Fresh off completing a gut renovation in the Arts District, a local development firm is turning its attention to a similar project on the Southside.
Last week SNP Properties purchased 1433 Hull St. for $820,000, with plans to bring a mix of uses to the vacant building.
The two-story, 12,600-square-foot building had for nearly 70 years been home to Southside Hardware until its closure in 2019, per a Richmond Free Press report.
SNP principal Eric Phipps compared the firm’s plans for 1433 Hull to those of 24 E. Broad St., which saw it add 10 apartments to a three-story building that only had a ground-floor retail tenant.
Phipps said SNP is planning to convert its latest acquisition into 14-16 apartments and ground-floor retail space.
“It’s two buildings that are adjoined, and it looks like it’s been vacant for at least 20 years,” Phipps said of the Hull Street property.
The 102-year-old building was most recently assessed at $597,000, and Phipps said Walter Parks Architects is designing the project. One South Commercial’s Lory Markham repped SNP in the deal, with One South colleague Ann Schweitzer Riley representing the seller.
While SNP has plenty of experience north of the river, particularly in Jackson and Monroe wards, this deal marks its first trip south.
“This is our first entry into Manchester,” Phipps said. “We’re dipping our toe into Manchester.”
Phipps said they’re still finalizing details for the LaDiff building, but that they’re planning to convert it into apartments above ground-floor office space beginning this spring.