The half-acre surface lot in Shockoe Bottom sold for nearly three times its assessed value. (Mike Platania photos)
Shockoe Bottom real estate continues to see a busy end to the year as an out-of-town buyer has paid a premium for a slice of the neighborhood.
The half-acre plot at 1801 E. Main St. sold last week for $1.87 million, city property records show. It’s currently home to a surface parking lot and was most recently assessed by the city at $704,000.
The buyer was 1801 E Main LLC, an entity represented by Samuel Spiritos, a Northern Virginia-based attorney with Shulman Rogers.
The seller in the deal was an entity tied to Dilnessaw Bitew, a local restaurateur who owns the nearby Addis Ethiopian Restaurant at 9 N. 17th St.
Reached by phone Tuesday, Spiritos declined to comment.
While it’s unclear what the buyer has planned for the site, Spiritos does have a track record in development. A news report from last year detailed Spiritos’s efforts in leading the redevelopment of a historic hotel in Urbana, Illinois.
Should its new owner seek to redevelop the land, a rezoning or special-use permit would likely be needed as the land is zoned M-1 Light Industrial. No plans have been filed for the site in recent weeks.
Meanwhile, a few blocks to the northeast, a local development team snagged another piece of land in Shockoe.
Jeremy Connell and Jon Rasich purchased 501 Oliver Hill Way in September for $1.29 million.
In September, Jeremy Connell and Jon Rasich bought 501 Oliver Hill Way for $1.29 million. The plot is home to a 39,000-square-foot warehouse.
Connell said he and Rasich don’t have any immediate plans to redevelop the site and that they’ll likely continue its use as a warehouse for the next few years.
The property sits across the street from where the Loving family is planning a 5-acre redevelopment project that could include a grocery store.
Thalhimer’s Isaac DeRegibus represented Connell and Rasich in the deal, and his Thalhimer colleagues Connie Jordan Nielsen and Reilly Marchant represented the seller.
Developers from out of town have gained an interest in Oliver Hill Way this year as well. Just days before Connell and Rasich’s deal closed, Maryland-based Feldman Bergin Properties purchased the 17th Street Lofts at 333 Oliver Hill Way for $3.2 million.
The half-acre surface lot in Shockoe Bottom sold for nearly three times its assessed value. (Mike Platania photos)
Shockoe Bottom real estate continues to see a busy end to the year as an out-of-town buyer has paid a premium for a slice of the neighborhood.
The half-acre plot at 1801 E. Main St. sold last week for $1.87 million, city property records show. It’s currently home to a surface parking lot and was most recently assessed by the city at $704,000.
The buyer was 1801 E Main LLC, an entity represented by Samuel Spiritos, a Northern Virginia-based attorney with Shulman Rogers.
The seller in the deal was an entity tied to Dilnessaw Bitew, a local restaurateur who owns the nearby Addis Ethiopian Restaurant at 9 N. 17th St.
Reached by phone Tuesday, Spiritos declined to comment.
While it’s unclear what the buyer has planned for the site, Spiritos does have a track record in development. A news report from last year detailed Spiritos’s efforts in leading the redevelopment of a historic hotel in Urbana, Illinois.
Should its new owner seek to redevelop the land, a rezoning or special-use permit would likely be needed as the land is zoned M-1 Light Industrial. No plans have been filed for the site in recent weeks.
Meanwhile, a few blocks to the northeast, a local development team snagged another piece of land in Shockoe.
Jeremy Connell and Jon Rasich purchased 501 Oliver Hill Way in September for $1.29 million.
In September, Jeremy Connell and Jon Rasich bought 501 Oliver Hill Way for $1.29 million. The plot is home to a 39,000-square-foot warehouse.
Connell said he and Rasich don’t have any immediate plans to redevelop the site and that they’ll likely continue its use as a warehouse for the next few years.
The property sits across the street from where the Loving family is planning a 5-acre redevelopment project that could include a grocery store.
Thalhimer’s Isaac DeRegibus represented Connell and Rasich in the deal, and his Thalhimer colleagues Connie Jordan Nielsen and Reilly Marchant represented the seller.
Developers from out of town have gained an interest in Oliver Hill Way this year as well. Just days before Connell and Rasich’s deal closed, Maryland-based Feldman Bergin Properties purchased the 17th Street Lofts at 333 Oliver Hill Way for $3.2 million.