Shockoe Bottom: Office conversion
Monument Construction, in a joint venture with Howard Kellman of the Edison Companies, plans to turn the 78,800-square-foot Exchange Place at 1313 E. Main St. into a 63-unit mixed-use apartment complex.
Monument purchased the four-story building this month through Duesenberg Properties LLC for $3.9 million, according to city records.
“It is a further example of the trend: the tough-to-lease office being converted to something other than office,” said Austin Newman, a Cushman & Wakefield | Thalhimer broker who represented the buyer. “It’s an office building that’s an old, not real leasable class C job, and it’s eligible for historic tax credits.”
The conversion will cost about $9 million, said Chris Johnson, principal at Monument Construction. The work will be financed by Union First Market Bank, as well as federal and state historic tax credits.
Plans call for mostly one-bedroom apartments and 30,000 square feet of commercial space, as well as an onsite gym and parking for residents. The one-bedroom units will average about 640 square feet with rents ranging from $969 to $1,149 per month.
read more here: http://www.richmondbizsense.com/2013/07/26/office-space-gets-exchanged-for-apartments/