Properties that never hit the market can often times present the best opportunity. The warehouse at the corner of 25ht and E Franklin was one of those opportunities.
Developer: Clachan Properties
Lender: Silver Construction Capital
Architect: Johannas Design Group
Contractor: MGT Construction
Units: 25 Loft Condos
Building Size: 40,000 SF
Development: State Historic Tax Credits
Broker of Record: Tom Rosman + Rick Jarvis
As the market began to heat up in the mid 2000’s, many developers sought to create ownership living spaces in urban neighborhoods. The vacant warehouse and empty lot along 25th Street and E Franklin Street in Richmond’s Church Hill provided just that opportunity.
Blending historic warehouse loft stylings with contemporary architecture created a unique look to this project. Located in one of the most strategic spots int he city, The Reserve project was moments from groceries, the James River, numerous dining options and Richmond’s famed Libby Hill Park.
Understanding the condominium mortgage market is key in urban infill development. One South is Richmond’s premier authority in condo finance. Any infill project removing utilizing condominium ownership structure should only be undertaken with full understanding of Fannie Mae guidelines governing the mortgages in new condo developments.