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Dominion Energy will demolish the 21-story office tower in downtown Richmond that long has housed Virginia’s largest electric utility, but the company isn’t saying what will take the building’s place.

The Richmond-based energy giant said Friday that it decided this week to implode One James River Plaza at 701 E. Cary St. early next year.

“We decided that renovation would be too expensive,” Dominion spokesman Ryan Fraizer said. “It wasn’t going to work.”

It’s not clear what will replace the 41-year-old building, longtime home to what is still legally known as Virginia Electric & Power Co.

“The company is evaluating our future downtown workplace needs and developing plans for the property that could include a new office tower,” the company said in a formal statement. “A final decision regarding those plans will be made in the coming months.”

Dominion just completed moving into 600 Canal Place, a new 20-floor office tower on East Canal Street in downtown Richmond. The 960,000-square-foot building houses 1,200 employees and overlooks the James River and downtown Richmond.

The company’s corporate office is housed along the James River at 120 Tredegar St.