The fast-food restaurant building sits on over an acre near Scott’s Addition. (BizSense file photo)
After missing out on a chance to be part of a Diamond District development team, Richmond’s largest hotelier has found a way to get in on the action along Arthur Ashe Boulevard.
Earlier this week Shamin Hotels bought the former Hardee’s restaurant property at 921 Myers St. for $4.75 million, city records show.
The 1.3-acre parcel, which fronts Arthur Ashe Boulevard near the intersection with West Broad Street, has sat vacant since the Hardee’s location closed last fall after more than 40 years in business.
The city most recently assessed the parcel at $4.2 million, with the land accounting for $3.7 million of the value. The seller in the deal was an entity tied to Massachusetts-based Brian Fin.
It’s unclear exactly what Shamin has in store for the site. CEO Neil Amin wasn’t available for comment by press time.
Shamin’s portfolio counts 60 hotels under a variety of brands and over 8,000 rooms, including the recently opened Moxy hotel on East Franklin Street near Shamin’s headquarters. The firm has more hotels on the way, namely as part of the redevelopment of Virginia Center Commons, where it is planning up to 225 rooms across a possible two hotels.
The Hardee’s deal gives Shamin a nearly front-row seat to benefit from the forthcoming Diamond District project, a 67-acre baseball stadium-anchored redevelopment of the properties around The Diamond.
Shamin was on a team that was a finalist in the city’s Diamond District RFP process, though not the winning group. Among the winning group’s plans for the Diamond District is a 180-room hotel.
Shamin also is on a team vying for Richmond’s City Center project that would see the Richmond Coliseum razed and redeveloped. Shamin is part of the City Center Gateway Partners team that also includes local developer Capital Square.
The fast-food restaurant building sits on over an acre near Scott’s Addition. (BizSense file photo)
After missing out on a chance to be part of a Diamond District development team, Richmond’s largest hotelier has found a way to get in on the action along Arthur Ashe Boulevard.
Earlier this week Shamin Hotels bought the former Hardee’s restaurant property at 921 Myers St. for $4.75 million, city records show.
The 1.3-acre parcel, which fronts Arthur Ashe Boulevard near the intersection with West Broad Street, has sat vacant since the Hardee’s location closed last fall after more than 40 years in business.
The city most recently assessed the parcel at $4.2 million, with the land accounting for $3.7 million of the value. The seller in the deal was an entity tied to Massachusetts-based Brian Fin.
It’s unclear exactly what Shamin has in store for the site. CEO Neil Amin wasn’t available for comment by press time.
Shamin’s portfolio counts 60 hotels under a variety of brands and over 8,000 rooms, including the recently opened Moxy hotel on East Franklin Street near Shamin’s headquarters. The firm has more hotels on the way, namely as part of the redevelopment of Virginia Center Commons, where it is planning up to 225 rooms across a possible two hotels.
The Hardee’s deal gives Shamin a nearly front-row seat to benefit from the forthcoming Diamond District project, a 67-acre baseball stadium-anchored redevelopment of the properties around The Diamond.
Shamin was on a team that was a finalist in the city’s Diamond District RFP process, though not the winning group. Among the winning group’s plans for the Diamond District is a 180-room hotel.
Shamin also is on a team vying for Richmond’s City Center project that would see the Richmond Coliseum razed and redeveloped. Shamin is part of the City Center Gateway Partners team that also includes local developer Capital Square.
This is an ideal location for a hotel, so this is promising news! Right now The Fan, Museum District, Carytown, and Scotts Addition all lack a place to stay aside from Airbnbs and one bed and breakfast. I don’t count the Courtyard on Hamilton since it’s just beyond the SA border.
What’s become of the planned hotel on Thompson, one block up from the upcoming apartment building?
I thought I read it was scrapped somewhere but I can’t find a source now. I know there are two boutique hotels in the works (Shyndigz and at Allen/Grace). we definitely need one in Carytown, though.
Great location, but this seems like such a small footprint??
Small footprint = taller building, which is appropriate given that this location is in the city.
An excellent location not only for out of towners for baseball games, but also for the four museums in the immediate area. In all probability the parking will be better than the parking in the Diamond District.
The purchase was a pricey one to say the least!
Brian, I love your community pride, but IMHO this hotel will be used for families visiting their kids who live in the Fan & SA, and VCU graduation. Our museums and the Squirrels are not enough of a draw for people to spend hotel money.
Victoria’s right. The Squirrels are not any kind of economic engine bringing in tourist dollars. In reality they drain our coffers by requiring subsidy and supoptimal land use for a venue that sits empty 2/3 of a year… If they just gridded up new streets where the diamond and that sportsbackers stadium is they could have another scott’s addition clone of bustling commerce and apartments without needing a TIF.
