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8th & Main

Situation: 8th and Main, the former Morris Plan Bank of Virginia building, is a 220,000 sq/ft building located in Richmond’s Central Business District.  The building was attractive not just for it’s premier location, but the fact that it was in good physical shape, was vacant, had favorable zoning and a parking deck with over 200 parking spots.  The project was initially envisioned as a joint venture with a major office tenant.  After the office tenant decided not to move forward, Monument quickly put plans in place for a primarily residential project with a smaller office component. Monument teamed up with Howard Kellman of The Edison Company to convert the Class C commercial Space into high end market rate residential, consistent with a trend in Richmond and other downtown markets throughout the country.

Challenges: As the largest project Monument had taken on to date, financing had to be secured (including historic tax credit equity) and construction had to be completed within an aggressive fourteen month deadline. The complexity and necessary organization of Downtown skyscraper construction coupled with significant asbestos remediation throughout the 200,000 square foot plus building were issues that had to be overcome quickly. Due to the size, the project had phased delivery/occupancy creating additional challenges with move-ins, residency and construction going on simultaneously in a large building with a tight site.  Monument also decided to construct a roof top pool over 150 feet in the air after construction had started which created an entirely new set of construction and coordination issues.

Resolution: The final project includes 195 apartments with upscale amenities and more than 12,000 square feet of commercial space. With a massive gym quality fitness center, one-to-one onsite garaged parking and a rooftop pool and terrace area, this skyscraper in downtown Richmond has been truly transformed. The evolution of Class C office space into high end market rate residential is truly transformative not just to the building but to the City of Richmond. With projects like these, Richmonders can truly work, play, and live downtown.

“It’s difficult to compete with the energy you find in the offices and personnel of Monument Construction. These folks continue to turn old tired buildings into vibrant new living spaces. The City’s financial district rebirth as a place to work, play and live continues with the re-positioning of this landmark building.”

Bruce Milam, Senior VP of Richmond & Norfolk, Colliers International