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525 Virginia Drive Property Description:

  • Ownership: HRPT/HUB Properties Trust

  • Contact: David Campoli (manager)

  • Parcel Size: 10.33 acres

  • Building Size: 129,704 square feet

  • Current Use: Vacant

  • Current Tenants: N/A

  • Assessed Value: $6,647,000

525 Virginia Drive, owned by HUB Properties Trust, is a large vacant building of over 100,000 square feet. The property was thought to be severely flood-prone, but will be in the 100-year floodplain upon completion of the dams and less of a major flood threat. The broker/manager is HUB Properties Trust. Because of a current lawsuit, HUB indicated they are not permitted to speak specifically about any of their properties in the Office Park. It has been reported, however, that the former tenant has a lease through 2015, but has vacated the building because of recurring flooding. The former tenant tried to break the lease and cease rent payments, was sued by HUB Properties Trust, and lost the case. While the situation is in litigation, the former tenant must continue to pay rent to HUB. The fact that the building is currently vacant presents a redevelopment opportunity that doesn’t exist with any of the other especially flood-prone properties in the FWOP.

550 Virginia Drive Property Description:

  • Ownership: Rush Gears, Inc.

  • Contact: Robert McGann, Sr. (owner)

  • Parcel Size: 2.27 acres

  • Building Size: 16,944 square feet

  • Current Use: Light Industrial, Office

  • Current Tenants: Rush Gears, with small subtenant

  • Assessed Value: $645,170

550 Virginia Drive was also thought to be located in the severely flood-prone central portion of the FWOP, but engineering analysis shows that it will have very little threat of flooding upon construction of the dams. Rush Gears has been in the FWOP for 36 years and moved to 550 Virginia Drive in 1994. They first leased the building then purchased it. They have since taken on a small subtenant. The owner says that the location is perfect for both company employees and the couriers who deliver their products. He reports that flooding did occur in 2001, when a state of emergency was declared in the FWOP. But since then, he says no flooding has occurred in his building. The playing field on the adjacent parcel floods first and quite often, but not his property. The owner believes that development upstream in the 1980s and ‘90s without proper flood control has caused the flooding in the FWOP. He thinks the Township should pursue incremental solutions, such as dredging and detention basins, before they take on such extreme pursuits as relocation and transfer of development rights. Because of this belief, the good location, and a concern that any cost and/or disruption caused by moving could outweigh any risk, Rush Gears wishes to keep the building and its subtenant at 550 Virginia Drive.

Technical Memorandum #1UDT: Characteristics of Flood-Prone Parcels


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