In December, we wrote about a renovation project in Shockoe Bottom that would turn a former factory, nightclub and firehouse (all located on the same block) into condos, retail and restaurant space. Located between Main and Franklin streets at 21st and 20th streets, the $35 million mixed-use development is a joint project between Marcus Galt and Monument Construction principals Tom Dickey and Chris Johnson. At the time, the development team was waiting on financing to begin.
Galt reports that the team has secured construction financing for the first phase, which will turn an old bobber factory into a 41-unit residential building called Bobber Flats. The building was built in 1900. Galt said that the target completion for that phase is December and that construction should start soon.
Around the corner from the factory, Galt said, plans to turn the 19th century firehouse into a restaurant are set to begin shortly after a tenant is found.
Phase two, which is scheduled to begin in the fall, calls for the demolition of the old Secrets in the City nightclub and construction of a 91-unit residential building. The third and final phase, planned for 2010, calls for construction along Main Street that will feature 80 residential units, an outdoor pool, 158 parking spaces and 3,000 square feet of retail.
Galt and his partners at Monument Construction are also nearing completion on another project in the Fan. Construction is 45 days away on rehab of the burned-out Hamlet Cleaners on South Stafford Street between Cary and Main streets. The completed project will feature 16 condominium units.
Al Harris covers commercial real estate for Richmond BizSense. Have a project in the pipeline? Send tips to [email protected]