I think the original Diamond cost $8 million to build. It will have lasted 40 years by the time it’s replaced, to date I don’t consider that a “subsidy that drain our coffers”. I expect that the economic impact of have roughly 16 million in attendance during that time probably paid for the cost. Just visiting players and coaches hotel rooms over that period would number about 64,000 at double occupancy per room, that doesn’t even take into account VCU’s out of town opponents or and players friends and relatives coming from out of town to watch. The actual room… Read more »
I think sports-in-aggregate tends to zero out as far as the benefits go, but it acrues to the places that draw the most out of towners.
When locals go to see sports locally, at best, it just churns.
I think you’re being obtuse. First the city has had to put way more than the upfront $8 million into the Diamond over the last 40 years. Heck – they were just ordered to put $2million into it this year by MLB and the City Council approved the funds despite the fact the stadium may be demolished in a couple years.
But if clearly were talking about the TIF for $90 million in future contruction for the stadium that is the true boondoggle subsidy…
I salute your courage and sense!
VMFA isn’t a draw? Back in 2010 (pre-expansion) a study found that 9.1% of respondents spent the night when visiting VMFA. I’m sure that number is lower now due to how many more people visit, but VMFA is definitely a driver for tourism here.
https://vmfa.museum/pressroom/wp-content/uploads/sites/3/2010/04/VMFA-Economic-Impact-Update.pdf
I agree. I was on a flight from Jacksonville, FL to Richmond several years ago and was sitting beside a couple who were coming to Richmond to primarily visit the VMFA! Thought it was crazy then, but I’ve been enlightened and realize now what a tourist draw that museum is!
That’s interesting. I’ll point out that it is the VIRGINIA museum, and not the Richmond museum, which suggests that it has some more importance — there’s the Chrysler one that I have never been to — an Architect I knew did something there and said it was impressive — anyone been there? I need to check out Norfolk for real sometime. I can say that ever since I first went there in 2003, I was most impressed by the Asian and Egyptian stuff, and the art nouveau stuff is okay — they seem to have a lot of third-rate work… Read more »
Justin, let’s be real. Richmond has torn down a lot of it’s history it was known for. Tourism has definitely taken a hit.
Torn down? Sports Tourism has not taken a hit. Richmond Region Tourism says nearly 70% of its total bookings over the past year have been in sports tourism
RIchmond REGIONAL sports tourism BARELY benefits the City. Hotels might see some increase in stays but all that tax revenue goes to the Convention Center and not the general fund. Drill down the Henrico and Chesterfield benefit but not the City. Not a lot sports tourism events (except maybe some Richmond Little League and 5k/Marathons) even take place in the City limits. The article/report RRT did list events by locality, did not give any count for the city, and only talks about the mid-Atlantic cheer competition at the convention center in the City. Sport Tourism is BIG in the Richmond… Read more »
You are correct. The vast majority of what they are calling sports tourism takes place in the counties: club (also known as travel) soccer, volleyball, lacrosse, baseball, etc. etc. Just ask a parent of sports-gifted kiddos. Henrico and Chesterfield falling all over themselves to get more of those dollars. And they are doing a good job of it.
convention center hosts volleyball, fencing and other indoor sports tournaments, and those folks lodge and eat downtown. an example in an article isn’t gospel
Sports tourism…. I like PARTICIPARY sports tourism, like Monument 10K, and not “lets rah-rah a bunch of people we don’t even know!!” Tourism.
The Yankees certainly always brought people from outside of town, and the Pittsburgh Steelers too (because Pittsburgh may be small, but Steelers Nation is HUGE.
But who is going to see Richmond teams, other than the people who live here?
Gina, you clearly don’t live here. I see so many out of state license plates all over, visitors are plentiful, and thankfully we got rid of our participation trophies. It’s nice to no longer be known as a city with monuments to traitors of The United States of America.
They were not traitors, they were brave patriots. It was reconcilation for what the North did to the South during the War of Northern Aggression. Monument Ave was the only thing worth left in Richmond seeing.
Now, come on…. let’s not get into this… Not only did members of Lee’s family stay in the Union, but one of the war’s most winningist Generals, General Thomas, was from a Southern VA plantation family, saw Tat Turner’s rebellion up close, and chose to stay with the Union. He is, along with Longstreet, one of the South’s Forgotten Generals, not because he was bad, of course, but because he was not politically USEFUL. Dude is buried in Oakwood Cemetery in Troy, NY, a more impressive cemetery than Hollywood (though it lacks the amazing view and Presidents) His dumb improverished… Read more »
I live in Richmond and you’re clearly lying. I don’t see any tourists at all in the area. Just drunk locals and angry antifa types.
