well hello everyone my name is Dave McCormick I moved to 17 years ago I
McCormick I moved to 17 years ago I
McCormick I moved to 17 years ago I moved to Petersburg Virginia great okay
moved to Petersburg Virginia great okay
moved to Petersburg Virginia great okay well you know it’s 17 years ago if I
well you know it’s 17 years ago if I
well you know it’s 17 years ago if I would have said that to someone they
would have said that to someone they
would have said that to someone they look back at me like they smell the fart
look back at me like they smell the fart
look back at me like they smell the fart okay for 30 years maybe more it’s just
okay for 30 years maybe more it’s just
okay for 30 years maybe more it’s just been a total mess down there
been a total mess down there
been a total mess down there we got racial strife high crime terrible
we got racial strife high crime terrible
we got racial strife high crime terrible schools biker gangs and tornadoes that
schools biker gangs and tornadoes that
schools biker gangs and tornadoes that ripped through downtown and just tear
ripped through downtown and just tear
ripped through downtown and just tear everything apart but so it’s really it’s
everything apart but so it’s really it’s
everything apart but so it’s really it’s really a disaster but I’m really drawn
really a disaster but I’m really drawn
really a disaster but I’m really drawn to places like that I’m drawn to
to places like that I’m drawn to
to places like that I’m drawn to buildings in places like that in when
buildings in places like that in when
buildings in places like that in when you have a really chaotic situation it
you have a really chaotic situation it
you have a really chaotic situation it really allows us to be really creative
really allows us to be really creative
really allows us to be really creative we didn’t you’re not really uh kind of
we didn’t you’re not really uh kind of
we didn’t you’re not really uh kind of held back by comp plans or or the market
held back by comp plans or or the market
held back by comp plans or or the market or really any expectations at all so I I
or really any expectations at all so I I
or really any expectations at all so I I didn’t come up in the development world
didn’t come up in the development world
didn’t come up in the development world I’m a really a writer and a music
I’m a really a writer and a music
I’m a really a writer and a music musician by trade and when I moved to
musician by trade and when I moved to
musician by trade and when I moved to Petersburg I moved there in a camper van
Petersburg I moved there in a camper van
Petersburg I moved there in a camper van and lived on a lot surrounded by barbed
and lived on a lot surrounded by barbed
and lived on a lot surrounded by barbed wire I wish I had pictures of that ain’t
wire I wish I had pictures of that ain’t
wire I wish I had pictures of that ain’t no be doing this one day but but I
no be doing this one day but but I
no be doing this one day but but I bought my first building not long after
bought my first building not long after
bought my first building not long after that was this crazy old warehouse and
that was this crazy old warehouse and
that was this crazy old warehouse and see it in the picture here and I know
see it in the picture here and I know
see it in the picture here and I know what I should pay I know the value of
what I should pay I know the value of
what I should pay I know the value of this thing was and the seller didn’t
this thing was and the seller didn’t
this thing was and the seller didn’t either so I called a friend of mine
either so I called a friend of mine
either so I called a friend of mine who’s in real estate real estate up here
who’s in real estate real estate up here
who’s in real estate real estate up here in Richmond and asked for some advice on
in Richmond and asked for some advice on
in Richmond and asked for some advice on valuation told him I was investing in
valuation told him I was investing in
valuation told him I was investing in Petersburg and he’s and he responded by
Petersburg and he’s and he responded by
Petersburg and he’s and he responded by telling me I was a total idiot since
telling me I was a total idiot since
telling me I was a total idiot since that time we’ve invested 50 million
that time we’ve invested 50 million
that time we’ve invested 50 million dollars in that town we’ve created five
dollars in that town we’ve created five
dollars in that town we’ve created five hundred apartments for restaurants a
hundred apartments for restaurants a
hundred apartments for restaurants a movie studio and a brewery yeah I own a
movie studio and a brewery yeah I own a
movie studio and a brewery yeah I own a trapezium brewing if anybody’s
trapezium brewing if anybody’s
trapezium brewing if anybody’s I’m glad that you have that’s great but
I’m glad that you have that’s great but
I’m glad that you have that’s great but we’ve also in that little six block
we’ve also in that little six block
