The owner of a Short Pump hotel that defaulted on its $19 million loan says there’s no need for a receiver to take over the property, despite the demands of its lender.

Michael Schwartz

Michael Schwartz is a reporter for RichmondBizSense.com, a Downtown Short Pump news partner.

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In response to a lawsuit filed against it last month by a local bank, Short Pump Hotel Partners LLC, which owns the Aloft Hotel at West Broad Village, also argued that an emergency receiver might do more harm than good.

Midlothian-based Community Bankers Bank last month asked Henrico Circuit Court to appoint a receiver to operate the two-year-old hotel in light of it being worth less than what is owed on the property and after its owner stopped making loan payments in October.

The LLC says in its 15-page response that it wants to continue to run the hotel and that having a receiver in place would “pose a risk of permanent and irreversible harm to the value of the hotel.”

“There is no threat of imminent harm or damage, physical or financial, which would justify the need for a receiver,” the response said.

And if the bank really wants to protect its collateral, it could simply foreclose on the property, the LLC argued.

LTD Management Co., a Chesapeake-based hotel developer and manager, is also named as a defendant in case.

LTD does not directly own the Aloft property. But the members of the LLC owner include at least one LTD principal.

Short Pump Hotel Partners says in its response that Community Bankers Bank has not attempted to take control of the property through foreclosure.

The LLC admits that it hasn’t made any payment on the $19.25 million loan since October. It also admits that its does not have sufficient funds to pay off the loan and that a 2011 appraisal valued the hotel at less than the loan amount.

The two sides, according to the response, had been in negotiations to restructure and extend the loan.

Robert Chappell, an attorney with Spotts Fain representing Community Bankers Bank, said he could not comment on the suit.

The bank also declined to comment. Federal law prohibits banks from discussing the details of their borrowers.

LTD and Short Pump Hotel Partners LLC are represented by Allan Heyward Jr. of Cook, Heyward, Lee, Hopper and Feehan. Chappell could not be reached by press time. LTD said it does not comment on litigation.

A hearing is set for next month in Henrico Circuit Court.

If approved, a receiver would run the hotel while the bank weighs its options, which could include foreclosure.

Lenders typically seek a receiver when the collateral on a loan is operational and generating revenue, figuring it better to keep the business running and money coming than tying things up in foreclosure.

The bank even has a receiver in mind: hotel industry veteran Jeffrey Kolessar.

A Deep Run High School athlete has gotten some recognition from a national brand. Todd Wharton was named as the 2011-12 Gatorade Virginia Boys Soccer Player of the Year. Wharton is the first Gatorade Virginia Boys Soccer Player to be chosen from Deep Run.

The award recognizes not only outstanding athletic excellence but also high standards of athletic achievement and exemplary character demonstrated on and off the field. Wharton is now a finalist for the prestigious Gatorade National Boys Soccer Player of the Year, which is to be announced this month.

The senior midfielder scored 32 goals and passed for 22 assists through 15 games. A 2011 Youth All-American selection by the National Soccer Coaches Association of America, Wharton was also the 2011 Colonial District Player of the Year. He is Deep Run’s career leader in scoring and assists with 71 goals and 52 assists.

Wharton has maintained a 4.79 weighted GPA in the classroom and is a member of the National Society of High School Scholars. He has volunteered locally as a youth mentor and a sports camp counselor.

“It’s definitely an honor, because there’s so many good players in the state,” Wharton said in an interview with the Times-Dispatch. “I couldn’t have done it without my team. Obviously, that sounds cliché, but it’s the truth. Without them, I’m nothing.”

Wharton has signed a National Letter of Intent to play soccer on an athletic scholarship at the University of Virginia this fall.

“Todd Wharton is a strong presence both in the midfield and in the attacking third,” said Jim Dorton of rival Tucker High. “He is gifted with a great touch and speed. He is hard to match up against because he has the ability to break a game open on his own. He can and often does provide the winning threat that Deep Run needs to win matches.”

Three West End high schools were named among the best in the country and among the top 30 in Virginia, it was announced today. Deep Run, Godwin and Freeman High Schools were named among the Best High Schools in the Nation by U.S. News & World Report.

Deep Run was ranked 14th, Godwin 25th and Freeman 28th in the state. U.S. News & World Report evaluated nearly 22,000 public high schools in 49 states and the District of Columbia. Schools were awarded gold, silver, or bronze medals based on state proficiency standards, how well they prepare students for college, and other factors.

