An Arts District parking lot is set to be replaced by a building that would be among the tallest to rise along that stretch of Broad Street in recent years.
Henrico-based Bank Street Advisors is planning an 8-story mixed-use building at 219-225 W. Broad St., according to plans filed with the city.
It would rise on the plot at the corner of West Broad and North Madison streets, as well as on the majority of the former Mr. Able Propane building next door at 219 W. Broad St., which Bank Street bought in 2020 for $542,000.
The façade, signage and eastern wall of the existing four-story building would be retained and incorporated into the new building. The remainder would be razed due to “significant structural, water, and finish damage,” plans show. The building fell into disrepair in the years following a merger between Mr. Able’s parent company and Revere Gas.
Bank Street principal Christian Kiniry said the latest project is another sign of the firm’s bullishness on Broad Street.
“We know the city wants density,” Kiniry said. “This is an attempt to do that and give a nod to the historic buildings around it. We want to make sure we work with the city and get it done correctly.”
Because the site is in a historic district, Bank Street and its architect for the project, SMBW, are seeking a Certificate of Appropriateness with the city’s Commission of Architectural Review.
Per the application, which was filed last week, the new building would feature 4,200 square feet of ground floor commercial space below seven stories of apartments totaling 87 units, all of which would be one-bedroom or studio units.
Beneath the building would be 21 parking spaces, though Kiniry said the project will have access to more than the 26 total spaces listed in the project’s plans.
“What’s interesting for us is how parking is changing and we’re having to accommodate (electric vehicle) chargers with our parking,” Kiniry said. “Parking is something we’re absolutely thinking about and what the future of it and vehicles is.”
Kiniry said he’s unsure when they’ll go before the CAR. Its next scheduled meeting is on Sept. 27.
Elsewhere in Monroe Ward, Bank Street is wrapping up work on One Canal, a seven-story project a few blocks to the south. To the west, the firm is well underway on the Soda Flats, a 7-story, 89-apartment building at 2820 W. Broad St. in Scott’s Addition.
The auto shop that once occupied the site has been demolished and a sizable pit that’ll eventually be the project’s subsurface parking deck is now visible along Broad. Kiniry said they’re hoping to have concrete poured there in the coming weeks.