The site is adjacent to the former Strange Matter building on West Grace Street. (Mike Platania photo)
After years of planning, the redevelopment of a VCU-area plot on Grace Street is underway.
Demolition recently began at 931-933 W. Grace St., where a local development group is planning a three-story mixed-use building. The structure that was recently razed was a one-story restaurant space that used to house Cloud Hookah Bar & Lounge and Erika’s Restaurant.
Behind the development is the Abouzaki family, who previously operated a Shawarma Shack in the old building before buying the real estate for nearly $900,000 in 2020. Brothers Nael and Nayef, along with father Antar, began plotting the site’s redevelopment in 2021.
Their new building will reach three stories with 21 apartments above ground-floor commercial space.
In the time since they first started planning the development, Nael said the project’s cost per-square-foot roughly tripled.
“After we got over the shock, and were like, ‘Well these prices are here to stay, the cost to build is here to stay,’ (we) started to become a little more accepting,” Abouzaki said. “Now we’re like, ‘Okay, we’re going to run with it.’”
A rendering of the planned 21-unit apartment project. (BizSense file photo)
The building’s commercial space is nearly already spoken for, as Abouzaki said they’re in advanced discussions with two national restaurant chains to split the 6,000 square feet.
Walter Parks Architects is designing the new building and Dominion Construction Partners is the general contractor. Abouzaki said they’re aiming to have it completed by fall 2025.
The Abouzaki brothers were especially motivated to see the project through, as developing the site has been their father’s “dream from the second he rented it in 2015,” when he opened Shawarma Shack.
“The names on the deeds come and go. But my dad, who’s an immigrant, if his grandchildren are walking down Grace Street, they’re going to look at that building and say, ‘Hey Antar Abouzaki built this,’” he said. “Me and my brother wanted to build it for my dad.”
The family also recently listed 1005 E. Main St. for sale.
Another one of the Abouzakis’ Richmond properties is now up for grabs.
Abouzaki said they’re testing the market for the former downtown bank building at 1005 E. Main St., which they bought for $600,000 at a foreclosure auction in 2021.
Abouzaki said they’re focused on the Grace Street development and are considering selling the Main Street property.
“If someone is interested for the right price, we’d let it go,” he said.
Thalhimer’s Reilly Marchant has the listing. The asking price is $1.4 million.
The site is adjacent to the former Strange Matter building on West Grace Street. (Mike Platania photo)
After years of planning, the redevelopment of a VCU-area plot on Grace Street is underway.
Demolition recently began at 931-933 W. Grace St., where a local development group is planning a three-story mixed-use building. The structure that was recently razed was a one-story restaurant space that used to house Cloud Hookah Bar & Lounge and Erika’s Restaurant.
Behind the development is the Abouzaki family, who previously operated a Shawarma Shack in the old building before buying the real estate for nearly $900,000 in 2020. Brothers Nael and Nayef, along with father Antar, began plotting the site’s redevelopment in 2021.
Their new building will reach three stories with 21 apartments above ground-floor commercial space.
In the time since they first started planning the development, Nael said the project’s cost per-square-foot roughly tripled.
“After we got over the shock, and were like, ‘Well these prices are here to stay, the cost to build is here to stay,’ (we) started to become a little more accepting,” Abouzaki said. “Now we’re like, ‘Okay, we’re going to run with it.’”
A rendering of the planned 21-unit apartment project. (BizSense file photo)
The building’s commercial space is nearly already spoken for, as Abouzaki said they’re in advanced discussions with two national restaurant chains to split the 6,000 square feet.
Walter Parks Architects is designing the new building and Dominion Construction Partners is the general contractor. Abouzaki said they’re aiming to have it completed by fall 2025.
The Abouzaki brothers were especially motivated to see the project through, as developing the site has been their father’s “dream from the second he rented it in 2015,” when he opened Shawarma Shack.
“The names on the deeds come and go. But my dad, who’s an immigrant, if his grandchildren are walking down Grace Street, they’re going to look at that building and say, ‘Hey Antar Abouzaki built this,’” he said. “Me and my brother wanted to build it for my dad.”
The family also recently listed 1005 E. Main St. for sale.
Another one of the Abouzakis’ Richmond properties is now up for grabs.
Abouzaki said they’re testing the market for the former downtown bank building at 1005 E. Main St., which they bought for $600,000 at a foreclosure auction in 2021.
Abouzaki said they’re focused on the Grace Street development and are considering selling the Main Street property.
“If someone is interested for the right price, we’d let it go,” he said.
Thalhimer’s Reilly Marchant has the listing. The asking price is $1.4 million.