A notable building in Scott’s Addition found a buyer within days of hitting the market.
The Hofheimer Building at 2816 W. Broad St. was listed for sale earlier this week at $2.7 million and already is listed as pending, per a commercial MLS listing from One South Realty Group.
Carter Snipes, who bought the 92-year-old building in early 2015 for $350,000 and put in more than $1 million in renovations, said he was motivated to sell due to the expiration of the property’s tax credits at the end of the year and the success of his new nearby wine venture, Brambly Park.
“We’re strategically selling some assets to be able to work on new projects in Richmond,” Snipes said in an email. “We’re excited about finding a good steward for this landmark property.”
Snipes did not comment on who the prospective buyer is.
After bringing in Chinese restaurant Peter Chang’s as a tenant, Snipes opened The HofGarden, a German-style bar of which he’s a co-owner with Bobby Kruger. The middle floor of the 14,000-square-foot building is also used as an event venue.
Snipes said both Peter Chang’s and HofGarden have 10-year leases that would transfer in the sale.
The property was most recently assessed by the city at $2.18 million. One South’s Justin Sledd and Tom Rosman have the listing.
While the neighborhood around it has changed since Snipes bought the building, additional change is likely to come thanks to new zoning for many of the surrounding properties. The bulk of that stretch of Broad Street now has TOD-1 zoning, a new designation designed to encourage dense development by reducing parking requirements and allowing up to 12 stories.
Such zoning is being deployed next door to the Hof at 2820 W. Broad St., where Bank Street Advisors, the local developers behind the Quirk Hotel, are planning a 7-story mixed-use project including 73 apartments.