A local investment banker has made a real estate play downtown, snatching up a long-abandoned building that housed a former health food store.
An entity tied to Jershon Jones, a director at Richmond-based investment bank Harris Williams & Co., purchased the former Honey Shop building at 405 E. Grace St. earlier this month, according to city property records.
Jones bought the three-story, 5,585-square-foot building for $490,000, records show. The property was assessed most recently for $429,000. He would not comment on the deal or his plans for the space.
Angel Papa, a broker with Richmond-based Engel & Völkers, represented Jones in the sale.
The Honey Shop, known for its variety of health and dietary products, closed nearly a decade ago. At the time, the neighborhood’s commercial buildings sported a number of vacancies as retail and office users opted for the suburbs over downtown Richmond.
But that has since changed.
The Honey Shop building sits in the middle of what has become a hot stretch of the city.
Anchored by the Dominion Arts Center in 2009, and the redevelopment of the former John Marshall Hotel into apartments in 2011, the area has enticed investors that unleashed a wave of renewed development in the area.
Within the last year, restaurants Wong Gonzales, Champion Brewing Co., Julep’s, Maya’s and Secret Sandwich Society have all opened up in the neighborhood. Pasture, Rappahannock Oyster Co. and Pop’s Market also arrived in recent years.
The block also has been a hotbed for converting structures into mixed-use developments, including the continued renovation of 300 E. Grace St., which will host offices for Lucid Punk Apparel, a studio and tea bar for Lucid Living yoga and health center, and three apartments on the upper floors.
A Chesapeake-based architecture firm recently secured space in the neighborhood, and a local web development company finished renovating 404 E. Grace St. for its new offices.