“It is a tremendous honor for Deep Run H.S. to be selected as a ‘Top School’ in Virginia as ranked by the U.S. News & World Report,” said Deep Run Principal Lenny Pritchard. “This is the direct result of the outstanding work done by our faculty, our hardworking students, the strong partnership we have with our parents and our community, and the support of the HCPS School Board and Central Office staff.”

To produce the 2012 U.S. News & World Report Best High School rankings, the U.S. News teamed up with the Washington, D.C.-based American Institutes for Research (AIR), one of the largest behavioral and social science research organizations in the world.

AIR implemented U.S. News’s comprehensive rankings methodology, which is based on the key principles that a great high school must serve all of its students well, not just those who are college-bound, and that it must be able to produce measurable academic outcomes to show the school is successfully educating its student body across a range of performance indicators.

Looking for something fun to do with the kids? Need an escape with some adult friends? From family events and festivals to live music and charity events, we have a full roundup of weekend events in and around the Far West End. And as far as we’re concerned, the weekend unofficially kicks off Thursday night. Check out our editor’s top picks for this weekend in this week’s Pump Picks.

For more events and information, be sure to visit our Community Events Calendar. Also, be sure to get your events on the calendar and up for consideration for our Pump Picks by submitting them to us!

Free Homework Club – Do your kids need some homework help? Tutor Doctor of Richmond hosts homework help sessions this and every Thursday at Chick-Fil-A at Short Pump Crossing from 3:30-5:00 p.m. Elementary age children are welcomed to attend this free event to independently work on homework or receive assistance free of charge. Every child who completes their homework is entitled to a free “Ice Dream” ice cream dessert from Chick-Fil-A, which is located at 3380 Pump Road, near Martin’s.

Charity Candy Bingo - The folks at Sweet Spot, West Broad Village’s locally owned candy store, are hosting Candy Bingo to raise money for local charity A Small Comfort. The entry fee is $5 for two rounds. There will be prizes. You can reserve a spot in advance by calling (804) 360-7768.

Central Virginia Wine Festival - The Central Virginia Wine Festival is back for another year and will be held on Saturday, May 12, 2012 from 12:00 – 6:00 p.m. rain or shine at the SnagAJob Pavilion located in Innsbrook. This year’s event will showcase 15 wineries from around the Commonwealth, live music, food & beverage concessions, beer sales, and arts & crafts vendors. TIckets are $20 in advance online and $25 at the gate. The festival is put on by the Richmond Chapter of the Virginia Tech Alumni Association and benefits the group’s scholarship program.

Karaoke at Keagan’s Irish Pub and TGI Friday’s - Keagan’s Irish Pub at West Broad Village and TGI Friday’s in the Downtown Short Pump shopping center both host karaoke this and every Sunday night beginning at 9:30 and 10:00 p.m., respectively.

Construction of a new 62,000 square foot fitness center is well underway in West Broad Village. The ACAC Fitness and Wellness Center at the corner of Old Brick Road and Gathering Place will bring four floors of fitness and recreation to the fledgling development.

The new club will include a rooftop pool, sun deck, and two tennis courts. Other amenities will include upscale locker rooms, multi-level child care, three squash courts (two singles, one doubles), three pools total, four group fitness studios, and a wide array of strength and cardiovascular equipment.

“We are excited to become a part of the larger West Broad Village Community and are looking forward to opening the doors of our flagship club later in 2012,” said ACAC Vice President of Development Chris Craytor.

The club is opening a presale center next door at 2225 Old Brick Road on May 14th to drum up membership and allow members who sign up access to a fitness center until the club opens. For $29 per month, or $49 per couple, members will receive 24 hour access to the ACAC Express club.  All memberships are on a month-to month basis.

The company is also offering a Charter Member program, offering 15% off monthly dues for those that sign up before June 30th.

ACAC says they expect the new facility to open by the end of the year.

See below for renderings of the club and photos of construction thus far.

