The property at 217 W. Broad St. will be auctioned next week. Photo by Burl Rolett.
With a new hotel in the works just three doors down, a piece of Broad Street real estate is headed into foreclosure next week.
The two-story building at 217 W. Broad St. is scheduled to be auctioned on Aug. 14 after its owner defaulted on a 5-year-old loan backed by the 4,380-square-foot property. The auction will be held on the steps of the Richmond Circuit Court building at 2:15 p.m.
The space currently houses the Broad Street Law Center, a personal injury and criminal defense law firm run by the building’s owner, Robert E. Walker Jr.
SunTrust is foreclosing on the $168,000 loan. That note, issued in March 2009, replaced a previous $203,000 note issued to Walker that has since been paid down.
Wolcott Rivers Gates attorney Richard Biemiller is handling the auction for the lender. He would not provide the current balance of the loan or a starting bid for next week’s sale, but said the auction would open well below the original $203,000 loan amount.
Walker did not return phone calls seeking comment on his plans for the building. He purchased the property in 2002 for $118,000, according to city records. It was transferred to current owner Elle Properties LLC for a $0 consideration in 2012.
The property is in the heart of the city’s Arts District and will soon have two new high-profile neighbors. Ted Ukrop is developing a new hotel in two buildings at 201 and 207 W. Broad St. And VCU is building its new Institute for Contemporary Art four blocks west at Broad and Belvidere streets.
Those projects are scheduled for completion in 2015 and 2016, respectively.
The property at 217 W. Broad St. will be auctioned next week. Photo by Burl Rolett.
With a new hotel in the works just three doors down, a piece of Broad Street real estate is headed into foreclosure next week.
The two-story building at 217 W. Broad St. is scheduled to be auctioned on Aug. 14 after its owner defaulted on a 5-year-old loan backed by the 4,380-square-foot property. The auction will be held on the steps of the Richmond Circuit Court building at 2:15 p.m.
The space currently houses the Broad Street Law Center, a personal injury and criminal defense law firm run by the building’s owner, Robert E. Walker Jr.
SunTrust is foreclosing on the $168,000 loan. That note, issued in March 2009, replaced a previous $203,000 note issued to Walker that has since been paid down.
Wolcott Rivers Gates attorney Richard Biemiller is handling the auction for the lender. He would not provide the current balance of the loan or a starting bid for next week’s sale, but said the auction would open well below the original $203,000 loan amount.
Walker did not return phone calls seeking comment on his plans for the building. He purchased the property in 2002 for $118,000, according to city records. It was transferred to current owner Elle Properties LLC for a $0 consideration in 2012.
The property is in the heart of the city’s Arts District and will soon have two new high-profile neighbors. Ted Ukrop is developing a new hotel in two buildings at 201 and 207 W. Broad St. And VCU is building its new Institute for Contemporary Art four blocks west at Broad and Belvidere streets.
Those projects are scheduled for completion in 2015 and 2016, respectively.