The building at 1815 E. Franklin St. is set to become apartments. (Photo by David Larter)
A developer with ties to the Sooner State is investing millions in Shockoe Bottom and plans to build 40 apartments there next year.
Oklahoma native Brad Skaggs of Larson Development submitted plans to the city Nov. 21 for a 13-unit apartment building at 1815 E. Franklin St.
The $2.2-million development, called the Lofts at Franklin, requires a special-use permit from the city, which means it will have to be approved by both the planning commission and City Council.
Skaggs, 27, an Oklahoma University a University of Oklahoma graduate, said he hoped to start work on the building by February. First Community Bank is financing the development.
In addition to the Lofts at Franklin, Skaggs is developing 27 units at 1806 E. Franklin St., which he plans to start working on early next year. That project will run about $3.5 million and is being financed by Union First Market Bank.
MGT Construction will be the lead contractor on both jobs. The two projects total about 27,000 square feet of redevelopment and should be finished by mid-summer.
In January, Skaggs and Larson Development finished 27 units at 1822 E. Franklin St., a roughly $5 million project. Skaggs said the market for apartments in Shockoe Bottom hasn’t shown any signs of letting up.
“That project leased up in about 60 days,” he said. “And we still get inquiries about it all the time. We keep a list of them for when apartments do become available.”
In addition to the work on East Franklin Street, Skaggs developed 22 units in Carver behind the Siegel Center.
The building at 1815 E. Franklin St. is set to become apartments. (Photo by David Larter)
A developer with ties to the Sooner State is investing millions in Shockoe Bottom and plans to build 40 apartments there next year.
Oklahoma native Brad Skaggs of Larson Development submitted plans to the city Nov. 21 for a 13-unit apartment building at 1815 E. Franklin St.
The $2.2-million development, called the Lofts at Franklin, requires a special-use permit from the city, which means it will have to be approved by both the planning commission and City Council.
Skaggs, 27, an Oklahoma University a University of Oklahoma graduate, said he hoped to start work on the building by February. First Community Bank is financing the development.
In addition to the Lofts at Franklin, Skaggs is developing 27 units at 1806 E. Franklin St., which he plans to start working on early next year. That project will run about $3.5 million and is being financed by Union First Market Bank.
MGT Construction will be the lead contractor on both jobs. The two projects total about 27,000 square feet of redevelopment and should be finished by mid-summer.
In January, Skaggs and Larson Development finished 27 units at 1822 E. Franklin St., a roughly $5 million project. Skaggs said the market for apartments in Shockoe Bottom hasn’t shown any signs of letting up.
“That project leased up in about 60 days,” he said. “And we still get inquiries about it all the time. We keep a list of them for when apartments do become available.”
In addition to the work on East Franklin Street, Skaggs developed 22 units in Carver behind the Siegel Center.
The article doesnt give details but it seems this kind of development should be allowed by right instead of having council and pc approval. Going through the process slows down appropriate development.
How did you vote on the Virginia Eminent Domain Amendment, Question 1 this month?
Completely irrelevant, but I have a beef with the University of Oklahoma. They call their school “O.U.” so people (like the above writer) naturally assume that it’s “Oklahoma University.” It’s just NOT a good sign when you can’t get the acronym for your school correct.
Also, the apartments sound good!
It seems like the only thing I hear about getting built in the bottom is new apartments. What about shops, restaurants, businesses, etc in the bottom? Is there anything new going on with those?
I’ll tell you from first hand experience that I would never put another restaurant/shop in the bottom until the city finally does something about the clubs there. I had a business there for 5 years and at least once a week I had to deal with the cops when drunken club goers harassed, attacked, or robbed my customers. The bottom is a cool area, but that battle was lost a long time ago.
There was a development specialist recently (story in the RTD I believe) who said the downtown/bottom had not quite reached the tipping point with number of residents to make more retail doable. But it was on the right track. I think with all these apartments an condos you will eventually see more retail. I don’t see a lack of restaurants as a problem.
This guy is a real go-getter, and a good thing for Richmond and for free enterprise. Chapeau!