UNDER CONTRACT | 117-125 S 14th St Richmond, VA 23219
About This Property
One South Commercial is honored to offer the Watkins-Cottrell Buildings to the market.
This iconic Shockoe Slip collection of buildings has housed the celebrated contemporary furniture store LaDiff for the last 22 years. Thousands of the store’s customers have been enchanted by the interior of the building and its high ceilings, oversized windows, maple wood floors, stately rafters, large wood beams, brick walls and its bright and airy feel.
The Watkins-Cottrell buildings sit on one of the most recognized corners in Richmond (14th and Dock) and the majority of people who live in the metro area are aware of the beautiful red brick façade, large windows and ornate trim that you can see from the street. Just steps from the Canal Walk, the parking lot for the buildings is literally the beginning of the Capital Bike Trail. The immediate area houses creative and financial offices, retail stores, numerous restaurants, cafes, coffeehouses, breweries, music venues, event spaces, and hotels. It is a short walk to both the Historic Shockoe Slip commercial strip and the recently renovated Farmers Market pedestrian mall.
With over 112,000 square feet and eligibility for Federal and State Historic Tax Credits, this is one of the last large scale historic developable set of buildings in the downtown Richmond sub-market. The property consists of 4 contiguous buildings: the 3-story retail building, the office building and 2 warehouses. The office building went through a beautiful renovation in 2005 and is leased up and will offer a developer / investor good income while working on the project.
The other 3 buildings would be ideal to convert into mixed use buildings with for sale condominiums, apartments, creative office, retail or restaurant and entertainment venues. Because these are different buildings, you can develop in stages. The property comes with 36 off street parking spaces and there are a number of lots and decks within walking distance. The site sits in an Opportunity Zone.
The 3-story retail building is 47,000 square feet on three floors and offers a buyer magnificent space for adaptive reuse. It’s corner location makes it a premium site and the stunning interior attributes will make a developer’s architects and designers jump at this rare opportunity. The office building is 36,000 square feet and its income will help the deal across the finish line; it also can be eventually redeveloped if a buyer should decide to go that route. The two adjoining warehouses are just under 30,000 square feet and have high ceilings giving a developer plenty of choices on how to develop the spaces.