and restaurants of Shockoe Slip are a mere one block north. Head east from The Locks and you’ll find lots to do in the Shockoe Design District and Shockoe Bottom.

And south? Well, walk south and you hit the James River, and all the opportunity it offers for sunbathing, kayaking, hiking and general merriment.

So when we talk about how great The Locks’ location is, we’re not just trying to hype ourselves. Or rather, we are, but with valid reason. We’ve got waterfront property and great neighbors—can you blame us for being excited about moving in?

LOOKING IN AT THE LOCKS

Published on June 24, 2012 | by The Locks

Not many things in life are more satisfying that watching an ambitious vision become a reality. Especially a vision like this one—breathing new life into four historic buildings, beautiful but neglected for far too long. And creating an entire new neighborhood in the process.

That’s why we find it so exciting to watch construction progress at The Locks.

Even without stepping foot inside these buildings, you can already see changes taking place. The Italianate, a former tobacco warehouse from the late 1800’s, just got its first real bath in 50 years. All that scrubbing and power washing uncovered the beautiful cream paint job underneath, complete with a painted advertisement for R.J. Reynolds Tobacco—“Try It Now!” Putting your tobacco warehouse alongside the Haxall Canal in the heart of downtown Richmond may not make much sense to us today, but we’re certainly thankful that it did to R.J. Reynolds back then.

Over at the Alume on Byrd Street, another inexplicable (but less forgivable) choice had been made: painting over five floors of beautiful 8’x10’ windows with a nice mud-brown. Construction crews have just reversed that decision, scrubbing all that paint off to reveal shimmering glass. Drive by the Alume now, and what was once a monolithic brown building is already looking pretty spectacular.

And that’s not the only exciting news. Plans have just been announced for Casa Del Barco, an upscale, modern Mexican restaurant, to make its home on the ground floor of the Italianate, with patio dining opening onto the Canal Walk and overlooking the beautiful Haxall Canal. Created by Kevin Healy, owner of the ever popular Boathouse restaurants in Rockett’s Landing and Swift Creek, you know Casa Del Barco will be good. That leaves us looking forward to perhaps the only thing we could find more exciting than all this construction progress: queso.

This Fall can’t come fast enough.

fountainhead properties news: Short OrderKevin's Healy's Triple Headerby Deveron...

fountainhead properties news: Short OrderKevin's Healy's Triple Headerby Deveron...: Short Order Kevin's Healy's Triple Header by  Deveron Timberlake  | July 03, 2012 Kevin Healy, who owns the area's two Boat...

Short Order

Kevin's Healy's Triple Header

by Deveron Timberlake | July 03, 2012

Kevin Healy, who owns the area's two Boathouse restaurants, has a project in the works that finally will give a new calling card to the city's Canal Walk, an area that's been slow to develop. He's about to begin construction on Casa del Barco (boathouse in Spanish), in a former Reynolds Metals building - now called the Italianate - at the Locks, a new development along the canal walk downtown.
Healy isn't the first person to consider the hulking factory a sort of Berlin Wall that separates people on either side. Its prominence on the canal has made it an eyesore and a prime opportunity; Healy will lease the 5,700-square-foot, first-floor space for an upscale Mexican restaurant he hopes to launch on the Day of the Dead, Nov. 1.
"I believe just having those ugly brown windows fixed with glass will be a breath of fresh air," he says. "There's so much going on at Brown's Island, and with 2,000 apartments going in this year, the city is coming alive."
Competition in a crowded restaurant field doesn't deter him. "There are one million people in Richmond and we're looking for 150 a night," he says. "I have some Mexican restaurant experience and really love the food. There is quite a bit of heritage and reasoning for it."
Chef Todd Richardson, who has Mexican roots, will help develop the menu and return to Texas and Mexico to gather authentic recipes and techniques. Décor, planned by Helen Reed, will emphasize the earthiness of the late-1800s structure, with concrete floors and peeling paint protected but revealed, and outdoor dining along the canal serving as a destination.
Directly across the canal, Black Finn Saloon is re-formulating its approach after closing last month. Another handful of restaurants along the canal are in various stages of development. Healy's award-winning-designed Boathouse at Rocketts Landing turns three in August, giving him an itch for the next big project. "We're one for one," he says, laughing, and the hard hats are about to go on.

