The surface parking lot at the corner of Second and Leigh streets, where developer David Gammino is planning a five-story apartment building. (Jonathan Spiers photo)
Using proceeds from a recent apartment sale near the Fan, developer David Gammino has taken a seven-figure step toward his plan to construct a new, five-story apartment building in Jackson Ward.
Earlier this month, Gammino closed on a nearly $3 million purchase of 208-212 E. Leigh St., where his City & Guilds construction firm is planning a 63-unit apartment building that would rise in place of a parking lot at the corner of Leigh and Second streets.
The transaction, which totaled $2.98 million, was finalized Nov. 4, city property records show.
The seller was West End Self Storage LLC, an entity based in Florida that purchased the site in 2014 for $1 million. The latest city assessment valued the 0.86-acre property at $2.59 million.
Gammino had been under contract to purchase the property, which includes a three-story, 22-unit apartment building that houses offices for City & Guilds and Gammino’s Urban Dwell Property Management firm. Gammino was the general contractor on that building, which would remain along with a two-story garage structure on the site.
The new apartment building would total 57,000 square feet and consist of market-rate units.
Gammino has said the project, now valued at $13 million, would be developed using Opportunity Zone tax benefits, and that plans for the building would be filed with the city once the purchase closed.
He said he expects to file those plans along with special-use permit applications for the project in December.
In an interview in October, Gammino said he was funding the Jackson Ward purchase with proceeds from his sale of 2700 Idlewood Ave., a 24-unit apartment building in the Fan District that he had owned since renovating it in 2010. The 13,000-square-foot building sold in late September for $3.35 million to an out-of-town buyer.
In addition to City & Guilds and Urban Dwell, Gammino’s business interests include the recently opened RVA Tobacco Lounge in Scott’s Addition. Gammino is a co-owner of the cigar bar and also its landlord.
Note: The cost estimate of the project has been updated. It is now $13 million. A lower figure previously reported was attributed to an earlier, smaller version of the project.
The surface parking lot at the corner of Second and Leigh streets, where developer David Gammino is planning a five-story apartment building. (Jonathan Spiers photo)
Using proceeds from a recent apartment sale near the Fan, developer David Gammino has taken a seven-figure step toward his plan to construct a new, five-story apartment building in Jackson Ward.
Earlier this month, Gammino closed on a nearly $3 million purchase of 208-212 E. Leigh St., where his City & Guilds construction firm is planning a 63-unit apartment building that would rise in place of a parking lot at the corner of Leigh and Second streets.
The transaction, which totaled $2.98 million, was finalized Nov. 4, city property records show.
The seller was West End Self Storage LLC, an entity based in Florida that purchased the site in 2014 for $1 million. The latest city assessment valued the 0.86-acre property at $2.59 million.
Gammino had been under contract to purchase the property, which includes a three-story, 22-unit apartment building that houses offices for City & Guilds and Gammino’s Urban Dwell Property Management firm. Gammino was the general contractor on that building, which would remain along with a two-story garage structure on the site.
The new apartment building would total 57,000 square feet and consist of market-rate units.
Gammino has said the project, now valued at $13 million, would be developed using Opportunity Zone tax benefits, and that plans for the building would be filed with the city once the purchase closed.
He said he expects to file those plans along with special-use permit applications for the project in December.
In an interview in October, Gammino said he was funding the Jackson Ward purchase with proceeds from his sale of 2700 Idlewood Ave., a 24-unit apartment building in the Fan District that he had owned since renovating it in 2010. The 13,000-square-foot building sold in late September for $3.35 million to an out-of-town buyer.
In addition to City & Guilds and Urban Dwell, Gammino’s business interests include the recently opened RVA Tobacco Lounge in Scott’s Addition. Gammino is a co-owner of the cigar bar and also its landlord.
Note: The cost estimate of the project has been updated. It is now $13 million. A lower figure previously reported was attributed to an earlier, smaller version of the project.
I’m glad to see David back in business again. The Tax Opportunity Zone use works for him as a longterm holder. I wonder if the Biden administration will allow that program to continue. If the City would piggyback that program with low income tax rebates, we could develop some excellent mixed income housing in the City.
The article indicates that the apartments will be “at market rates,” even though the property is in an Opportunity Zone. I hope the city is smart enough to require the developer to have some of the units at non-market rates since that what the Opportunity Zones are meant to accomplish.
Incorrect. Qualified Opportunity Zones were designed to enhance ROI for business interests and to encourage the public/private partnerships needed to drive private investment to distressed areas. While it may occur, affordable or ‘below market’ housing is not implied or required in an OZ. YOU, however, may donate your investment income to affordable housing coalitions, or simply pay a developer $5,000 each month to knock $250 off the rent of 20 apartments. Happy Thanksgiving