Douglas paid $275,000 for the former Mann Furniture Store building at 308 N. Second St. (Kieran McQuilkin)
A Washington, D.C.-based developer is one step closer to having control of an entire block in downtown Richmond.
Douglas Development closed last week on the purchase of the former Mann Furniture Store building at 308 N. Second St.
The company paid $275,000 for the two-story, 3,600-square-foot building, according to city records. It most recently was assessed at $116,000.
Brokers Matt Louthan and Sara Marie Williamson with Colliers International represented the seller, Alejandro Reyes.
The purchase gives Douglas control of all but seven buildings and surface lots on the block bounded by Second, First, West Broad and West Marshall streets.
The remaining holdouts on the block include: 101 E. Marshall St., 315 and 319 N. First St., 100 and 116 E. Broad St., and 312 and 316 N. Second St.
In March, the developer purchased a two-story, 2,000-square-foot building 314 N. Second St. It also paid $365,000 for the former Friedman’s Pawn Shop building at 118 E. Broad St.
Douglas now owns more than 20 buildings in the city, and its holdings are dense in the blocks surrounding its latest acquisition and the nearby anchor of its downtown properties – the 23-story, 240,000-square-foot Central National Bank tower that it converted into 200 apartments.
Douglas principal Norman Jemal could not be reached for comment by press time.
While Douglas is the frontrunner in redeveloping the neighborhood, other developers have had their eye on surrounding blocks.
An entity tied to Duke Dodson of Richmond-based Dodson Property Management recently acquired 317 E. Broad St. It’s the fifth contiguous property Dodson’s Randymac has purchased on that block of East Broad in seven months.
An affiliate of Philadelphia-based Parkway Corp. purchased the 0.75-acre surface parking lot at 200 E. Marshall St. on Nov. 17 for $2 million. The company said it likely will look to develop the property.
Eric Phipps’ EGP Properties LLC is under contract to purchase a nearly 1-acre parcel at 2 E. Marshall St., where it will build a $27 million, five-story, 167-unit apartment project.
Douglas paid $275,000 for the former Mann Furniture Store building at 308 N. Second St. (Kieran McQuilkin)
A Washington, D.C.-based developer is one step closer to having control of an entire block in downtown Richmond.
Douglas Development closed last week on the purchase of the former Mann Furniture Store building at 308 N. Second St.
The company paid $275,000 for the two-story, 3,600-square-foot building, according to city records. It most recently was assessed at $116,000.
Brokers Matt Louthan and Sara Marie Williamson with Colliers International represented the seller, Alejandro Reyes.
The purchase gives Douglas control of all but seven buildings and surface lots on the block bounded by Second, First, West Broad and West Marshall streets.
The remaining holdouts on the block include: 101 E. Marshall St., 315 and 319 N. First St., 100 and 116 E. Broad St., and 312 and 316 N. Second St.
In March, the developer purchased a two-story, 2,000-square-foot building 314 N. Second St. It also paid $365,000 for the former Friedman’s Pawn Shop building at 118 E. Broad St.
Douglas now owns more than 20 buildings in the city, and its holdings are dense in the blocks surrounding its latest acquisition and the nearby anchor of its downtown properties – the 23-story, 240,000-square-foot Central National Bank tower that it converted into 200 apartments.
Douglas principal Norman Jemal could not be reached for comment by press time.
While Douglas is the frontrunner in redeveloping the neighborhood, other developers have had their eye on surrounding blocks.
An entity tied to Duke Dodson of Richmond-based Dodson Property Management recently acquired 317 E. Broad St. It’s the fifth contiguous property Dodson’s Randymac has purchased on that block of East Broad in seven months.
An affiliate of Philadelphia-based Parkway Corp. purchased the 0.75-acre surface parking lot at 200 E. Marshall St. on Nov. 17 for $2 million. The company said it likely will look to develop the property.
Eric Phipps’ EGP Properties LLC is under contract to purchase a nearly 1-acre parcel at 2 E. Marshall St., where it will build a $27 million, five-story, 167-unit apartment project.
Douglas has done some incredible developments in DC where it is constrained by height limits. I look forward to how they’ll change the face of Broad Street without those constraints. Bring on Pulse! We’really going to need it.