we’ve also in that little six block neighborhood created a hundred jobs more
neighborhood created a hundred jobs more
neighborhood created a hundred jobs more than a hundred jobs and and in that
than a hundred jobs and and in that
than a hundred jobs and and in that little six-block area right around where
little six-block area right around where
little six-block area right around where I live – behind that barbed wire the
I live – behind that barbed wire the
I live – behind that barbed wire the businesses do six million dollars
businesses do six million dollars
businesses do six million dollars annually so it’s it’s really amazing so
annually so it’s it’s really amazing so
annually so it’s it’s really amazing so that’s what I do for a living now I go
that’s what I do for a living now I go
that’s what I do for a living now I go to small towns all through Virginia
to small towns all through Virginia
to small towns all through Virginia North Carolina and you know a lot of
North Carolina and you know a lot of
North Carolina and you know a lot of these places are bar like Clarksville
these places are bar like Clarksville
these places are bar like Clarksville Blackstone Bedford Martinsville Vinton
Blackstone Bedford Martinsville Vinton
Blackstone Bedford Martinsville Vinton and these are places you know developers
and these are places you know developers
and these are places you know developers just don’t go and really there’s this
just don’t go and really there’s this
just don’t go and really there’s this issue with value valuations same problem
issue with value valuations same problem
issue with value valuations same problem I had in Petersburg you know valuation
I had in Petersburg you know valuation
I had in Petersburg you know valuation is is really directly proportional to
is is really directly proportional to
is is really directly proportional to this collective bet that we make on the
this collective bet that we make on the
this collective bet that we make on the future and when you’re in a place or in
future and when you’re in a place or in
future and when you’re in a place or in a building like this and there’s no hope
a building like this and there’s no hope
a building like this and there’s no hope the value is really zero and when you
the value is really zero and when you
the value is really zero and when you have a building layer sometimes it’s a
have a building layer sometimes it’s a
have a building layer sometimes it’s a negative number which is really a
negative number which is really a
negative number which is really a chaotic situation so but uh you know in
chaotic situation so but uh you know in
chaotic situation so but uh you know in developers really you know I realize I’m
developers really you know I realize I’m
developers really you know I realize I’m I call myself a developer I guess for
I call myself a developer I guess for
I call myself a developer I guess for lack of a better word but developers
lack of a better word but developers
lack of a better word but developers really are not visionary people
really are not visionary people
really are not visionary people ultimately right they just want to make
ultimately right they just want to make
ultimately right they just want to make money we want a sure thing we want to
money we want a sure thing we want to
money we want a sure thing we want to know what their building is gonna work
know what their building is gonna work
know what their building is gonna work out and after all their borrowing money
out and after all their borrowing money
out and after all their borrowing money from banks and banks are really
from banks and banks are really
from banks and banks are really risk-averse they want to get their money
risk-averse they want to get their money
risk-averse they want to get their money back and the way developers and banks
back and the way developers and banks
back and the way developers and banks figure out if the project’s gonna work
figure out if the project’s gonna work
figure out if the project’s gonna work they get what’s called a market study we
they get what’s called a market study we
they get what’s called a market study we go out and see and take a look at the
go out and see and take a look at the
go out and see and take a look at the things that have already been built that
things that have already been built that
things that have already been built that looked like the thing you want to build
looked like the thing you want to build
looked like the thing you want to build and if they work and they and they make
and if they work and they and they make
and if they work and they and they make money then you have an opportunity to do
money then you have an opportunity to do
money then you have an opportunity to do that but in small towns a lot of stuff
that but in small towns a lot of stuff
that but in small towns a lot of stuff doesn’t exist at all and when the market
doesn’t exist at all and when the market
doesn’t exist at all and when the market study says it doesn’t exist there it by