   

A fountainheadproperties & WVS Project: The Locks
The new urban—along downtown’s waterfront and on the edge of everything. Where nightlife is next door and blue heron are just across a footbridge. Walk to work. Stroll to a concert. Bike. Jog. Or simply catch a James River sunset. Fresh, effortless, and refined. This is life at The Locks.
Go to http://www.lifeatthelocks.com/  today to find out more!  

Click Here To Register!

Work gets underway this week on apartments at former Reynolds Metals site in downtown Richmond

March 05, 2012 1:01 PM
by Paula C. Squires 

After years of planning, work begins this week on a key apartment project along the Canal Walk in downtown Richmond.  The action comes following last week’s closing by WVS Cos. and Fountainhead Properties on a $35 million deal to acquire five former aluminum manufacuturing buildings on seven acres along the Haxall Canal. The joint partners bought the land, known as the Reynolds North Packaging Plant, from Reynolds Group Holdings. It paid about $7.3 million for the land, with the rest of the money earmarked for construction.

“This is just the first phase,” Tom Papa, a principal with Fountainhead Properties, said of the demolition work that begins this week on what will be 175 apartments and 8,000 square feet of retail space. “Things like windows will need to be dismantled and preserved and then put back in later,” Papa told Virginia Business.

Eventually, he said, total build out of the mixed-use project would run into the hundreds of millions of dollars if plans for a 20-plus office tower, a hotel and retail uses along the Canal materialize.

Built from the late 1800s to the early 1900s, the five buildings between South 10th and 12th Streets that will be converted into apartments were formerly used to package aluminum foil.  This property is the last piece of undeveloped land along Richmond’s Canal Walk. 

In what is known as the Italianate building, Papa says the developers are holding 6,000 square feet of space on the ground level for a restaurant tenant. “We’d like something that fits the San Antonio mode — tables, chairs and music on the canal,“ he said. “We have talked to quite a few, mostly local restaurant owners. What we’re trying to do is give the better local restaurants a first shot.”

The apartments, which should be ready by the end of the year, would be within blocks of Shockoe Bottom restaurants, major law firms and other downtown businesses.

The project was announced in 2010, but the developers had difficulty getting financing. The money for the first phase is coming from the Virginia Housing Development Authority and Union First Market Bank, said Papa.  Because of the delays, though, he said, “It was the first project where I had a building permit on the day that I closed.“

View Original Article Here

Developers have high hopes for new property

DAVID LARTER  
One of the biggest real estate deals on the Richmond waterfront closed this week, and the new owners want to add to city’s skyline.

WVS Companies and Fountainhead Properties closed Wednesday on a $35 million deal to purchase the seven-acre Reynolds North property at Canal Walk from Reynolds Group Holdings.

The first phase of the massive project calls for the five dormant aluminum-manufacturing buildings to be converted into 174 apartments and 8,000 square feet of retail along the Canal Walk. Construction will begin on those apartments this weekend, with the first units coming on line before the end of the year, according to the developers.

But WVS and Fountainhead have their sights set even higher.

Part of the land in the deal is a lot at the corner of 10th and Byrd that Cushman & Wakefield | Thalhimer’sJeff Cooke is shopping around as a location for Richmond’s next high-rise office building.

“It’s got a clear view of the river, and it’s one of the few remaining locations on the river to put a high-rise,” Cooke said.

The site for the potential high-rise, which is adjacent to the Riverfront Plaza buildings, is about 55,000 square feet, or about 1.2 acres. Cooke said he’s marketing it as a 15- to 20-story, 350,000-square-foot skyscraper that would be nestled between Troutman Sanders and BB&T in the skyline.

Fountainhead and WVS might look to sell the land to another developer who would handle the high-rise, Cooke said.

Tom Papa, one of the principals at Fountainhead, said that financing for a high-rise project would be difficult to obtain until an anchor tenant is lined up.

“We’ve had a fair number of large companies scout that area as a location, but once we’ve locked in someone for about 100,000 square feet we can start to move ahead with it,” Papa said.

Fountainhead and WVS have been trying to buy the Reynolds North Packaging Plant land since February 2010, shortly after the aluminum foil company moved the manufacturing operation to Louisville, Ky. The developers initially looked at financing the deal through the U.S. Department of Housing and Urban Development, which they said at the time would take at least a year to close.