Well, you clearly don’t know what TOURISTS look like!!!
While those things may have indeed been participation trophies, they also made Richmond Unique and quirky. When i used to have a lot of people visit me from the North, I ALWAYS took them to places like Hollywood Cemetery and Monument Ave, not because they were like “we love the Confederacy!!!” but because it was something they couldn’t see in, say, Cincy. Same thing when I was in Berlin — some of the only interesting things to see in the former East Berlin (other than still-bombed-out areas and ugly socialist architecture) was VERY impressive Communist war memorials — there is… Read more »
Sounds like a dude who needs to read more history books! I spit on people who disrespect our history and my southern heritage.
Well, it clearly IS a spitting match. Let me tell you truly Zach, as a guy who has read history as a bed-time story since I was in elementary school, and has more history books on my shelves that I have NOT read than I have read, I can tell you confidently that just about everyone who claims to care about History has read a few books. History is a battlefield, and just like news is often fake, history is often, as Henry Ford said, Bunk. This is as true as the South’s version of history as anything. None of… Read more »
Richmond set an all time record for tourism in 2022 and is on track to outpace that in 2023. These are statistics compiled by Richmond Region Tourism. The primary driver has been sports tourism as if you’ve set foot in any downtown hotel on a weekend you’ll figure that out instantly with the wide variety of uniforms and athletic gear in the lobby. In addition, the national attention Richmond received during the 2020 protest highlighted the complex history of the region and has also resulted in an influx of tourists who want a deeper understanding of the issues that culminated… Read more »
According to whom? I live here and have for 25 years. A lot of restaurants can’t even stay open and crime is at an all time high .
The restaurant problem has been around for a WHILE and I started reading about it when there was an article posted that pointed out how many old family restaurants were closing in THE WEST END. Problem: too many good hipster places in the Fan, and ADD among young people. It then seemed to me that the same disease was hurting Fan Restaurants too. There was even (is this place still there) a restaurant on Cary that was planning on being open most of the year, but would close down like 2 months or something and revamp the decor and menu… Read more »
I hope you are correct.
Are you saying that uniformed participants in sports are the Sports Tourists — not a bunch of hot dog eaters?
This is definitely the elephant in the room.
Of course, the stupid commies don’t want to admit it either because it’s one of the many things that destroys their agenda.
I DO wonder how long places like Portland and SF and LA will keep up this nonsense. Chicago may just be so far gone that it becomes another Detroit.
The History is still there, even if the Statues are gone. The statues are revisionist propaganda pieces, not history.
Exactly. History isn’t changed by tearing down participation trophies and Lee even said no statues should be built, so if statues are incorrectly “history” in someone’s eyes, it’s not respectful of Lee’s wishes.
PARKING!
Based on that location, it would safe to assume a parking deck would be part of that project either under it or making up the first few levels.
Don’t feed the troll.
I am not worried about the issue here, I am just noticing that parking has been mentioned in the article and am pretending I am excited that the topic has again come up because I am pretending that it is my favorite issue, because it DOES seem to be a hot-button issue for some, esp for those who are anti-car.
Hopefully they will at least clear the land and demolish the building. Green space would be better.
Bwahahaha!
You got to be trolling, right?
Really for a little parcel like that?
If the Diamond District gets done, then Shamin Hotels will make money on this purchase. One way or another.
Astute!
Is Shamin larger than Apple?
Shamim has more local hotels whereas Apple has some local but primarily a nationwide portfolio. Therefor Shamin is the largest operator of local hotels, while Apple is the largest Richmond-based operator of hotels.
Interesting since if you go to Shamin’s website the last hotel opening announcement was in January 2022 (not sure why they did not have press article on the Moxy Downtown). Have they even broken ground on Embassy Suite Hotel and Conference Center at Stonebridge? FYI they bought Moxy building in 2016 and it opened at the end of 2022. If a hotel does go here I am guess it will have a 2026 opening date.
How about restoring our monuments?
Too late. I DO wish they had at least kept the Lee Monument in it’s Award Winning vandalized form. Indeed, as Confederistas die out in scattered trailer parks throughout the south, this new meta-post-modern twist on the old could’ve drawn a lot of new people who personality-wise are likely mirror images of the fans of the Confederate Generals — and tourist money is money… I would’ve taken out of towners to see “what they did to the Lee Statue” even sooner than I took them to see the Lee Statue — all the vulgarities and sloppy work made the Statue… Read more »
Dang, what’s the CVS land assessed? Or the gas stations? Certainly higher uses for those properties than what they are now. Although I guess I’d bet Chanello’s and Subway will be next to go.
Just here to say I’m bummed you can’t get some country ham biscuits at that Hardees any more. That this article turned into a give us back our monuments tirade makes it even better.