(To read more on the multifamily market, click here.)

RICHMOND, VA-Goodstein Development Corp. is proposing to change the landscape of the city here. The New York City-based developer plans a 515,000-sf mixed-use development called Centennial Towers, which is estimated to cost anywhere from $175 million to $200 million to complete.

Goodstein senior vice president of development Leonard Bayer tells GlobeSt.com two towers rising 25 stories will encompass a 150,000-sf class A office element, a retail portion of 40,000 sf to 45,000 sf and a 100-room boutique hotel. In addition, there will be a residential segment with a yet-to-be-determined number of units spanning 250,000 sf with condominiums on top and rental apartments on the lower half of the space. Centennial Towers will be located at the 500 block of East Main Street.

GDC opened an office here in 2001. Its projects include Winthrop Hall Residence, a complete rehabilitation and refurbishment of a national historic landmark building and the historic conversion of the former Dooley Madison Residence to the Presidential Court Club Condominium.

Mayor L. Douglas Wilder says the project is “further evidence of the bullishness with which such nationally renowned developers are approaching the Downtown Richmond market.” If all goes as planned, groundbreaking is on target to take place in early 2007. Centennial Towers will be ready for occupancy around mid 2009.

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