The site’s main building began coming down last week. (Mike Platania photo)
A prominent Museum District eyesore is coming down.
Demolition of the long-vacant, graffiti-covered warehouses at 2901-2923 W. Broad St. is now underway.
The structures, previously home to Gusti Restaurant Equipment & Supply, date back nearly a century and began falling into disrepair in 2019 after the Gusti family relocated their business to the Westwood area of Henrico County.
Shortly after Gusti left, the Loupassi family sold the 2-acre plot to local developer Steve Leibovic for over $5 million. Leibovic has since been planning a redevelopment of the property.
Heavy equipment arrived at the site earlier this month and the two-story brick warehouse began coming down late last week.
Leibovic’s assemblage is the area highlighted in green. (BizSense file photo)
Leibovic, who began prepping the demolition last fall, said he intends to build a mixed-use project on the site, but that he’s still working on those plans.
“We’ve been slow-pedaling it because of interest rates number one, and number two, just the massive number of apartments that are coming up in Scott’s Addition,” Leibovic said. “We wanted to wait till some of that died down.”
He added that President Trump’s tariffs and their impact on steel and building material pricing are also giving him pause, describing them as potentially triggering new inflation for construction.
The bulk of the land is zoned TOD-1, a designation that allows for up to 12 stories and a mix of uses.
Within eyeshot of Leibovic’s site is the recently completed Soda Flats, a seven-story apartment building from local developer Bank Street Advisors.
The site’s main building began coming down last week. (Mike Platania photo)
A prominent Museum District eyesore is coming down.
Demolition of the long-vacant, graffiti-covered warehouses at 2901-2923 W. Broad St. is now underway.
The structures, previously home to Gusti Restaurant Equipment & Supply, date back nearly a century and began falling into disrepair in 2019 after the Gusti family relocated their business to the Westwood area of Henrico County.
Shortly after Gusti left, the Loupassi family sold the 2-acre plot to local developer Steve Leibovic for over $5 million. Leibovic has since been planning a redevelopment of the property.
Heavy equipment arrived at the site earlier this month and the two-story brick warehouse began coming down late last week.
Leibovic’s assemblage is the area highlighted in green. (BizSense file photo)
Leibovic, who began prepping the demolition last fall, said he intends to build a mixed-use project on the site, but that he’s still working on those plans.
“We’ve been slow-pedaling it because of interest rates number one, and number two, just the massive number of apartments that are coming up in Scott’s Addition,” Leibovic said. “We wanted to wait till some of that died down.”
He added that President Trump’s tariffs and their impact on steel and building material pricing are also giving him pause, describing them as potentially triggering new inflation for construction.
The bulk of the land is zoned TOD-1, a designation that allows for up to 12 stories and a mix of uses.
Within eyeshot of Leibovic’s site is the recently completed Soda Flats, a seven-story apartment building from local developer Bank Street Advisors.
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Looking forward to this exciting new development. Congratulations, Dr. Leibovic!
It’s interesting to contrast Steve’s pessimistic view of construction pricing versus the news last week of the three mega plans for high rises to be built in the Financial and Manchester Districts.KBS erected fencing on the Avery Hall site below Legends, and they buy their steel, lumber and concrete from the same sources as Steve. He must have something more concrete in mind than he’s letting on.
Yeah my thinking is if you think prices are going to be going up, why would you not try to beat that pricing upswing unless you have something in mind you are letting on or you don’t plan on building anything for years.
That’s a really good point, Derek. I’ve been wondering that myself – particularly since once interest rates started coming down with the three prime cuts last year, it seems like the dam that was plugging up the development pipeline – particularly in Manchester – finally broke – and projects that had been sitting in the cue for several years have come pouring out en masse. Makes me wonder if many of the developers who have either already gotten underway or are about to saw this time as golden – lower interest rates – and tariff policy not yet set in… Read more »
I’m really glad this is coming down there was a lot of pilfering associated with the homeless camp there
Really hoping something big gets built there soon. I live nearby and I’d love to see over 12 stories
Excited for this! Steve does great work and it’s very great to see the corridor lively again.
Formerly Jones Motor Car Company, Inc. (Cadillac dealership)