New View-Friendly Design Presented to City for Approval
RICHMOND, Va., April 27 /PRNewswire/ -- USP Rocketts, LLC today
announced the submission of a new plan for its proposed Echo Harbour
residential and retail development in downtown Richmond. The submission by
USP Rocketts, LLC to the City requests rezoning of the property to
accommodate waterfront living and dining on the banks of the James River.
The proposed Echo Harbour development along Dock Street seeks to
transform a deteriorated industrially-zoned site into a new urban
waterfront with public river access, outdoor dining and other retail
opportunities. Combined with luxurious condominiums, this public gateway to
a waterfront lifestyle on the James includes access to the Capital Trail,
The River Walk and a terraced outdoor dining and retail center.
Unique to development applications in the city of Richmond, Echo
Harbour's developers, USP Development & R3 Development, LLC is seeking no
financial assistance from the city and has offered to extend improvement
beyond its property boundaries. Specifically, improvements to the historic
Great Ship Lock Park and Libby Hill Park will be made at no cost to the
City.
Fiscally speaking, USP Development plans show the development will
provide $160 million investment in the City. This investment would mean
annual net tax revenue of $2.5 million for Richmond without requesting any
financial participation from the City. When completed, Echo Harbour will
bring residents to its 180 units and the equivalent of an estimated 425
fulltime jobs to the site and neighborhood creating annual payroll
estimated to be $21.8 million. On a broader scale, Echo Harbour will play a
major role in jump-starting the tremendous development potential that
exists between Tobacco Row and the corporate limit.
Key to its new submission was the input received in over twenty
presentations to civic leaders and organizations in the summer and fall of
last year. While strong endorsements were received by most of these civic
leaders and organizations, additional attention was given to the historic
view from Libby Hill Park of the bend in the James River. New designs and
revised building locations ensure the historic view remains unquestionably
intact for generations of residents and visitors to enjoy.
"We are extremely excited about our new plan. The community as a whole
has collaborated extensively on this project and finally, this
industrially- zoned and dilapidated site can become a gateway to the James
River for all of Richmond to enjoy," said Mark Yates, Vice President of
Development for USP Development. "To open up the James River to dining,
walking, rowing and boating will be tremendous for Richmond as it continues
to transform itself into a national leader in recruiting new talent and new
businesses."
George Ross, President of R3 Development, LLC and longtime Richmond
developer explains, "This truly is a unique property that requires some
outside the box thinking. And with the help of over twenty civic leaders
and groups, our plan provides a solution that is truly in the best interest
of the citizens of Richmond and USP Development. We are honored to be in a
position to shape the vision for connectivity to the river and waterfront
living in Richmond."
About USP Development
For nearly twenty years, USP Development LLC has created long-term
value by carefully evaluating, securing and enhancing key real estate
assets in a variety of categories. With a portfolio of residential and
commercial developments, apartments, office buildings, mixed-use, and
luxury hotel properties representing more than $350 million in property
value, USP Development LLC is widely known for its analytical approach to
investment and its unique ability to deliver a world-class customer
experience.
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SOURCE USP Development LLC
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CONTACT:
media, Will Furrer, President of Intra-Focus
Marketing Solutions, +1-512-930-5558, or wfurrer@intra-focus.com
, for USP Development LLC
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