One South Commercial is pleased to present 530 E Washington St, a 117 room, limited service hotel situated on 2.954 acres in downtown Petersburg, VA.
Conveniently located just west of I-95 and less than a mile from the I-85/I-95 interchange, this 6 story hotel, currently operating as an independently run extended stay Travel Inn, offers a scalable redevelopment project, either for a franchise operator or a developer, and is poised to capitalize on both opportunity zone and enterprise zone incentives. The property’s current B-2 zoning allows for operation of a hotel and also includes by-right entitlement for a potential apartment conversion.
The property site is comprised of a 61,000 SF structure which includes both the hotel and an attached full service restaurant not currently in operation, as well as a porte cochere and approximately 160 +/- parking spaces. The site size also provides for ample opportunity to reconfigure parking, expand the building footprint, and/or develop amenity space. The main structure includes elevator service and individual balconies for every unit, which could also perhaps be reclaimed square footage in a redevelopment.
530 E Washington is a perfect opportunity to get in on the ground floor of one of central Virginia’s most historic cities and develop in an emerging market with an increasingly visible profile.