The deal is inked and construction is underway to turn the former home of a Richmond coal giant into downtown’s newest apartment building.
The Massey Energy building at 4 N. Fourth St., a joint venture by developer Howard Kellman and the principals of the Monument Companies, is being converted to 73 one- and two-bedroom apartments and is slated to open this summer.
“We’re shooting for end of July, early August,” Kellman said. “We don’t have a name for the project just yet. I think we’ve agreed on it, but we’ve agreed on it three times already. It’s still in the works.”
The contractor is Monument Construction, and the project, which Kellman said would run between $7 million and $8 million, is financed by StellarOne Bank.
The developers bought the building from Massey in early December for $2.6 million under the name Bugatti II LLC.
BizSense reported in March that the building was under contract with Kellman and his partners, Tom Dickey and Chris Johnson of the Monument Companies.
Kellman said the property, built in 1951, will be eligible for tax credits for the property.
Legend Property Group will manage the building and the leasing of units, Kellman said.
When the project is finished, there will be almost 600 new apartments within a few blocks of downtown, including the Massey building, the redeveloped Hotel John Marshall, the Miller & Rhoads building and the recently opened First National Bank rehab.