Massive Apartment build-up coming to Shockoe Bottom
A new 200-unit apartment development in Shockoe Bottom was recently announced. This comes on the heals of Richmond Cold Storage and Shockoe Valley Heights, two large developments already underway in the district. Richmond BizSense covered the story and has more details here.
I think all of these projects are great additions to the Bottom. The only problem is that Richmond with its reactionary mindset, let its Baseball team leave and all of these projects are heavy on housing and light on commercial and entertainment uses. We don’t need this district flooded with only housing. It needs to have activities and services to create a true neighborhood. Also, I know for a fact that all of the developers are going to shocked at how fast the rental rates in this district drop once all this stuff comes online. They won’t have any problem filling them, because there is plenty of demand, but they will be competing with each other for the best quality tenants, so new residents can expect to see things like free rent, free wi-fi, and little or no deposits.
Baseball was just the lure for a land grab and nothing more. Shockoe Bottom did not need a Ballpark and frankly it does not need overdevelopment but everyone insists that their project will lower prices in the market and when I was living there it was the exact opposite. I sort of got tired of paying close to a grand a month for less than 600 square feet of living space. I now own my house and have 1200 square feet and pay less. I still eat at the places I did when I live there but now I can afford to actually eat.