The branch sits at the corner of Second and Grace streets in Monroe Ward. (Mike Platania photos)
A prolific local real estate family has added to their downtown portfolio.
An entity tied to the Shaia family, particularly Alan Shaia, recently purchased the former Wells Fargo bank branch at 122 E. Grace St. for $1.6 million, city property records show.
The 2,800-square-foot branch was one of nearly a dozen local locations that Wells Fargo decided to close in recent years. The banking giant closed the Monroe Ward location in the fall of 2023, and listed the real estate for sale shortly after.
The Shaias’ purchase closed on March 19. The 27-year-old structure sits on a half-acre parcel at the corner of Grace and Second Street, and was most recently assessed by the city at $1.7 million.
The Shaias have had a foothold in Richmond-area commercial real estate for decades, with holdings ranging from downtown to New Kent and Mechanicsville. In recent years, they’ve been sellers in the city limits, notably selling the bulk of Mayo Island to the City of Richmond and a Monroe Ward parking lot to VPM for its new headquarters.
Alan Shaia said they’re planning to try to find a new tenant for the old Wells Fargo branch.
“We’re thinking right now we’re going to put it out for lease and see what we can get,” Shaia said. “We like the corner, it’s a nice corner, and it has future potential, so we’ll see.”
Shaia said there was a restriction in the sale that precludes them from leasing it to another bank, but noted the space could be renovated for another office user or restaurant.
The former department store had been home to a Subway restaurant for years.
The Shaias also own the nearby former W.T. Grant Co. department store building at 319-321 E. Broad St. that until recently had been occupied by Subway and DaVinci’s Pizza.
Shaia said they’ve leased the two-story building to an unnamed transitional housing operator that’s converting it into a behavioral health facility that should be completed sometime this summer.
Last year, Wells Fargo sold another one of its shuttered local branches at 3501 W. Broad St. That property was sold to local development firm Thalhimer Realty Partners for $4.1 million.
The branch sits at the corner of Second and Grace streets in Monroe Ward. (Mike Platania photos)
A prolific local real estate family has added to their downtown portfolio.
An entity tied to the Shaia family, particularly Alan Shaia, recently purchased the former Wells Fargo bank branch at 122 E. Grace St. for $1.6 million, city property records show.
The 2,800-square-foot branch was one of nearly a dozen local locations that Wells Fargo decided to close in recent years. The banking giant closed the Monroe Ward location in the fall of 2023, and listed the real estate for sale shortly after.
The Shaias’ purchase closed on March 19. The 27-year-old structure sits on a half-acre parcel at the corner of Grace and Second Street, and was most recently assessed by the city at $1.7 million.
The Shaias have had a foothold in Richmond-area commercial real estate for decades, with holdings ranging from downtown to New Kent and Mechanicsville. In recent years, they’ve been sellers in the city limits, notably selling the bulk of Mayo Island to the City of Richmond and a Monroe Ward parking lot to VPM for its new headquarters.
Alan Shaia said they’re planning to try to find a new tenant for the old Wells Fargo branch.
“We’re thinking right now we’re going to put it out for lease and see what we can get,” Shaia said. “We like the corner, it’s a nice corner, and it has future potential, so we’ll see.”
Shaia said there was a restriction in the sale that precludes them from leasing it to another bank, but noted the space could be renovated for another office user or restaurant.
The former department store had been home to a Subway restaurant for years.
The Shaias also own the nearby former W.T. Grant Co. department store building at 319-321 E. Broad St. that until recently had been occupied by Subway and DaVinci’s Pizza.
Shaia said they’ve leased the two-story building to an unnamed transitional housing operator that’s converting it into a behavioral health facility that should be completed sometime this summer.
Last year, Wells Fargo sold another one of its shuttered local branches at 3501 W. Broad St. That property was sold to local development firm Thalhimer Realty Partners for $4.1 million.
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I really hope a great restaurant moves into that space. With so much parking, it would be a great location for a privately owned restaurant. The opposite side of the street, for those who do not know, houses Stella’s Market and Perly’s Deli. Someone please turn this into Restaurant Row again! Having worked on that block in the former Stella’s building for almost 20 years, this area sports a great deal of foot traffic; is near the convention center, and one block from the Deco which houses 200 units (just to name one large entity). Excited to see what this… Read more »
I totally agree! Would love to see something like that there. Also you got a great last name…
In my opinion, the current parking lot to building footprint is absurd given its location downtown. In a highest and best use scenario this would be converted to a mixed-use style building in the likeness of the rest of the block.
I agree, it’s a suburban scale building that’s always been out of place in an urban neighborhood, so possibly wrap an L-shaped apartment structure on the parking lots and drive-thru lanes, and make the bank buiilding a focal point restaurant (or some other amenity)
100% spot on, Tim. I’d love to see the entire parking lot converted into something large and high-density – either an apartment building or something mixed use, as Will suggested. Have integrated parking with entry/exit point(s) either on Grace, 2nd or both. And go at least 15 stories – roughly the same height as the Parc View Commonwealth a few block west on Grace. The former back building could be turned into an iconic focal point restaurant – and with a large apartment or mixed use building wrapped around it would have a great starting base of clientele.
I do not think that current building is a 27 year structure. I remember walking on Grace Street in 1999/2001 when I started full time with the city and the old walk up teller windows of the vacant Southern National/Jefferson National Bank building were still in place. I do not think that branch opened in 1998. More like 2005 or 2006 but I could be off.
I helped on the design, it’s been too long to really remember, but it was early in my career… i think like 2001 – 2002. Certainly after 2000.
I’d like to see that entire 10 blocks of Grace Street studied as a pedestrian mall. It’s a much better candidate for revitalization than is Carytown (which doesn’t need revitalization. It’s even got a sign!)
A pedestrian mall is not a good idea. The street grid needs to be maintained and streets bring visibility to businesses while also providing on street parking. I agree Carytown doesn’t need it and it’s not going to spur on new businesses to locate on Grace Street either.
https://www.bloomberg.com/news/features/2021-09-09/why-america-fell-out-of-love-with-the-pedestrian-mall
J. Sargeant Reynolds C.C. had its beginnings next door in the old Sydnor and Hundley building back in the 1970’s and Pearly’s was there then too. Does anyone remember the name of the restaurant back then that was on the corner of First and Grace? The good ol’ lunch specials is what I remember and at Tom’s on Third and Main.