study says it doesn’t exist there it by
study says it doesn’t exist there it by default will not work and so it kills
default will not work and so it kills
default will not work and so it kills the project market studies in a way are
the project market studies in a way are
the project market studies in a way are kind of a formalization of conventional
kind of a formalization of conventional
kind of a formalization of conventional wisdom and conventional wisdom kills
wisdom and conventional wisdom kills
wisdom and conventional wisdom kills these projects faster than the lack of
these projects faster than the lack of
these projects faster than the lack of financing ever
financing ever
financing ever we’ll but doing all this work that I do
we’ll but doing all this work that I do
we’ll but doing all this work that I do in these small towns you know I realized
in these small towns you know I realized
in these small towns you know I realized that the people that live in these
that the people that live in these
that the people that live in these places they want the same quality
places they want the same quality
places they want the same quality experience that people in cool towns do
experience that people in cool towns do
experience that people in cool towns do like Seattle and Austin and Richmond and
like Seattle and Austin and Richmond and
like Seattle and Austin and Richmond and and so and and there’s amazing things
and so and and there’s amazing things
and so and and there’s amazing things going going on there you know you’ve got
going going on there you know you’ve got
going going on there you know you’ve got these great buildings some of them may
these great buildings some of them may
these great buildings some of them may not be in great shape but but amazing
not be in great shape but but amazing
not be in great shape but but amazing history amazing maybe food culture in
history amazing maybe food culture in
history amazing maybe food culture in some way or agricultural history and
some way or agricultural history and
some way or agricultural history and really amazing super talented people and
really amazing super talented people and
really amazing super talented people and so my job is to go into places like this
so my job is to go into places like this
so my job is to go into places like this when we’re looking at maybe a building
when we’re looking at maybe a building
when we’re looking at maybe a building or even an entire town sometimes and
or even an entire town sometimes and
or even an entire town sometimes and look at those things and that those
look at those things and that those
look at those things and that those things are the real asset and my job is
things are the real asset and my job is
things are the real asset and my job is to aggregate that stuff and look at the
to aggregate that stuff and look at the
to aggregate that stuff and look at the maybe of this chaotic situation and
maybe of this chaotic situation and
maybe of this chaotic situation and capitalize on that chaos and from that
capitalize on that chaos and from that
capitalize on that chaos and from that kind of feeling of nothingness create
kind of feeling of nothingness create
kind of feeling of nothingness create something with something this so an
something with something this so an
something with something this so an example I was just very recently out in
example I was just very recently out in
example I was just very recently out in Amherst County and if you know Amherst
Amherst County and if you know Amherst
Amherst County and if you know Amherst County at all it’s 20 30 miles north of
County at all it’s 20 30 miles north of
County at all it’s 20 30 miles north of Lynchburg and two hours west of here and
Lynchburg and two hours west of here and
Lynchburg and two hours west of here and it’s kind of in the middle of nowhere
it’s kind of in the middle of nowhere
it’s kind of in the middle of nowhere really and well you know this place okay
really and well you know this place okay
really and well you know this place okay so uh anyway it’s it’s a beautiful
so uh anyway it’s it’s a beautiful
so uh anyway it’s it’s a beautiful County it’s really amazing but it’s got
County it’s really amazing but it’s got
County it’s really amazing but it’s got some of the lowest property values I’ve
some of the lowest property values I’ve
some of the lowest property values I’ve seen it the the the dollar per acre
seen it the the the dollar per acre
seen it the the the dollar per acre there’s like super low for the state of
there’s like super low for the state of
there’s like super low for the state of Virginia and really because there’s
Virginia and really because there’s
Virginia and really because there’s nothing going on it’s a place developers
nothing going on it’s a place developers
nothing going on it’s a place developers really just don’t go there’s no market
really just don’t go there’s no market
really just don’t go there’s no market and I was out there on a tour with an
