A condominium project a decade in the making has finally hit the market in the city’s Museum District.
The Tredegar, a four-unit cluster of condos recently converted from apartments at 2801 W. Grace St., just west of the Boulevard, was put up for sale late last week.
The four units are each at least 1,700 square feet with two bedrooms and two bathrooms. The lower-level units are priced at just less than $350,000, while the second-floor units are $10,000 more.
Rick Jarvis, who is marketing the homes through his One South Realty Group, said Reid Pierce of Pierce Development and Mark Kittrell of Liberty Mortgage started work on the building 10 years ago with the goal of converting the units into condos. The recession and its effects on the housing market caused the developers, like many, to put their plans on hold, offering the units as rentals in the meantime.
“It allowed them to hold the property through the downtime and wait for the market to turn back around again,” Jarvis said.
Jarvis said the conversion to condos is an example of a shift in Richmond’s recovering housing market.
“I think you’re going to begin to see more and more of these projects that were originally developed in that time period, just prior to the bubble bursting, come back to the market,” said Jarvis, whose firm recently finished selling another stalled condo project, Ginter Place.
The market is showing signs of that trend, as several other apartment property owners around the city have condos on their mind. The sellers of the 34-unit One Monument Avenue building are encouraging potential buyers to convert the property to condos, as are the sellers of the Lee School Lofts.
Developer Louis Salomonsky has said he’s keeping the option open for condos at his latest Canal Lofts building in Shockoe Bottom.
While smaller in scale, The Tredegar stands out for its unusual architecture and century-old details, including a slanted slate roof.
“It’s cute,” Pierce said. “It’s got the Flemish bond brick and the balconies that are tucked in on the sloping slate, which is kind of cool. There are not a lot of buildings in town that look like this.”
Pierce, who said he has developed 60 projects in the Fan over the past 30 years, teamed up on The Tredegar with Kittrell, who provided financing. City records show Kittrell purchased the property in 2002 for $400,000 from Red Hill Investments, which had purchased the building the year before from River City Renaissance, the real estate portfolio of now-imprisoned local developer Billy Jefferson.
Once sold, The Tredegar will be managed by the Tredegar Condominium Unit Owners Association, which is listed as the current owner.
Pierce said the project qualified for historic tax credits, the 20th such project he said he has done since the mid-1980s.
Pierce said about $250,000 was put into the building in 2005. Finishing touches on the condos that are currently wrapping up totaled an additional $60,000 to $70,000, he said.
Upgrades have included rewiring, new plumbing, improved mechanical systems, remodeled kitchens and bathrooms, new heating and air systems and improved parking and security features.
Pierce said the condos are adding to a transition toward single-family homes along Grace Street within the Museum District, which he said is experiencing changes of its own.
“The Museum District has gotten a whole lot better,” he said. “I think the change in ownership of the (Billy) Jefferson properties, which were not really well kept up, is going to help a lot. The Scott’s Addition boom – that’s the next neighborhood over. And you’ll be able to walk to Peter Chang’s new restaurant from here. So it’s a good spot.
“I think it’s a real trend-setter for Grace, which has been a tough sell for a lot of years.”