Some prime Scott’s Addition real estate is set to change hands and potentially go vertical.
The former bingo hall at 2900 W. Broad St. is under contract to be sold as it gears up for a potential zoning change that could lead to construction of a new five-story mixed-use building, making it one of the taller buildings in the fast-growing neighborhood.
Broker Martin Blum of Colliers International, who was enlisted by the property’s owner, Yeshiva of Virginia, confirmed the building is under contract but would not confirm the identity of the buyer.
Documents included in a rezoning application on file on with the Richmond planning department show that Christiansburg-based nonprofit Community Housing Partners is behind the project.
Dubbed Beacon on Broad, the project would include about 8,500 square feet of commercial space and about 50 multifamily units, the planning documents show.
The half-acre parcel, near the corner of West Broad Street and North Boulevard, is currently home to a 9,140-square-foot building previously used as a bingo hall. Yeshiva had previously been testing the market for retail tenants.
Yeshiva would not comment for this story. The property is assessed at $1.069 million, according to a city record.
The rezoning application, initially filed in September, was approved at yesterday’s planning commission meeting and next heads to a city council vote. It seeks to rezone the property from B-3 general business district to B-5 central business district.
The rezoning would allow for buildings taller than 35 feet to be built on the property, while also requiring that the property meet the parking requirements of a B-3 zoning designation. Those requirements call for one space per four dwelling units.
Included in the application is a Jan. 5 letter of support from Roger L. Bouchard, president of the Scott’s Addition Boulevard Association.
“Community Housing Partners has presented a vision that will enhance the area and provide a framework for future development along the W. Broad Street corridor,” Bouchard said in his letter, which also includes comments from CHP.
Bouchard could not be reached for comment by press time, and CHP would not comment for this story.
CHP is also currently serving as general contractor on the improvements being done to the William Byrd apartment building at 2501 W. Broad St.
Should it receive all the necessary approvals, Beacon on Broad would join a bevy of new development underway in and around Scott’s Addition.
The former HandCraft Cleaners building at 1501 Roseneath Road is set to become the home of another new brewery in the neighborhood and has more than 40,000 square feet still available for lease. Peter Chang has a new restaurant in the works at the Hofheimer Building at 2816 W. Broad St. A Charlottesville-based brewery is adding a location at 2930 W. Broad St. Northwest of Scott’s Addition, a Wawa is going in near The Diamond.