and I was out there on a tour with an
and I was out there on a tour with an economic development person and we went
economic development person and we went
economic development person and we went by this old flour mill it’s called the
by this old flour mill it’s called the
by this old flour mill it’s called the hamner’s milling company it’s super cool
hamner’s milling company it’s super cool
hamner’s milling company it’s super cool building but it’s just a disaster really
building but it’s just a disaster really
building but it’s just a disaster really in terms of it’s got massive structural
in terms of it’s got massive structural
in terms of it’s got massive structural problems
problems
problems it’s the paint’s peeling it’s almost you
it’s the paint’s peeling it’s almost you
it’s the paint’s peeling it’s almost you know this is gonna collapse in places
know this is gonna collapse in places
know this is gonna collapse in places and there’s a there’s a water wheel on
and there’s a there’s a water wheel on
and there’s a there’s a water wheel on it that’s out of plumb like 10 degrees
it that’s out of plumb like 10 degrees
it that’s out of plumb like 10 degrees totally rusty it’s cool but I don’t know
totally rusty it’s cool but I don’t know
totally rusty it’s cool but I don’t know what I don’t know it’s worth and there’s
what I don’t know it’s worth and there’s
what I don’t know it’s worth and there’s this old man there named Bill he’s
this old man there named Bill he’s
this old man there named Bill he’s pushing 80 years old and he’s
pushing 80 years old and he’s
pushing 80 years old and he’s barely holding it together he runs a
barely holding it together he runs a
barely holding it together he runs a feed and seed company and I don’t think
feed and seed company and I don’t think
feed and seed company and I don’t think he makes a dime but I went out there and
he makes a dime but I went out there and
he makes a dime but I went out there and looked at it and you know it’s a it’s a
looked at it and you know it’s a it’s a
looked at it and you know it’s a it’s a beautiful place got a lot of history but
beautiful place got a lot of history but
beautiful place got a lot of history but the question is like what do you do with
the question is like what do you do with
the question is like what do you do with this thing you know so I can say well
this thing you know so I can say well
this thing you know so I can say well I’m gonna walk away it’s not worth
I’m gonna walk away it’s not worth
I’m gonna walk away it’s not worth anything or we can try to figure it out
anything or we can try to figure it out
anything or we can try to figure it out it’s been on the market for three years
it’s been on the market for three years
it’s been on the market for three years and no one’s even made an offer so the
and no one’s even made an offer so the
and no one’s even made an offer so the value the perception of value is zero
value the perception of value is zero
value the perception of value is zero out there so I’m you know own this
out there so I’m you know own this
out there so I’m you know own this Brewing Company have this background now
Brewing Company have this background now
Brewing Company have this background now and kind of looked at it through
and kind of looked at it through
and kind of looked at it through specialized and those particular eyes
specialized and those particular eyes
specialized and those particular eyes and and looked at this thing and said
and and looked at this thing and said
and and looked at this thing and said you know it’s really not that far from
you know it’s really not that far from
you know it’s really not that far from the Blue Ridge Trail out there on 151
the Blue Ridge Trail out there on 151
the Blue Ridge Trail out there on 151 that’s the home of Devil’s Backbone bull
that’s the home of Devil’s Backbone bull
that’s the home of Devil’s Backbone bull Rock cider Blue Mountain barrel house in
Rock cider Blue Mountain barrel house in
Rock cider Blue Mountain barrel house in fact this thing’s like ten minutes south
fact this thing’s like ten minutes south
fact this thing’s like ten minutes south of Blue Mountain bauhaus we ran on route
of Blue Mountain bauhaus we ran on route
of Blue Mountain bauhaus we ran on route 29 and so we kind of really looked at it
29 and so we kind of really looked at it
29 and so we kind of really looked at it we looked at the the pastoral landscape
we looked at the the pastoral landscape
we looked at the the pastoral landscape out there and we thought well can we do
out there and we thought well can we do
out there and we thought well can we do something with us can we grow fruit
something with us can we grow fruit
something with us can we grow fruit trees and raise bees and collect wild
trees and raise bees and collect wild
trees and raise bees and collect wild yeast from the air can we get that
yeast from the air can we get that
yeast from the air can we get that this is do people do this stuff
