A century-old warehouse slated for conversion to residential use has officially changed hands.
Developer Zac Frederick’s Crescent Preservation & Development Co. closed Dec. 14 on its purchase of the old Herod Seeds building and adjacent property at 904, 908 and 1020 Oliver Hill Way in Shockoe Valley.
The purchase price was just over $2.79 million, city property records show.
Frederick did not return calls seeking comment.
The seller was Norman Herod, who filed a request with Crescent to rezone the property below the Martin Luther King Jr. Memorial Bridge that connects downtown with the city’s East End. City Council approved the rezoning in November.
Documents submitted to the city indicate a residential development is planned for the three parcels totaling 2.4 acres. Three warehouses totaling 46,000 square feet would be redeveloped for residential use, while new residential buildings would be constructed on the property’s unimproved areas, according to the documents submitted by consulting firm Markham Planning.
The documents, which describe the existing buildings as historic, do not specify a total number of residential units or other details about the project. The Herod Seeds warehouse was built in 1909, according to city property records.
The parcels were last purchased between 1987 and 1990, in transactions totaling just under $670,000. Recent city assessments valued the properties collectively at $1.05 million.
The project is the latest in the area for Frederick, whose development group in April purchased the former Duke’s auto repair shop at 2018 E. Broad St in Church Hill.