The local developer behind the renovation of the John Marshall Hotel is close to landing a deal for a vacant riverfront lot in Manchester.
Dominion Realty Partners is buying the 1.8-acre parcel at 901 McDonough St. from an entity tied to a prominent local family that is working its way through bankruptcy.
Manchester Place LLC, managed by Dominion Realty Partners, had its $2.05 million offer for the property approved by federal bankruptcy court this week, according to court records.
The property is owned by three entities, one of which is George-Marshall Corp., a bankrupt local real estate holding company tied to Allen Meade Ferguson and his wife, Mary Rutherfoord Mercer Ferguson.
The couple, known locally for Mr. Ferguson’s ties to an old-Richmond investment bank and for their philanthropic efforts, filed Chapter 11 bankruptcy on March 31, their family’s wealth apparently diminished by the recession.
Although still a viable businesses, George-Marshall Corp., along with Mercer Rug Cleansing Inc., declared Chapter 11 bankruptcy because they were used as collateral on loans tied to the personal finances of the prominent Richmond family.
Both entities are family businesses that were once run by Mrs. Ferguson’s father, George Mercer. Mrs. Ferguson is now the president and sole stockholder of the companies.
George-Marshall Corp. owns a 25 percent stake of the Manchester property, and the proceeds of the sale will help chip away at the debts the Fergusons are settling in their bankruptcy process.
The Manchester property sits across from the UPS building in Manchester and close to other renovated apartment buildings such as Perry Place.
It’s unclear exactly what Dominion Realty has in mind for the land. Michael Campbell, president of Dominion Realty, did not return several calls by press time.
Although the deal had to be done through the bankruptcy court, it had actually been in the works since 2009.
The other owners of the property are the Grace M. Ginn Family Trust and GII Corporation.
Grubb & Ellis/Harrison & Bates worked as the broker on the deal.
The George-Marshall entity has $1.6 million in assets and $923,000 in debts, according to court records.
It owns the Mercer Rug building and land at 3116 W. Moore St. That property is leased to Mercer Rug. A nearby building is leased to an undisclosed third party.
The building occupied by Victory Rug, another Ferguson family business, is also owned by George-Marshall.
It also owns a second vacant lot at 811 Albemarle St.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
The local developer behind the renovation of the John Marshall Hotel is close to landing a deal for a vacant riverfront lot in Manchester.
Dominion Realty Partners is buying the 1.8-acre parcel at 901 McDonough St. from an entity tied to a prominent local family that is working its way through bankruptcy.
Manchester Place LLC, managed by Dominion Realty Partners, had its $2.05 million offer for the property approved by federal bankruptcy court this week, according to court records.
The property is owned by three entities, one of which is George-Marshall Corp., a bankrupt local real estate holding company tied to Allen Meade Ferguson and his wife, Mary Rutherfoord Mercer Ferguson.
The couple, known locally for Mr. Ferguson’s ties to an old-Richmond investment bank and for their philanthropic efforts, filed Chapter 11 bankruptcy on March 31, their family’s wealth apparently diminished by the recession.
Although still a viable businesses, George-Marshall Corp., along with Mercer Rug Cleansing Inc., declared Chapter 11 bankruptcy because they were used as collateral on loans tied to the personal finances of the prominent Richmond family.
Both entities are family businesses that were once run by Mrs. Ferguson’s father, George Mercer. Mrs. Ferguson is now the president and sole stockholder of the companies.
George-Marshall Corp. owns a 25 percent stake of the Manchester property, and the proceeds of the sale will help chip away at the debts the Fergusons are settling in their bankruptcy process.
The Manchester property sits across from the UPS building in Manchester and close to other renovated apartment buildings such as Perry Place.
It’s unclear exactly what Dominion Realty has in mind for the land. Michael Campbell, president of Dominion Realty, did not return several calls by press time.
Although the deal had to be done through the bankruptcy court, it had actually been in the works since 2009.
The other owners of the property are the Grace M. Ginn Family Trust and GII Corporation.
Grubb & Ellis/Harrison & Bates worked as the broker on the deal.
The George-Marshall entity has $1.6 million in assets and $923,000 in debts, according to court records.
It owns the Mercer Rug building and land at 3116 W. Moore St. That property is leased to Mercer Rug. A nearby building is leased to an undisclosed third party.
The building occupied by Victory Rug, another Ferguson family business, is also owned by George-Marshall.
It also owns a second vacant lot at 811 Albemarle St.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
I have long thought this area/location would be the most ideal setting for a new baseball park in Richmond. An open outfield view of the Richmond skyline, from this elevated position, would be tremendous.
In time, Manchester could evolve into a little “Georgetown” area, with the right restaurants etc.
I think this should get serious consideration. Who else agrees?
I completely agree. The most ideal place for a new baseball stadium would be in Manchester, riverside, overlooking the city. Ideally it would be constructed where the old, no longer in operation Reynolds plant is. A riverside ballpark similar to Pittsburgh’s PNC park, on a smaller scale, would be a tremendous draw and a statement that Richmond is truly committed to downtown revival and rebirth.
All that being said, it ain’t gonna happen that way…………oh well….
In addition to local businesses to support it such as UPS & SunTrust, there is a great local residential community nearby, available areas for parking or development. There are also many ways to enter and leave the area. I-95 is available down Hull Street, The Manchester Bridge & Downtown Expressway are close, and Jeff Davis Highway as well.
Seems like a no brainer to me.
I drive past this block every day on the way to work downtown. It’s an eyesore. I hope it becomes part of the continuing revitalization of Manchester. Or at the very least paved over and converted into a proper parking lot for UPS and SunTrust! After heavy rains it is something of a mud pit.