this is do people do this stuff
this is do people do this stuff so uh and we I wondered you know could
so uh and we I wondered you know could
so uh and we I wondered you know could we get that water wheel going can we get
we get that water wheel going can we get
we get that water wheel going can we get Bill the old man who knows everything
Bill the old man who knows everything
Bill the old man who knows everything about this mill he can reach into the
about this mill he can reach into the
about this mill he can reach into the dark recesses of places and flick
dark recesses of places and flick
dark recesses of places and flick switches and stuff comes to life it’s
switches and stuff comes to life it’s
switches and stuff comes to life it’s really interesting but he knows how to
really interesting but he knows how to
really interesting but he knows how to get that wheel run and so our question
get that wheel run and so our question
get that wheel run and so our question was could we assemble all these pieces
was could we assemble all these pieces
was could we assemble all these pieces and parts and really make something
and parts and really make something
and parts and really make something special we decided to do that we’re
special we decided to do that we’re
special we decided to do that we’re gonna announce very soon what we call
gonna announce very soon what we call
gonna announce very soon what we call trapezium West we’re gonna make wild ale
trapezium West we’re gonna make wild ale
trapezium West we’re gonna make wild ale beers and instead of and we’re gonna get
beers and instead of and we’re gonna get
beers and instead of and we’re gonna get that waterwheel going again instead of
that waterwheel going again instead of
that waterwheel going again instead of making flour this time we’re gonna make
making flour this time we’re gonna make
making flour this time we’re gonna make electricity and we hope to be I think
electricity and we hope to be I think
electricity and we hope to be I think will be the first hydropower brewery in
will be the first hydropower brewery in
will be the first hydropower brewery in the United States
I’m glad that resonates with you know
I’m glad that resonates with you know sometimes you pitch these ideas and
sometimes you pitch these ideas and
sometimes you pitch these ideas and every says that’s really cool but like
every says that’s really cool but like
every says that’s really cool but like but when they work out it’s really cool
but when they work out it’s really cool
but when they work out it’s really cool but when you pitch them it just can
but when you pitch them it just can
but when you pitch them it just can confuse people you know you you get the
confuse people you know you you get the
confuse people you know you you get the you get that face I was talking about
you get that face I was talking about
you get that face I was talking about with Petersburg and I was I was giving a
with Petersburg and I was I was giving a
with Petersburg and I was I was giving a but I but I think you know really if
but I but I think you know really if
but I but I think you know really if we’re gonna affect change it gets
we’re gonna affect change it gets
we’re gonna affect change it gets something going we’ve we’ve got a buck
something going we’ve we’ve got a buck
something going we’ve we’ve got a buck conventional wisdom we got to pull
conventional wisdom we got to pull
conventional wisdom we got to pull people out of their comfort zone if
people out of their comfort zone if
people out of their comfort zone if we’re really gonna do something special
we’re really gonna do something special
we’re really gonna do something special I was giving a talk in the City of Hope
I was giving a talk in the City of Hope
I was giving a talk in the City of Hope well there was an event where folks who
well there was an event where folks who
well there was an event where folks who like me or stakeholders entrepreneurs
like me or stakeholders entrepreneurs
like me or stakeholders entrepreneurs were invited to come up and give a talk
were invited to come up and give a talk
were invited to come up and give a talk and and I and this thing was called
and and I and this thing was called
and and I and this thing was called excite Hopewell and it was you could
excite Hopewell and it was you could
excite Hopewell and it was you could just throw all these ideas there’s just
just throw all these ideas there’s just
just throw all these ideas there’s just out-of-the-box ideas whatever you want
out-of-the-box ideas whatever you want
out-of-the-box ideas whatever you want to say there was no ramification just
to say there was no ramification just
to say there was no ramification just you know go crazy and and have fun with
you know go crazy and and have fun with
you know go crazy and and have fun with it so I decided I said yes decided to do
it so I decided I said yes decided to do
it so I decided I said yes decided to do it and I went I’m a big fan of seaplanes
