RICHMOND, VA - Hirschler Fleischer is pleased to announce its involvement in the downtown Richmond commercial development, Gateway Plaza. The firm’s commercial real estate team represented Chicago-based developer Clayco, Inc., in the legal and government relations work required for the acquisition of multiple land parcels, closure and vacation of a public street, creation of a commercial condominium and ground lease structure, a master development agreement and other contracts, easements and municipal requirements for the $110 million project. Hirschler Fleischer partners involved in the project include Brian K. Jackson and Michael H. Terry. A formal groundbreaking ceremony was held on September 17.
“Gateway Plaza is a landmark property that represents the growth of downtown Richmond,” said Jackson. “Not only does the project create new jobs – both short-term in the development stages and in the long-run, thanks to the retail, restaurant and commercial leasing space created – but it also signifies a turning point in our local economy. The collaboration between the City of Richmond and the developer, Clayco, is reflective of the private-public commitment to revitalizing downtown.”
The City of Richmond is financing construction of the public portion of the development’s parking garage through the issuance of general obligation bonds that will be paid primarily by incremental gains in real estate taxes.
Gateway Plaza, located on the site of a former parking lot fronting Canal Street between Eighth and Ninth streets, is slated for completion at the end of 2014. The 18-story office tower includes 315,000 square feet of office space, 14,000 square feet of retail space and over 500 parking spaces. Richmond Mayor Dwight C. Jones estimates that the project will generate 812 construction jobs with more than $50.7 million in wages.
“Working closely with Hirschler Fleischer has enabled us the opportunity to incorporate innovative and mutually-beneficial legal and financial approaches that benefit the City of Richmond, its residents and the businesses who operate there,” said Larry Chapman, principal of Clayco.
Dan Siegel of Sands Anderson also represented Clayco Inc. in the legal work related to the city’s issuance of bonds.
Paul Macon and David Orwick of the St. Louis office of Thompson Coburn, represented Clayco in connection with leasing matters and the construction loan financing for Gateway Plaza.
Clayco Inc. is a full-service real estate development, architecture, engineering and construction firm based in Chicago. Annually, the developer builds more than two million square feet of space nationwide. For more information, see http://www.claycorp.com/.
Hirschler Fleischer is a multispecialty law firm engaged in a diverse and sophisticated legal practice. Hirschler Fleischer attorneys serve corporate, governmental, nonprofit and individual clients throughout the United States from offices in Richmond and Fredericksburg, Va. The firm approaches legal work with an entrepreneurial spirit and deep commitment to the community.