But a year came and went, and the financing still hadn’t come through, according to Richard Souter, vice president at WVS.

“When all the capital markets dried up, HUD really was the only game in town,” Souter said. “Their interest rates were so competitive that developers all over the state started applying, not just for new construction loans, but for refinancing, and they just ended up getting a huge backlog of applications. From an outsider’s view, it looked like they got overwhelmed.”

Souter said it took almost a year for WVS and Fountainhead to even be invited to submit an application for the financing, and then there was another wait.

“You send in an application to HUD, and it’s just sucked into this machine and you have very little idea of where it stands and what’s going on with it,” Souter said.

Because of the great rates on HUD loans, the developers were willing to wait. But the longer it dragged out, the more impatient Reynolds became.

“All this time, we didn’t own the land,” Souter said. “Reynolds was incredibly patient with us through the process, but they told us, ‘At some point you’ve got to close’ … and they told us that by raising the purchase price every month we didn’t close.”

After months of delays, WVS and Fountainhead decided to seek financing though the Virginia Housing Development Authority, which Fountainhead knew from previous projects.

One hundred days later, the developers inked the deal.

“Fundamentally we’re developers, so we want to be doing stuff,” Souter said. “Planning and envisioning is one thing, but once you’re knocking things down, building walls and moving dirt, that’s when it’s really exciting. We’re ecstatic.”

Souter said that during the next month the team — a 50/50 partnership between WVS and Fountainhead — will focus on marketing and pre-leasing the first five buildings, which will be rehabilitated with the hope of securing historic tax credits.

One of the buildings, the so-called Italianate Building, will have the bottom floor zoned for a restaurant, which would bring the area a little bit closer to the San Antonio River Walk vibe developers have been dreaming about since the 1980s.

Rents in the apartments will average $1,050 per month for the one-bedroom units and $1,400 per month for the two-bedroom units.

Cooke, from Thalhimer, said that once the whole project at Reynolds North is done, it would bring about 500 apartments to the area, a new hotel and ideally a few new restaurants.

Living On The Canal 

By: CAROL HAZARD | Richmond Times Dispatch 
Published: March 01, 2012

A plan to renovate industrial buildings on a prime piece of property along the Haxall Canal in downtown Richmond is about to materialize after a few setbacks that delayed the project.

Two Richmond developers will turn five historic buildings, in the first phase of construction, into 175 apartments with 8,000 square feet of retail space.

Built from the late 1800s to the early 1900s, the buildings between South 10th and 12th streets were used to package aluminum foil and operated until mid-2009 by Reynolds Consumer Products.

"This is the linchpin project we have been waiting for the last 15 years," said Jack Berry, executive director of Venture Richmond, a downtown advocacy group. "It will enable the completion of the Canal Walk from the Turning Basin to Brown's Island."

The historic buildings are across the canal from the Riverside on the James office and condo complex.

Subsequent phases of the renovations, stretching to Virginia Street, call for two structures built in the 1970s to be torn down to make way for more apartments, office and retail space. A high-rise building is planned at 10th and Byrd streets.

Construction starts next week, said Jason Vickers-Smith, a principal with The WVS Cos., one of the developers. "We hope to have people moving in this fall."

WVS and Fountainhead Properties closed on the $35 million deal Wednesday, paying $7.3 million for the property with the rest designated for construction.

WVS developed Rocketts Landing, a high-density, multiuse project along the James River on the Henrico County-Richmond line. Fountainhead developed The Plant Zero Art Center and New Manchester Flats, a mixed-used apartment community in South Richmond.

"The development will bring retail and restaurants to the water's edge along with hundreds of apartments," Berry said.

"We will always be indebted to Reynolds Metals and its stewardship of this riverfront property, especially Dale Wiley Jr., the plant manager, who saved the canal locks when constructing the manufacturing facility many years ago."

The Haxall Canal, which runs through the property, is a great amenity, Vickers-Smith said. "The whole project will help energize the Canal Walk."

The property sits on a 7-acre slice of land with a lot of elevation change. It is within three or four blocks of high-quality office, retail and residential space, including Shockoe Slip, Vistas on the James, Riverfront Plaza and the new Williams Mullen office on 10th Street, Vickers-Smith said.

