An 85-year-old former bank building on East Grace Street is getting a makeover.
A developer purchased 306 E. Grace St. and will turn it into 10 apartments with 2,600 square feet of ground-floor retail space.
The 16,000-sqaure-foot building sold for $495,000 in a deal that closed Nov. 28. Duke Dodson and Josh Romano of Dodson Properties represented the buyer, 306 Grace LLC. Dodson would not say who the principal of the LLC is.
Dodson said the development, including the purchase price, will cost almost $1.9 million and should be complete in May. The developer will pursue historic tax credits on the project. Monument Construction will handle the renovation.
Scott Boyers, a broker with CBRE, represented the seller, Nicholas Roupas, whose family owned the building for more than 40 years.
Built in 1928, the building once housed Bank of Virginia. The Credit Adjustment Bureau is the only tenant now, and it will leave in about a month, Dodson said.
The asking price had been reduced several times. A flyer from Cushman & Wakefield | Thalhimer shows the original asking price was close to $800,000. The property was most recently assessed by the city at $363,000.
The building has a 3,500-square-foot unfinished basement. Approximately 12,600 square feet of the building is finished, Dodson said.
The project will add to the continued redevelopment of that part of East Grace Street.
On the same block, at 322 E. Grace St., Ryan and Travis Croxton of Rappahannock River Oysters are opening an oyster bar called Rappahannock.
Monument Construction is also working on 44 apartments two blocks away in the old Jefferson Bank building at 115 E. Broad St., which has a parking lot that faces Grace Street.
And in the 200 block of East Broad Street, developers Mike Glass and Ron Hunt are putting the finishing touches on the Morton’s Jewelers building, which has 24 apartments scheduled to come online this month.
Boyers said he’s confident that that stretch of East Grace Street is coming around.
“I think that whole area – the 500 block, the 300 block, the 200 block – is poised to do quite well,” he said.