]]> http://www.downtownshortpump.com/2012/05/10/new-acac-fitness-center-begins-to-take-shape-at-west-broad-village/feed/ 0 http://www.downtownshortpump.com/2012/05/09/the-next-wyndham-or-twin-hickory-massive-new-development-bacova-slated-for-short-pump/ http://www.downtownshortpump.com/2012/05/09/the-next-wyndham-or-twin-hickory-massive-new-development-bacova-slated-for-short-pump/#comments Wed, 09 May 2012 19:42:50 +0000 David Larter http://www.downtownshortpump.com/?p=7419 A local developer has big plans for a stretch of farmland north of Short Pump. Robert Babcock, 52, recently sold 30 acres off the North Gayton Road extension to the Breeden Company for $8.72 million. Breeden will use that land for a 420-apartment project. But that is only a slice of a larger development that will stretch from Gayton to Pouncey Tract Road on the north side of Interstate 64.]]>

A local developer has big plans for a stretch of farmland north of Short Pump. Robert Babcock, 52, recently sold 30 acres off the North Gayton Road extension to the Breeden Company for $8.72 million. Breeden will use that land for a 420-apartment project. But that is only a slice of a larger development that will stretch from Gayton to Pouncey Tract Road on the north side of Interstate 64.

David Larter

David Larter is a reporter for Richmond BizSense, a Downtown Short Pump news partner.

More articles by David

• Nuckols Road Parcel Originally Set Aside for Ukrop’s Store For Sale
• Developer Set to Break Ground on 420 Unit Bacova Luxury Apartments

Babcock is planning 180 single-family homes, 60,000 square feet of office space, a 4,600-foot, four-lane road extension connecting North Gayton Road and Pouncey Tract Road, and a six-acre park on 136 acres. He’s calling the project Bacova.

Babcock received rezoning approval in December from Henrico County and expects to begin construction of the connecting road in 2013. He said he hopes to have the full development completed by 2017.

Babcock said the development made good sense because of the demand in Western Henrico.

“We see it driven by continued demand for housing in the northwest quadrant,” he said. “It’s also across the street of from a planned new high school and next to a new 70-acre park the size of Deep Run. There are a lot of reasons why this makes sense.”

Before starting his own company in 2007, Babcock was president of HHHunt’s homes division. In 2008, he began laying out plans for Bacova.

“You can’t have a true appreciation of the real estate crash unless you are in the business,” Babcock said. “I had to keep telling myself, ‘Real estate won’t be in the tank forever.’”

Babcock pieced together the project by buying land from seven different owners. One of the owners, Lawrence Liesfeld, is developing his tract separately but is part of the larger Bacova development.

Financing the project wasn’t easy, Babcock said.

“There is no bank involved in the project. It’s all private equity investors and my own personal investment.” he said. “I scoured the Richmond market for investors for two years, but nobody wanted to go in on it. Maybe it’s a reflection on me or maybe it’s that they didn’t trust in the market or the recovery.”

Eventually, as plans began to come together, Babcock found an investor in Texas, a long-time friend. Babcock declined to name the investor.

Babcock said the project would ultimately cost more than $100 million between construction and road improvements.

Babcock said he has worked extensively with Henrico County to get things in line with what the country’s requests.

“Some others in the development community might think I agreed to too many proffers, but they want to make sure it’s quality,” Babcock said. “I think they see this as a gateway to further development.”

The conditions Babcock agreed to include:

• No vinyl siding
• A 2,500-square-foot pool and clubhouse
• 4.5 miles of sidewalks
• A path along the road extension for pedestrians and bikers

The first construction on the site will be the Breeden Company’s apartments this summer.

A Glen Allen parcel once destined to be a Ukrop’s grocery store is for sale, and site’s broker says it’s all wrapped up with a bow. The Shops at Twin Hickory in Glen Allen near Nuckols Road was going to be a 67,000-square-foot Ukrop’s grocery store with 23,000 square feet for small shops.

David Larter

David Larter is a reporter for Richmond BizSense, a Downtown Short Pump news partner.

More articles by David

• The Next Wyndham or Twin Hickory? Massive New Development “Bacova” Slated for Short Pump
• Developer Set to Break Ground on 420 Unit Bacova Luxury Apartments

Ukrop’s broke ground in 2009 but stopped construction in 2010 when the Richmond-based grocer was sold to Royal Ahold, the parent of Martin’s.

The site, listed with S.L. Nusbaum for $9.5 million, has an approved plan of development with Henrico County.

“In representing Ukrop’s, I would not allow someone a long due diligence period,” said Read Goode, a broker with Nusbaum. “The site, it’s all there. It has a fully engineered site plan, the earthwork is done, the parking islands are installed and the stone base for the parking lot is done.”