An Italianate building sits next to a historic brown building with an arch that bridges over South 12th Street and connects with an old metal shell building that will be torn down for a new building. The arch will be restored.

The plan is to finish the first phase, one-third of the project, by this time next year, Vickers-Smith said. The remaining phases will be market-driven, depending on how well the apartment and retail space is leased.

The apartment units will average 850 square feet but some will be as large as 1,800 square feet, Vickers-Smith said. They will rent for an average $1,300 to $1,400 a month.

He envisions mostly restaurants on the retail side in the first phase of development.

The property has been eyed for 20 years as a key piece to the whole riverfront development in downtown Richmond, said Jeffrey Cooke, a senior vice president at Cushman & Wakefield | Thalhimer.

"It is the last major piece that is undeveloped," said Cooke, who represents the buyers.

North Falls Acquisition LLC, a joint venture of WVS and Fountainhead, was formed to develop the project, which has not yet been named.

Years in the making, the project was first announced in February 2010, but the developers, the same ones who are doing it now, could not pull the financing together.

"It's a huge project," said Richard Gregory, a principal with Fountainhead. "Financing through (the U.S. Department of Housing and Urban Development) was so backlogged, we had to change lenders. HUD could not get to it, especially one this size."

It also took time to work through zoning and covenant issues with the city, Gregory said.

Financing was provided through the Virginia Housing Development Authority and Union First Market Bank.

Walter Parks is the architect. The contractors are JD Lewis Construction Management in Henrico and Branch & Associates Inc. in Roanoke.

Click Here to View Original Article

One relocation, two rehabs

by DAVID LARTER

Make room for more historic-tax-credit-fueled renovations in Manchester.

Fountainhead Development is getting ready to rehabilitate buildings on two city blocks near Fifth and Stockton streets for an estimated $20 million, said Tom Papa, a principal with the firm.

The developer is planning to put 210 units in the two Miller Manufacturing buildings, he said. Miller Manufacturing is based in Richmond but is relocating, Papa said.

“It’s a little bit sad, because Miller as one of the last true manufacturing operations in Manchester,” Papa said. “But we’ve been chomping at the bit to get this project underway since we bought the property six years ago.”

City records show Fountainhead bought the two properties in February 2006 for $6.1 million.

The developers have already had the parcels rezoned for residential use, so they can avoid the lengthy special-use permit process required for many such renovations of industrial sites.

Papa said that his firm had not chosen a builder or finalized financing but that architecture firm Walter Parks is drawing up final plans.

The buildings will be renovated one at a time, with the first breaking ground in June and the second breaking ground in January, Papa said.

Papa said amenities would include a gym, a pool and a media center.

To view the original article in BizSense Click Here!

New Manchester Flats Residents:

It’s a Perfect 10! 

You Spoke Up & We Listened.  The Fountainhead Properties’ team understands that parking is important & we want to better your living experience in every way we can.  In celebration of the grand opening of the new parking lot located along 4^th Street, we will be offering parking for ONLY $10.00 per parking space for ONE YEAR!  Stop by the Property Management Office & take advantage of this great deal!  All residents must come into the office and sign up for your new parking pass before February 29^th or email Lisa Hall at lisa@fountainheadproperties.net to make alternative arrangements in order to receive this great special.  We hope to see you soon!

And we didn’t forget about those of you who already have parking…

Residents who already have parking, we will honor the $10.00 special for you as well starting March 1^st through the end of your lease term if you let us know you want to take advantage of this special!  That is a $20 savings each month- now that is something to celebrate!

February 2012 Newsletter

Happy Valentines Day to all of our fountainhead properties residents! 

New Contest For Our Residents! 

Win $75 Off your March Rent!

Stay in the loop by visiting fountainhead properties on Facebook! Comment on our Facebook page during the month of February and you will be entered in a contest to win $75.00 off your March rent!!! We want to hear your great ideas and suggestions!

Congratulations to the winner of last month’s contest, Jeff Alford!

A Sneak Peek at fountainhead’s New Development Plans starting in 2012.  Continuing our mission to transform Richmond through innovative reuse.  

