Description

Douglas Development Corporation is pleased to announce it has officially begun construction at 629 East Main St., a multi-residential, adaptive reuse project, situated in the heart of downtown Richmond’s financial district. 

The redevelopment will create 188 unique, thoughtfully designed, multi-family apartments, incorporating the distinctive and historic features of the building. The property is a twelve-story former office building containing a total of 116,315 square feet. The scope of the redevelopment will entail completely renovating the interior of the building while preserving and restoring the unique historic interior and exterior architectural features. It will feature 11 foot ceilings along with 10 foot windows providing ample natural light into the units.

The loft-style apartments include a mix of studio, one-bedroom and two-bedroom units and offer high ceilings and windows, premium finishes, and in-unit washers and dryers. A host of common area amenities will include a state-of-the-art fitness center, co-working space, roof-top, and open lounge seating areas. The project will also involve retrofitting the interior of the building and maintaining the shell of the building, allowing for easy execution and lower construction costs. The building will be fully renovated with base building upgrades to the HVAC, plumbing and electrical systems. The work will not disturb the existing historic facades, and in fact aims to preserve and restore the exterior limestone, masonry and window stone details.

The project includes several layers of capital, including a construction loan from Bank Hapoalim, Federal Historic Tax Credit Equity from PNC Bank, State Historic Tax Credit Equity and a Bridge Loan from Foss & Company. These partners made this project possible.