On Richmond's Horizon: Downtown Projects

Downtown Richmond is in the middle of a $2 billion makeover -- and that's just the big stuff.

It's hard to drive more than a few blocks without bumping into a major construction project.

Condominiums and apartments sprout up in Shockoe Bottom like summer mushrooms. East Broad Street is often shrouded in a cloud of dust kicked up by backhoes digging new foundations in old city blocks.

The skyline boasts two new towers hugging the banks of the James River, one filled with offices, the other with urban homesteaders who appreciate the view.

Among 20 major downtown projects, only a couple have been finished, worth about $100 million in capital investment.

A few more will open soon, including the Massey Cancer Center expansion and several older commercial buildings being converted into apartments, condominiums and retail space. Total value: about $75 million.

The really big deals aren't quite as far along.

Today, the $300 million Philip Morris research center is a big hole in the ground. Girders have begun to peek above the sidewalks at the new $102 million federal courthouse. And they've got a ways to go on the $190 million improvements to the state Capitol.

Still, projects worth more than $900 million seem all but certain to be completed in the next few years, many backed by state or federal dollars. Private developments should contribute several hundred million more, assuming the economy stays healthy.

That doesn't even include basic restoration work, such as the facelift for City Hall, or smaller efforts springing up everywhere: homes, restaurants and little businesses.

The prospects for a few projects are shaky. The $330 million Richmond ballpark complex in Shockoe Bottom and the $112 million Virginia Performing Arts Center on Broad face significant hurdles and political uncertainty. But they're the exceptions.

After nearly three centuries, this old town is still building.

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