Description

Property Website and Additional Information: Residences at Richmond Trust

Douglas Development Corporation is pleased to announce that leasing will begin in early summer 2022 at 629 East Main St., a multi-residential, adaptive reuse project, situated in the heart of downtown Richmond’s financial district. 

The redevelopment has created 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 has entailed completely renovating the interior of the building while preserving and restoring the unique historic interior and exterior architectural features. It features 11 foot ceilings along with 10 foot windows providing ample natural light into the units.

The loft-style apartments includes a mix of studio, one-bedroom and two-bedroom units and offers high ceilings and windows, premium finishes, and in-unit washers and dryers. A host of common area amenities include a state-of-the-art fitness center, co-working space, roof-top, and open lounge seating areas. The project also involves 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 has not disturbed the existing historic facades, but has preserved and restored 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. 

Facts