Stone Brewery

Project Summary and Scope

The  Economic Development Authority​(EDA) is serving as the developer and owner of the facility, which will be built in two phases.   Phase I is a 215,000 square foot brewery and distribution facility costing approximately $25 million.  The Brewery will employ 90 full time employees with an average salary of $57,024. Within three years of the completion of Phase I, the Company and the EDA will commence the construction of Phase II, which is estimated to cost over $8 million and will consist of a bistro-style restaurant and beer garden that will employ approximately 200 employees.  The Economic Development Authority has entered in to an agreement with Stone to lease the facilities for 25 years.  The financing for the project consisted of General Obligation Bonds granted by the City of Richmond to the EDA.  The debt will be repaid by the EDA from the lease revenues paid throughout the lease term.

In addition to the real estate investment, the Company will invest a minimum of $47 million in machinery and tools and a minimum of $1.7 million in furniture and fixtures.  The restaurant and retail sales are projected to total $10 million per year.

“Information and documents authorizing, depicting or outlining details about the project

See linked ordinances below:

https://richmondva.legistar.com/LegislationDetail.aspx?ID=2742445&GUID=C...|Text|Attachments|&Search=Stone+Brewing

https://richmondva.legistar.com/LegislationDetail.aspx?ID=2742378&GUID=0...|Text|Attachments|&Search=Stone+Brewing

https://richmondva.legistar.com/LegislationDetail.aspx?ID=2742331&GUID=3...|Text|Attachments|&Search=Stone+Brewing

https://richmondva.legistar.com/LegislationDetail.aspx?ID=2369074&GUID=0...|Text|Attachments|&Search=Stone+Brewing

https://richmondva.legistar.com/LegislationDetail.aspx?ID=2365418&GUID=2...|Text|Attachments|&Search=Stone+Brewing

https://richmondva.legistar.com/LegislationDetail.aspx?ID=1985970&GUID=3...|Text|Attachments|&Search=Stone+Brewing

Part of the Project Written Studies, Reports, Presentation

Project Milestones

 

Stone Brewing has begun preliminary design drawings and budgeting for Phase Ii of the project, which is the Bistro and Gardens.  They have indicated a projected 2018 opening.

 

Stone will begin the design of the Bistro upon completion of the Main Street/BRT improvements and will have 18 month to complete the Bistro and open of business.

 

 

As of 1/30/17 No new updates to report at this time

Project Funding

The financing for the project consisted of General Obligation Bonds granted by the City of Richmond to the EDA.  The debt will be repaid by the EDA from the lease revenues paid throughout the lease term.

Project Status Updates

Stone has begun preliminary design work for the Stone Bistro and Gardens, which is Phase II of the project.

Phase I brewery is completed on time and within budget.  Production is under way.

As of 1/30/17, no new updates to report at this time.

 

 

Permit, information is listed below. For details please call the Department of Planning, Development and Review at 804-646-4169.

Certificate of Occupancy issued

 

Expenses (costs are reported quarterly)

Phase I was funded by the EDA, total cost $25 million.

Phase II will be all or partially financed by the EDA using City of Richmond GO Bonds in the amount of $8 million.  The funds will be granted to the EDA who will develop the property.   Stone will repay the debt service through lease payments as stipulated in the Performance Agreement and Lease Agreement.

 

Project Contact Information, if you have questions about this project please contact this individual.

Performance Measures and Benchmarks

Addressed in then Performance Agreement by and between Koochnvagner’s Brewing Co, The Commonwealth of Virginia and the City of Richmond.  

Project Overall Status (Active, Pending or Complete)

Active

Ordinance Information

Contract Information

No information listed to date.

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