Two members of Richmond’s new generation of developers have closed on their latest deal.
Jason Guillot and Justin Paley last month purchased the Phipps & Bird facility at 1519 Summit Ave. and 3015 Moore St. in Scott’s Addition, which they plan to redevelop into a mixed-use project called The Spur.
The duo closed on the 35,000-square-foot structure Dec. 28 for $2.7 million, Guillot confirmed. They put the property under contract in November. It most recently was assessed for about $1.13 million, according to city tax records.
Plans for The Spur call for spaces in the project to range from 1,100 square feet to 14,500 square feet for individual tenants, although Guillot said that could increase up to around 20,000 square feet. The site also will include a mix of onsite, garage and street parking.
The property’s 1970s-era atrium section, which connects the two buildings, will be demolished – opening the space to be transformed into a common area with greenery and seating that could double as restaurant patio seating.
Guillot said they are in discussions with several tenants.
A former outpost for Reynolds Metals, the two buildings were constructed in 1948. The site would later be converted into Reynolds’ research facility, where the first aluminum baseball bat and Chevy Vega engine would be developed, according to historic records.
Phipps & Bird, which has made scientific kits, tools and accessories in the building since the mid-1990s, was the seller. It is in the process of moving into another facility in the city.
Colliers International brokers Ken Barnhill and Charles Louthan represented Phipps & Bird in the sale.
A general contractor has not been selected for the pending project. Fultz & Singh Architects has been tapped for design work.
The Spur will add to similar investments continuing to mount in Scott’s Addition.
David Gallagher, co-founder and CEO of Richmond-based Dominion Payroll, along with a group of investors, are planning Tang & Biscuit Shuffleboard Club in former warehouse space at 3406 W. Moore St.
The former Conner Brothers Body Shop at 1008 N. Sheppard St. was purchased this summer by Mark Morton and Brad Cummings, who will redevelop the 4,100-square-foot property into mixed-use space for a restaurant and office tenant, and nearly double its size by adding a second story.
And tenants recently moved in to the first phase of the Summit Suites project, a planned conversion of three aging office properties at 3122, 3113 and 3015 W. Marshall St. into modern workspaces.