it and I went I’m a big fan of seaplanes
it and I went I’m a big fan of seaplanes I’m a budding pilot I do not have my
I’m a budding pilot I do not have my
I’m a budding pilot I do not have my license but see plans always been really
license but see plans always been really
license but see plans always been really romantic to me if you remember at the
romantic to me if you remember at the
romantic to me if you remember at the Vancouver Olympics there was that little
Vancouver Olympics there was that little
Vancouver Olympics there was that little stone statue that they had is the icon
stone statue that they had is the icon
stone statue that they had is the icon but really all the commentators were
but really all the commentators were
but really all the commentators were sitting behind at the water and you saw
sitting behind at the water and you saw
sitting behind at the water and you saw the sea planes landing and taking off
the sea planes landing and taking off
the sea planes landing and taking off behind them it just was a really
behind them it just was a really
behind them it just was a really romantic vision to me so I read this
romantic vision to me so I read this
romantic vision to me so I read this quarterly magazine called water flying I
quarterly magazine called water flying I
quarterly magazine called water flying I may be the only person in the state that
may be the only person in the state that
may be the only person in the state that reads this thing but uh but I have
reads this thing but uh but I have
reads this thing but uh but I have learned reading that that seaplane
learned reading that that seaplane
learned reading that that seaplane pilots really want something want a
pilots really want something want a
pilots really want something want a really specific set of parameters do
really specific set of parameters do
really specific set of parameters do they want water depth that has to kind
they want water depth that has to kind
they want water depth that has to kind of you know be enough to land in they
of you know be enough to land in they
of you know be enough to land in they don’t want saltwater or brackish water
don’t want saltwater or brackish water
don’t want saltwater or brackish water that’ll ruin their metal they want
that’ll ruin their metal they want
that’ll ruin their metal they want really neat visual landscape to fly over
really neat visual landscape to fly over
really neat visual landscape to fly over and when they land they want to be close
and when they land they want to be close
and when they land they want to be close to somewhere cool when they got out of
to somewhere cool when they got out of
to somewhere cool when they got out of the plane they also don’t want to be in
the plane they also don’t want to be in
the plane they also don’t want to be in congested airspace and then the big
congested airspace and then the big
congested airspace and then the big towns you have you know really
towns you have you know really
towns you have you know really restricted airspace it makes it hard to
restricted airspace it makes it hard to
restricted airspace it makes it hard to be comfortable in that that area so I
be comfortable in that that area so I
be comfortable in that that area so I looked up and down the East Coast and
looked up and down the East Coast and
looked up and down the East Coast and you know it struck me there’s really
you know it struck me there’s really
you know it struck me there’s really only one
only one
only one city that fit that bill and it was
city that fit that bill and it was
city that fit that bill and it was hopeful so I guy I decided to make this
hopeful so I guy I decided to make this
hopeful so I guy I decided to make this pitch that that night and and there I
pitch that that night and and there I
pitch that that night and and there I followed someone who had just pitched
followed someone who had just pitched
followed someone who had just pitched like a yoga studio or something like
like a yoga studio or something like
like a yoga studio or something like that and so I said this out loud in
that and so I said this out loud in
that and so I said this out loud in front of 150 people and the reaction
front of 150 people and the reaction
front of 150 people and the reaction wasn’t yeah let’s do this thing it was
wasn’t yeah let’s do this thing it was
wasn’t yeah let’s do this thing it was just like total silence and I scan the
just like total silence and I scan the
just like total silence and I scan the crowd and I could see um you know in a
crowd and I could see um you know in a
crowd and I could see um you know in a few phases I saw the fart face but I
few phases I saw the fart face but I
few phases I saw the fart face but I knew right then we are onto something
knew right then we are onto something
knew right then we are onto something really big thank you very much
really big thank you very much
really big thank you very much [Applause]
”
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