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Dominion Energy : Richmond tower dubbed 600 Canal Place 's new office tower in downtown Richmond gets a name

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08/16/2017 | 10:13am CEST

The new 20-story office tower Dominion Energy is building downtown has a name: Canal Place.

"Hello my name is: 600 Canal Place. Coming 2019" was printed on a banner that went up at the construction site Tuesday. The name for the office building, which will be the city's second-tallest building when it is finished early next year, was the result of a companywide "Name Your Tower" contest that saw 500 employees submit 1,000 potential names, Dominion spokesman Ryan Frazier said.

The winner was Michael Young, a 41-year-old security supervisor in the company's corporate security fusion center, which monitors security at Dominion's properties and plants. Young said the suggestion was the product of research on Richmond's canal history and Dominion's roots, which go back to the Upper Appomattox Trustees, a canal navigation company chartered by the General Assembly in 1787.

George Washington, who envisioned linking the James River with the Kanawha River in what is now West Virginia, was honorary president of the James River Company when work began on Richmond's system of canals to bring goods from seagoing vessels below the falls of the James upriver.

"I thought it was an appropriate name just based on the location, that it sits on the site of the Kanawha Canal," Young said. "It's a great tie-in to the history of the city."

Young, who lives in Midlothian, said the selection will lend him some bragging rights with his wife and kids.

"How many buildings have you named in downtown Richmond?" he said.

The 417-foot-tall building will total roughly 1 million square feet and will encompass the entire city block bounded by Sixth, Seventh, Cary and Canal streets. It also will include about 5,000 square feet of retail space at Seventh and Cary streets.

The only building in Richmond that will be taller is the James Monroe Building, which is 449 feet tall.

The project is a joint venture between Hourigan Construction, which built the Stone Brewing facility in Fulton and the Bon Secours Washington Redskins Training Center, and Clayco, the Chicago-based developer responsible for Gateway Plaza, which is home to the McGuireWoods law firm. Dominion has not disclosed the cost of the building.

Dominion has yet to decide what it will do with One James River Plaza, its existing office tower across from the construction site where the new building is beginning to rise from the ground.

The company may renovate the 310-foot-tall building, or it may tear the building down and build a companion tower for the 600 Canal Place building. Regardless, whatever eventually exists at that site will be rechristened 700 Canal Place.

rzullo@timesdispatch.com(804) 649-6453Twitter: @rczullo

© © Copyright 2017, Richmond Times-Dispatch, Richmond, VA, source Newspapers

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Financials ($)
Sales 2017 13 119 M
EBIT 2017 4 587 M
Net income 2017 2 348 M
Debt 2017 34 980 M
Yield 2017 3,88%
P/E ratio 2017 20,94
P/E ratio 2018 19,05
EV / Sales 2017 6,48x
EV / Sales 2018 5,99x
Capitalization 50 057 M
Chart DOMINION ENERGY INC
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Dominion Energy Inc Technical Analysis Chart | D | US25746U1097 | 4-Traders
Technical analysis trends DOMINION ENERGY INC
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 79,5 $
Spread / Average Target 2,1%
EPS Revisions
Managers
NameTitle
Thomas F. Farrell Chairman, President & Chief Executive Officer
Scot C. Hathaway Senior VP-Operations, Engineering & Construction
Mark F. McGettrick Chief Financial Officer & Executive Vice President
P. Rodney Blevins Chief Information Officer & Senior Vice President
John W. Harris Independent Director
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