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Shockoe Valley Heights

Situation: Envisioning condominiums along a half-block of Main Street, Marc Galt of Sensei Development came to Monument with a general plan and schematic drawings. When adjacent property along Franklin Street became available in summer 2008, Sensei asked Monument to joint venture the project with him. With the acquisition of the additional parcel, the total project had 1.8 contiguous acres in prime Shockoe Bottom real estate comprised of land, historic buildings and one non-historic building

Challenges: Recognizing the challenge in securing financing for the total $30 million project cost, Monument worked with Sensei to divide the project into four smaller phases, opening up financing opportunities and minimizing costs before all units were leased. Our team also used historic tax credits from the first phase to increase owner equity and ease financing for later phases. The project’s initial phases—Bobber Flats, Firehouse Lofts, and Engine Co. Lofts—were completed by early 2011.  The second phase included a 96 unit new construction apartment building over a parking deck. The final phase included a contemporary new construction mixed use project on Main Street and various site improvements including additional parking and a large pool and outdoor amenity space.  The entire project was completed in 2011

Resolution: The final project included 220 apartments with upspacle amenities and more than 12,000 sq/f of commercial space occupied by various users including a restaurant (inside a restored 19th century firehouse), a high end market, and other uses.  The project was challenging due to the phased delivery (utilizing 5 different lenders) and identifying the highest and best use for a complex site that included vacant land, historic buildings (renovated using historic tax credits) and non-historic buildings (which was demolished).  This project transformed an entire block in downtown Richmond and was the featured project in Venture Richmond’s 2012 RVA Downtown’s Transformation publication.