The six-story building The Shenandoah in the Fan is currently vacant. (Courtesy of S.L. Nusbaum)
A New York firm with a knack for boutique hotels has bought a piece of the Fan.
Last month, ASH NYC purchased The Shenandoah, a six-story building at 501 N. Allen Ave., for $3.5 million.
Located within eyeshot of the pedestal of the former Lee statue on Monument Avenue, the 35,300-square-foot building had been a senior living facility with 54 suites for decades before closing last year.
ASH, which is both an interior design and development firm, closed on the building Oct. 29, paying nearly $1 million less than the building’s most recent assessed value of $4.3 million. It’s ASH’s first deal in Virginia.
Per its website, ASH has redeveloped historic buildings into multi-family mixed-use projects, mainly in its hometown of New York City and Providence, Rhode Island.
The building’s new owner has converted historic buildings into boutique hotels and multi-family mixed-use projects. (Mike Platania photo)
ASH has also developed a trio of boutique hotels: Hotel Peter & Paul in New Orleans, The Siren in Detroit, and The Dean in Providence, Rhode Island. The Shenandoah was being marketed as a possible boutique hotel redevelopment opportunity, but S.L. Nusbaum’s Nathan Shor, who worked the deal, said ASH is still mulling options.
“When you’re out of the north or any other major market, and you see an opportunity right off of Monument Avenue, you jump at the opportunity to control it. It’s just good bricks and mortar,” Shor said. “These opportunities don’t come around very often, as we know.”
In 2015, The Shenandoah received a $1 million plus renovation by its then-owner Greenfield Senior Living. Shor lauded the condition of the 97-year-old building.
“When developers go look at these types of buildings, they look at the bones of the building. These are solid bones and you can do other stuff cosmetically,” he said. “They just saw an opportunity to acquire a really great building with great bones.”
The building is zoned R-48 Multi-family Residential district, so if ASH decides to go the hotel route, they’d need to secure new entitlement, likely through a rezoning or special-use permit.
The six-story building The Shenandoah in the Fan is currently vacant. (Courtesy of S.L. Nusbaum)
A New York firm with a knack for boutique hotels has bought a piece of the Fan.
Last month, ASH NYC purchased The Shenandoah, a six-story building at 501 N. Allen Ave., for $3.5 million.
Located within eyeshot of the pedestal of the former Lee statue on Monument Avenue, the 35,300-square-foot building had been a senior living facility with 54 suites for decades before closing last year.
ASH, which is both an interior design and development firm, closed on the building Oct. 29, paying nearly $1 million less than the building’s most recent assessed value of $4.3 million. It’s ASH’s first deal in Virginia.
Per its website, ASH has redeveloped historic buildings into multi-family mixed-use projects, mainly in its hometown of New York City and Providence, Rhode Island.
The building’s new owner has converted historic buildings into boutique hotels and multi-family mixed-use projects. (Mike Platania photo)
ASH has also developed a trio of boutique hotels: Hotel Peter & Paul in New Orleans, The Siren in Detroit, and The Dean in Providence, Rhode Island. The Shenandoah was being marketed as a possible boutique hotel redevelopment opportunity, but S.L. Nusbaum’s Nathan Shor, who worked the deal, said ASH is still mulling options.
“When you’re out of the north or any other major market, and you see an opportunity right off of Monument Avenue, you jump at the opportunity to control it. It’s just good bricks and mortar,” Shor said. “These opportunities don’t come around very often, as we know.”
In 2015, The Shenandoah received a $1 million plus renovation by its then-owner Greenfield Senior Living. Shor lauded the condition of the 97-year-old building.
“When developers go look at these types of buildings, they look at the bones of the building. These are solid bones and you can do other stuff cosmetically,” he said. “They just saw an opportunity to acquire a really great building with great bones.”
The building is zoned R-48 Multi-family Residential district, so if ASH decides to go the hotel route, they’d need to secure new entitlement, likely through a rezoning or special-use permit.
I really believe that this building would make a nice boutique hotel, one day. For that too happen Broad St. needs to flesh out with amenities to draw tourists to the area. The museums are somewhat close, but entertainment, (food) and shopping need to be in the mix. Lowes doesn’t attract tourists. To truly appreciate Monument Ave. people need to walk, and after a walk people need a drink and something to eat. This is the role that Braod St. was built for.
Garnetts, Kuba Kuba, and My Noodle Bar are all walkable, and Scotts Addition is on the Pulse line. I have no idea where people are supposed to park.
Hopefully we can come up with some universally loved statues to put up on monument, perhaps to concepts like freedom or family or something.
Its a really big opportunity.
Ed, thanks for your reply. I could not agree with you more for Monument Ave. I am actually surprised that a process hasn’t been started already. But, this is Richmond after all, and getting anything done takes, oh such much time.
The city is currently taking bids on removal of all of it’s statue bases around town. The bid package is available on its procurement site. I believe there are 10 or so locations involved. The VMFA is leading the program for the Lee statue site. I have not seen any information about their schedule.
The building has a parking lot adjacent; it’s behind the hedge on Lee Circle.
The Shenandoah was designed by a renown architect, so renown I don’t recall his name! He also built a hotel in the financial district and perhaps the Henrico Courthouse on East Main.
also was home to the Martin Agency in the 90s
I’d love to see a hotel there
Incredibly excited for this. Happy to be their neighbor.