Stone Brewing waterfront restaurant still in limbo after pushback over old terminal building demolition
RICHMOND, VA (WWBT) - The fate of Stone Brewing’s planned waterfront restaurant and beer garden is still up in the air. Stone Brewing continues to push to demolish the old Intermediate Terminal Building at Rocketts Landing, instead of renovating it, as originally promised.
Stone Brewing has met all of its financial requirements with the city and the Richmond Economic Development Authority, so far, in making payments on the multi-million dollar deal that brought the company to Richmond, in the first place.
In 2014, former Richmond Mayor Dwight Jones brokered a deal to bring Stone Brewing to Richmond’s East End, putting up $23 million in bonds for the brewery's construction. The large brewery is now complete, having opened its doors in 2016.
The city also promised another $8 million in bonds to Stone Brewery, so it could build the river-side restaurant out of the 1937 old intermediate terminal building.
Stone Brewing has been on time in paying back the loan to the city with interest. The brewing company has also generated more than $2 million in tax dollars for the city. Richmond is also slated to make at least $14 million in interest over the long term on the deal, on the $23 million. The same interest rate would also be applied to the $8 million for the restaurant.
"It's our intention and our plans to incorporate some really cool elements of that old Intermediate Terminal Building into the new building and the gardens,” said Juliellen Sarver, community relations manager for Stone Brewing.
Stone Brewing also says it's meeting its job quotas required per the contract, employing 69 people at the brewery. In 2014, Stone Brewing promised more than 288 jobs, upon announcing it would build in Richmond. Stone representatives tell NBC12 they’re on track to 288 jobs, once the restaurant is built.
Stone has also donated nearly $200,000 to local charity organizations.
Still, there’s been a vocal push to preserve the old terminal building, a local landmark on the James River waterfront. But state officials decided last month that the 1937 building isn't eligible for the National Register of Historic Places. That designation might have saved it from Stone Brewing's plans to raze it.
Local restaurateur and developer Jerry Cable put in a $1.5 million offer to buy the property last week- no loans necessary. "I think it should be saved. It should not be torn down. My company's willing to buy it and restore it,” said Cable who owns the Tobacco Company Restaurant. EDA officials rejected the offer. The property is assed at $1.8 million, and not currently zoned for residential use, one of Cable’s pitches. Cable also proposed a restaurant.
Cable says Stone Brewing has reneged on its deal, so city officials should look at other options, that won’t include lending the builder millions of dollars, which could potentially be put to other uses. Cable suggested that Stone Brewing build its restaurant on the property it currently uses for the brewery. "Believe me, there are many other restaurateurs and developers here in the city that can develop that building,” said Cable. “It’s time that the city take care of existing people first. We’re here. Our existing businesses are here. They should pay attention to us first.”
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