Another French property goes to foreclosure

As he sits in federal prison in West Virginia, another lender is foreclosing on yet another property owned by former Richmond developer Justin French.

Virginia Commonwealth Bank is foreclosing on 2601 Floyd Ave., an historic building in the Fan for which French received a $439,000 tax credit in 2008.

The 7,200 square foot building sits on 0.16 acres and was most recently assessed at $672,000, according to city records.

The property is owned by 2601 Floyd Avenue LLC, an entity whose address was most recently listed at 1314 E. Cary St., formerly the headquarters of French Consulting.

The building is occupied by at least two tenants Southeastern Institute of Research, Inc. and an art gallery around the back.

The property will be auctioned off on Aug. 12 at the front entrance of the Richmond Circuit Court building.

As he sits in federal prison in West Virginia, another lender is foreclosing on yet another property owned by former Richmond developer Justin French.

Virginia Commonwealth Bank is foreclosing on 2601 Floyd Ave., an historic building in the Fan for which French received a $439,000 tax credit in 2008.

The 7,200 square foot building sits on 0.16 acres and was most recently assessed at $672,000, according to city records.

The property is owned by 2601 Floyd Avenue LLC, an entity whose address was most recently listed at 1314 E. Cary St., formerly the headquarters of French Consulting.

The building is occupied by at least two tenants Southeastern Institute of Research, Inc. and an art gallery around the back.

The property will be auctioned off on Aug. 12 at the front entrance of the Richmond Circuit Court building.

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Marsha Killington
Marsha Killington
11 years ago

What a spectacular building. I’d love to live in it!

Marsha Killington
Marsha Killington
11 years ago

Ugh, never mind. The building is beautiful but I just went on Street View and found a gigantic modern monstrosity across the street and a forest of telephone poles and wires everywhere. 🙁

Still a cool building though.

ScottB
ScottB
11 years ago

I believe the “modern monstrosity” is Retreat Hospital.

Lisa
Lisa
11 years ago

It’s across the street from Retreat Hospital and their parking deck which is actually a plus because there’s an entire block free of college kids and there’s almost always parking available on that block – you’re 2 blocks from Carytown and one block from Main Street – it’s a great location.

Brett
Brett
11 years ago

I looked at this building before French bought it. It is a good location but be prepared to do spend some money. It needs a new roof, hvac units and a possible update of the plumbing and electrical. It will take more than the new million dollar bushes French planted out front. Plus the layout is strange. Bonus, there may be some solar panels drawn on the roof for good measure. It’s a bank that existed for only a short time in the 1920’s that shuttered as soon as the market crashed.

jd
jd
11 years ago

At an assumed $500,000 cost to renovate, and assuming those costs are qualifed for tax credits, your out of pocket is approx $275,000, the rest coming from credits (unless you wanted to syndicate). While the words “tax credits” have been negative terms lately, ultimately, done right and within the law, it is a viable incentive for investors / developers.

Bart
Bart
11 years ago

Funny, I looked at Google Streetview, and Retreat DOES look a bit monstrous, lol!

But Floyd Ave feels narrower and more cozy than it appears in Streetview, and when you’re driving along that street, Retreat feels more like a wall to your right, rather than a modern monstrosity…

I’ve always wondered what that building was used for.