Developer adds to downtown Broad Street holdings

naturalgas composite

The 102-year-old building sold last week. The natural gas company did business as Mr. Able Propane for decades. (Photos by Mike Platania)

One of the developers of the Quirk Hotel has grabbed another piece of the Arts District.

Last week an entity tied to Bank Street Advisors purchased the four-story building at 219 W. Broad St. for $542,000.

The 8,200-square-foot building sits a few doors down from Quirk and was the former home of Natural Gas Co. of Virginia, which had operated there since the 1950s. A 2017 sale of the business rebranded the company as Taygan Enterprises, though Natural Gas Co. held onto the building, where its orange signs remain.

naturalgas3

Bank Street also owns an adjacent surface parking lot.

Bank Street, led by Ed Brown and Christian Kiniry, was part of the group that developed both the downtown and Charlottesville Quirk Hotels. Bank Street also owns the surface parking lot at 221-225 W. Broad St. next to the Natural Gas Co. building.

It’s unclear what its plans are for the latest addition.

Brown and Kiniry were not available for comment by press time. Roth Jackson’s Jennifer Mullen, who is the registered agent of the entity they used to buy the property, also was not available.

In March, Mullen filed on their behalf for a zoning confirmation letter for the parking lot site to “confirm all permitted uses, especially hotel and office.” The 0.2-acre plot is zoned B-4 Central Business district.

The Natural Gas Co. building most recently was assessed at $514,000, per city property records.

It has been a busy year for Bank Street. The firm is planning One Canal, a 138-unit apartment project to replace some surface lots at the intersection of East Canal and South First streets, as well as Soda Flats, a seven-story mixed-use project next to the Hofheimer Building at 2820 W. Broad St.

naturalgas composite

The 102-year-old building sold last week. The natural gas company did business as Mr. Able Propane for decades. (Photos by Mike Platania)

One of the developers of the Quirk Hotel has grabbed another piece of the Arts District.

Last week an entity tied to Bank Street Advisors purchased the four-story building at 219 W. Broad St. for $542,000.

The 8,200-square-foot building sits a few doors down from Quirk and was the former home of Natural Gas Co. of Virginia, which had operated there since the 1950s. A 2017 sale of the business rebranded the company as Taygan Enterprises, though Natural Gas Co. held onto the building, where its orange signs remain.

naturalgas3

Bank Street also owns an adjacent surface parking lot.

Bank Street, led by Ed Brown and Christian Kiniry, was part of the group that developed both the downtown and Charlottesville Quirk Hotels. Bank Street also owns the surface parking lot at 221-225 W. Broad St. next to the Natural Gas Co. building.

It’s unclear what its plans are for the latest addition.

Brown and Kiniry were not available for comment by press time. Roth Jackson’s Jennifer Mullen, who is the registered agent of the entity they used to buy the property, also was not available.

In March, Mullen filed on their behalf for a zoning confirmation letter for the parking lot site to “confirm all permitted uses, especially hotel and office.” The 0.2-acre plot is zoned B-4 Central Business district.

The Natural Gas Co. building most recently was assessed at $514,000, per city property records.

It has been a busy year for Bank Street. The firm is planning One Canal, a 138-unit apartment project to replace some surface lots at the intersection of East Canal and South First streets, as well as Soda Flats, a seven-story mixed-use project next to the Hofheimer Building at 2820 W. Broad St.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Subscribe
Notify of
guest

2 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Ashley Smith
Ashley Smith
4 years ago

Appreciate their vision and execution with previous projects. Congratulations on the acquisition. Patiently waiting to see what magic they muster with these properties.

Thomas Nelson
Thomas Nelson
4 years ago

Given these guys currently have a penchant for quality midrise infill, I’m excited to think of the possibilities for this prime corner lot in downtown. Hope for something minimum 7 stories as well.