The former Hotel Jefferson building in Old Towne Petersburg is being converted into apartments above commercial storefronts. (Photo courtesy Richard Cuthbert)
As work to restore the old Hotel Petersburg hits the homestretch a couple blocks away, a mixed-use conversion of another former hotel building in the city’s Old Towne district is likewise set to wrap up in coming months.
The $2 million conversion of the old Hotel Jefferson building at 408 N. Sycamore St. into 24 apartments and three commercial storefronts is a few months away from completion, according to developer Richard Cuthbert.
Cuthbert’s Sycamore Street Properties has finished the storefronts, two of which are spoken for, and he said the apartments will open up a new rental market for him, with the smallest units – starting at 300 square feet in size – marketed as so-called micro-apartments.
Richard Cuthbert
“These will be on the smaller side. Some are true micro-apartments,” Cuthbert said. “I have another apartment building down here, it’s got four units that are 272 square feet, and I was really worried about that building and renting out those particular spaces. But it turns out those are some of our most sought-after units.”
The project follows Cuthbert’s renovation of the next-door building at 404 N. Sycamore, which is now home to donut shop Beaunuts and restaurant Comeback Burger.
Cuthbert said the hotel building is his fifth and biggest project yet in what’s become a family business, having worked with his father, Charlie, on other building rehabs such as the Courthouse View Apartments at 200 N. Sycamore. That project also involved Cuthbert’s uncle and Charlie’s brother Nat, who is leading the team that’s restoring and reopening the old Hotel Petersburg at 20 W. Tabb St.
Not to be confused with the considerably larger Jefferson Hotel in downtown Richmond, the Petersburg version was built in 1918 and had been vacant for decades when Cuthbert bought the 15,000-square-foot building in 2017. Cuthbert said he paid $425,000 for the quarter-acre property, which the city assessed this year at just under $400,000.
“The building has been vacant for 30 or 40 years. The way it’s configured, the economies of scale aren’t right to make it a boutique hotel, so I’m making it all-inclusive apartments,” Cuthbert said.
The Restored Cup coffee shop doubles as a lobby entrance for the apartments. (Photos by Daniel Jones)
Working with architect The Yellow Room and contractor MJW Development, Cuthbert said the project involves historic preservation tax credits with consultation from the Virginia Department of Historic Resources. He put the development cost at $2.2 million, with financing provided by Touchstone Bank.
The apartments will range in size from the smaller micro-units to larger floorplans ranging from 450 to 650 square feet. A two-bedroom unit will total 900 square feet, while the rest of the units will be one-bedrooms. Cuthbert said the units would rent from $850 to $950 a month, with utilities and internet service included.
One of the storefronts has been turned into a coffee shop and lobby entrance for the apartments, while another has been leased for a wine bar called Burgundie’s that owner-operator Burgundie Miceli plans to open this summer.
Cuthbert said the third storefront, totaling 3,200 square feet, remains available for lease and could fit a sports bar or steakhouse, which he said are lacking in Old Towne.
“The ceilings are massive and the architecture is very interesting. You’ve got this wood paneling on the walls and recessed coffered ceilings, which lend to this grand, old-timey feel,” Cuthbert said, adding that he expects the remaining storefront to find an occupant soon.
“I own maybe 12 properties in Old Towne, a mix of apartments and offices and retail and restaurant, and everything’s full, so it’s a good place to be focusing on investing in revitalization,” he said. “I’m not terribly worried that we won’t be able to fill it up.”
The coffee shop fills one of the building’s three storefronts.
An attorney based in Richmond and a Petersburg native, Cuthbert said he’s seeing more development creep southward toward Petersburg when he makes the roughly 25-minute drive to the city. While he acknowledges previous buzz around Petersburg, he said momentum continues to build for the city, particularly around Old Towne.
“You can see the development coming down 95. You get to the Route 10 exit, that’s getting built up. The development’s coming down, and Petersburg will be coming soon,” he said.
“Old Towne Petersburg’s got a lot of architectural charm. It’s exceptionally unique and authentic and feels very local,” he said. “I feel like we’ve been on this wave that’s about to crash for like 20 years. We’ve made incremental progress. I think it’s about to be right around the corner. I still have that optimism.”
Cuthbert said the project is scheduled to wrap up this summer, after which he plans to move on to his next one: a rehab and conversion of the old Appomattox Iron Works complex around the corner into an entertainment venue, potentially a brewery or taphouse.
Meanwhile, Nat Cuthbert’s team is closing in on completion of their Hotel Petersburg restoration, which they’re aiming to finish by this fall. The 68-room renovation got underway in 2020 and received a state funding boost in 2021.
The former Hotel Jefferson building in Old Towne Petersburg is being converted into apartments above commercial storefronts. (Photo courtesy Richard Cuthbert)
As work to restore the old Hotel Petersburg hits the homestretch a couple blocks away, a mixed-use conversion of another former hotel building in the city’s Old Towne district is likewise set to wrap up in coming months.
The $2 million conversion of the old Hotel Jefferson building at 408 N. Sycamore St. into 24 apartments and three commercial storefronts is a few months away from completion, according to developer Richard Cuthbert.