REYNOLDS NORTH PROJECT

10th & Byrd Street 

Four buildings along the James River and the historical Haxall Canal

Over 500 Apartments in Shockoe Slip
Historic Adaptive Reuse 

SOUTH CANAL

115 Hull Street 

91 Luxury Apartments on the Canal in New Manchester!

Historic Adaptive Reuse  

MILLER PROJECT

500 Stockton Street

200 Apartments in 

Historic Adaptive Reuse

NEW MANCHESTER FLATS BUILDING III

E 4th Street

3-Level New Construction 

92 Apartments in New Manchester

Commons@Plant Zero Lofts Roof Top Deck

The roof-top deck at The Commons at Plant Zero Lofts is now new & improved!  Check it

out and enjoy the amazing city views!  

Papa’s Pizza

Residents of fountainhead properties receive 15% off regular menu items (*excludes items already discounted).

Go to www.papasdeliver.com to view the full menu and

order online!

Trash Disposal

Please dispose of all trash in the large dumpsters provided for you at your property (if applicable).  Do not place your trash bags in the small silver bins.  These small trash bins are for small amounts of trash, and are not drop off locations for your trash bags.  In addition, please do not dispose of your pet’s waste in the trash receptacles---utilize the pet waste stations provided for you throughout the property.

Pet Stations Coming Soon to the Commons@Plant Zero!

2 New Pet Stations will be installed at the Commons in effort to keep the property looking its best!  Please dispose of all pet waste in the pet waste station.    

Who’s Who on your Maintenance Team:

Louis Poole:      Maintenance Supervisor

Jim Poole:         Maintenance Technician

DL Priest:          Maintenance Technician 

Jeff Rowe:         Maintenance Technician 

Bobby Clarke:   Groundskeeper 

Sixto Cruz:         Groundskeeper

Community Tip

“A bad neighbor is as great a calamity as a good one is a great advantage.” Hesoid

Always be mindful of your neighbors and remember it is everyone’s responsibility to help create a great community for all!  

Resident Events!!!

February 21st - Mardi Gras Party! Come Celebrate New Orleans Style With the Fountainhead Team!

February 16th - BINGO Night!  Bring $1 to play & WIN some $!!!

Recipe of the Month by April Weber

Homemade Snickers Bars

This is a delicious easy dessert recipe that will be a hit for an occasion.  I found this recipe on Pinterest.  It is very easy to make and even better to eat!  Enjoy!  

FYI… Pinterest just became one of the top 10 social networks.  If you have not checked it out yet, do it!  There are a lot of great things that people are sharing.   Pinterest is a vision board-styled social photo sharing website and app where users can create and manage theme-based image collections. The site's mission statement is to "connect everyone in the world through the 'things' they find interesting".  Images are grouped together on a user’s page creating an inspiration board of ideas. 

makes one 9×13 pan

bottom chocolate layer

1 1/4 cups milk chocolate chips

1/4 cup peanut butter

Thoroughly grease you baking pan. Melt ingredients together in a saucepan or microwave, then pour into the baking dish and spread until even. Let cool and harden completely.

nougat layer

1/4 cup unsalted butter

1 cup granulated sugar

1/4 cup evaporated milk

1 1/2 cups marshmallow fluff

1/4 cup peanut butter

1 1/2 cup salted peanuts chopped, roughly chopped

1 tsp vanilla extract
Melt butter in a saucepan over medium heat. Add in sugar and milk, stirring until dissolved and bring to a boil. Let cook for 5 minutes, stirring occasionally. Add in fluff, peanut butter and vanilla, stirring until smooth. Turn off heat and fold in peanuts, then pour over bottom chocolate layer. Let cool completely.

caramel layer

1 14-ounce bag of caramels

1/4 cup whipping cream

Combine ingredients in a saucepan over low heat. Let melt, stirring occasionally, until smooth – this took about 10 minutes for me. Pour over nougat layer and let cool completely.

Top chocolate layer

1 1/4 cups milk chocolate chips

1/4 cup peanut butter

Melt ingredients together in a saucepan or microwave, then pour over caramel and spread until even. Let cool and harden completely.

Refrigerate for at least one hour before serving, then cut as desired. These can stay at room temperature, but they do get gooey. I like them refrigerated best!

Note: For best results, buy one of the half-sheet aluminum cake pans at the grocery store. That way, you can pop the entire square out and cut from there!