“All a buyer would need to do is install light poles, build the buildings and pour the asphalt, and you’re in business.”

Goode said that he’d been in contact about the site with the seller, Ukrop’s Supermarket’s Inc., since it sold its stores in 2010. The parties agreed to put it up for sale last week, he said.

Goode said that clearing the lot would have cost between $250,000 and $300,000 per acre and that he is asking for about $600,000 per acre.

Nathan Shor, who also develops retail projects and owns Shor Real Estate, said he thought the site would get snatched up by Kroger or a similar user because financing is more secure for grocery stores.

“If you look at other big-box stores, Best Buy and Barnes & Noble have been downsizing,” Shor said. “Grocery stores are stable and will likely remain stable for several years to come.”

The retail market has been battered in recent years with the downturn in the economy. After the first quarter of 2012, vacancy for retail space in the region stood at about 6.5 percent, according to a Thalhimer market report.

There is also about 310,000 square feet of retail construction underway, according to Thalhimer’s first-quarter report. That construction is dominated by grocery tenants, including the 125,000-square-foot Stonebridge Kroger project and the 39,000-square-foot Carytown Place anchored by Fresh Market.

Local law firm Allen, Allen, Allen & Allen announced today the return of their popular free Sober Rides Home program that started last year at Innsbrook After Hours. The program will offer anyone leaving the concerts a free taxi ride home to help keep drunk drivers off the streets beginning with the series kickoff on May 9th.

“The Allen Law Firm is once again offering our Sober Ride Home campaign in Greater Metro Richmond to encourage those who may be under the influence to not attempt to drive home, for their own safety and the safety of other motorists,” said Trent Kerns, President of Allen, Allen, Allen & Allen.

Anyone needing a sober ride home from Innsbrook After Hours can dial 804-354-8294 for Napoleon Taxi, or stop by the Allen & Allen Sober Ride Home Tent for assistance.

The law firm will pick up the tab for anyone needing a ride to get them home safely. The cab number will be visible on the patron wristbands and on signage throughout the Innsbrook SnagAJob Pavilion.

Free cab rides are only applicable for transportation by Napoleon Taxi from the Innsbrook SnagAJob Pavilion to a person’s home in Greater Metro Richmond. Rides to another drinking establishment are not applicable.

Twin Hickory Elementary School Principal Mike Dussault made a promise to do something zany if 100 percent of the school joined the PTA– spend a day on the roof. Well, it worked, and Dussault will be spending the entire day on the school’s roof on Tuesday, May 8th. 

During the day, all classes will have the chance to go outside and send things up to Mr. Dussault via a bucket and rope. He’ll receive messages from the kids and food.

In transportation news, more flashing yellow left turn signals are coming to the Far West End. This week, crews have been installing another round of flashing arrows at intersections in Innsbrook and Short Pump. Test intersections, including one at Ridgefield Parkway and Gaskins Road and other at Hungary and Francistown Roads proved successful, dramatically lowering traffic incidents, according to the Henrico County Department of Public Utilities.

New flashing turn signals will be or have already been installed at Cox Road and Waterfront Drive and Nuckols Road at Snowmass Road/Capital One Way in Innsbrook, Cox Road at Sadler Place near the Glen Allen Post Office, Nuckols Road at Concourse Boulevard near Twin Hickory Town Center, and Shady Grove Road at Twin Hickory Road near Deep Run High School.

As the Far West End has grown over the years, so has the need for emergency services. In response to that high demand for urgent care, Henrico Doctors’ Hospital built a brand new emergency center, which opened yesterday.

The new West Creek Emergency Center offers a full-service, state-of-the-art ER for all major and minor emergency needs.

Events including a ribbon cutting, an EMS open house and a Spring Health & Wellness Festival were held prior to the opening to introduce the new facility to the public, bringing approximately 800 people to tour the new emergency center.

Located near the intersection of Route 288 and Tuckahoe Creek Parkway, just minutes from Short Pump, Broad Street and Patterson Avenue, the 10,000-square-foot ER will be staffed around the clock by physicians and clinical staff with special training in pediatric and adult emergency medicine.

Services at the facility include an on-site, full-service lab with point-of-care testing, a full range of imaging (x-ray, CT and ultrasound), and expedited transfers for patients who need inpatient or specialty care at Henrico, Parham or Retreat Doctors’ Hospitals.