Land is not easy to come by in Richmond’s urban core, and even when it is available, zoning and easements can be an issue. Such was the case with 0 Marshall Street. Just down the street from Saison and steps from the Brook Adams triangle, the gravel parking lot sits in the middle of the Jackson Ward neighborhood. Owners Ron Hunt and Ed Solarz were looking to sell both the lot and a nearby building together. A buyer for the building was lined up, but the lot proved more difficult.
One South Commercial agent Lory Markham and Director of Commercial Brokerage Tom Rosman brought developer Eric Phipps into the deal to buy the lot. With her previous experience working in city zoning, Markham’s perspective helped the buyer to understand the full extent of development options the land provided. Architect Walter Parks provided additional information with prospective plans. Markham’s familiarity with the process and the players in City Hall helped the plans move quickly. Soon, the mixed-use development had the green light.
With Phipps ready to buy and the plans finalized, the last remaining piece of the puzzle was the parking easement assessed to the lot. The original owner of lot and the nearby building had an easement requiring a set amount of spaces to be reserved at 0 Marshall for the tenants of the building. Complicating matters further, the building was no longer controlled by the original owner.
These complications could have killed the deal, but Markham and Rosman were able to overcome the parking easement by bringing Phipps to buy the building. Once Phipps closed on the building, he gained control of the parking easement and the lot. What began as a deal for one gravel lot turned into a bundle of opportunity. The mixed-use development project is now set to begin construction, unhampered by parking restrictions.
The project, as depicted below, will eventually house 166 apartments, two levels of below grade parking, and ground floor commercial, adding another jolt of energy into the already thriving Jackson Ward neighborhood.
Rendering provided by Walter Parks Architects