Cuthbert’s Sycamore Street Properties has finished the storefronts, two of which are spoken for, and he said the apartments will open up a new rental market for him, with the smallest units – starting at 300 square feet in size – marketed as so-called micro-apartments.
Richard Cuthbert
“These will be on the smaller side. Some are true micro-apartments,” Cuthbert said. “I have another apartment building down here, it’s got four units that are 272 square feet, and I was really worried about that building and renting out those particular spaces. But it turns out those are some of our most sought-after units.”
The project follows Cuthbert’s renovation of the next-door building at 404 N. Sycamore, which is now home to donut shop Beaunuts and restaurant Comeback Burger.
Cuthbert said the hotel building is his fifth and biggest project yet in what’s become a family business, having worked with his father, Charlie, on other building rehabs such as the Courthouse View Apartments at 200 N. Sycamore. That project also involved Cuthbert’s uncle and Charlie’s brother Nat, who is leading the team that’s restoring and reopening the old Hotel Petersburg at 20 W. Tabb St.
Not to be confused with the considerably larger Jefferson Hotel in downtown Richmond, the Petersburg version was built in 1918 and had been vacant for decades when Cuthbert bought the 15,000-square-foot building in 2017. Cuthbert said he paid $425,000 for the quarter-acre property, which the city assessed this year at just under $400,000.
“The building has been vacant for 30 or 40 years. The way it’s configured, the economies of scale aren’t right to make it a boutique hotel, so I’m making it all-inclusive apartments,” Cuthbert said.
The Restored Cup coffee shop doubles as a lobby entrance for the apartments. (Photos by Daniel Jones)
Working with architect The Yellow Room and contractor MJW Development, Cuthbert said the project involves historic preservation tax credits with consultation from the Virginia Department of Historic Resources. He put the development cost at $2.2 million, with financing provided by Touchstone Bank.
The apartments will range in size from the smaller micro-units to larger floorplans ranging from 450 to 650 square feet. A two-bedroom unit will total 900 square feet, while the rest of the units will be one-bedrooms. Cuthbert said the units would rent from $850 to $950 a month, with utilities and internet service included.
One of the storefronts has been turned into a coffee shop and lobby entrance for the apartments, while another has been leased for a wine bar called Burgundie’s that owner-operator Burgundie Miceli plans to open this summer.
Cuthbert said the third storefront, totaling 3,200 square feet, remains available for lease and could fit a sports bar or steakhouse, which he said are lacking in Old Towne.
“The ceilings are massive and the architecture is very interesting. You’ve got this wood paneling on the walls and recessed coffered ceilings, which lend to this grand, old-timey feel,” Cuthbert said, adding that he expects the remaining storefront to find an occupant soon.
“I own maybe 12 properties in Old Towne, a mix of apartments and offices and retail and restaurant, and everything’s full, so it’s a good place to be focusing on investing in revitalization,” he said. “I’m not terribly worried that we won’t be able to fill it up.”
The coffee shop fills one of the building’s three storefronts.
An attorney based in Richmond and a Petersburg native, Cuthbert said he’s seeing more development creep southward toward Petersburg when he makes the roughly 25-minute drive to the city. While he acknowledges previous buzz around Petersburg, he said momentum continues to build for the city, particularly around Old Towne.
“You can see the development coming down 95. You get to the Route 10 exit, that’s getting built up. The development’s coming down, and Petersburg will be coming soon,” he said.
“Old Towne Petersburg’s got a lot of architectural charm. It’s exceptionally unique and authentic and feels very local,” he said. “I feel like we’ve been on this wave that’s about to crash for like 20 years. We’ve made incremental progress. I think it’s about to be right around the corner. I still have that optimism.”
Cuthbert said the project is scheduled to wrap up this summer, after which he plans to move on to his next one: a rehab and conversion of the old Appomattox Iron Works complex around the corner into an entertainment venue, potentially a brewery or taphouse.
Meanwhile, Nat Cuthbert’s team is closing in on completion of their Hotel Petersburg restoration, which they’re aiming to finish by this fall. The 68-room renovation got underway in 2020 and received a state funding boost in 2021.
Take a look at 600 West Wythe Street where Dave McCormick is converting the 270,000 sf luggage factory into 300+ apartments.Dave always does a top-flight job on his conversions. When I was a school child Petersburg was touted as the luggage capital of the world! I’m pleased that so much of it is revitalizing.
I live in Richmond and am excited for Petersburg. The city is poorly run yet is seeing a lot of revitalization occurring. It has beautiful architecture that few cities have. I look forward to visiting the city soon.
I wonder if the casino will still be welcome in Petersburg.
It is looking good with a lot of housing rehab too around the city’s old neighborhoods. Still amazed that the new Hotel Petersburg will be a Hilton Tapestry Collection. If they can just get Butterworth’s (love to store) to abandon Walnut Hill and its dead plaza to return to a space downtown (even if new store say on the vacant lot of Adams and Bank) that would be a major boost to Old Towne. They need to really work on Washington and Wythe at 95 area; the gateway is vacant spaces and funeral homes.
JT Morriss is the only Funeral home on Wythe Street. Adams Street and East Bank Street corner used to be a Car Dealership.
This is so wonderful to see!