Richmond’s urban core has been experiencing an extensive revitalization in the past few years as dormant or dated skyscrapers are redeveloped. We’ve previously discussed a number of major projects that converted space into apartments, including the John Marshall Hotel and Fidelity National Bank Building. Now an 18-story office building at 700 East Main Street is under contract. Shamin Hotels, a Virginia-based hotel operator, has the property under contract and is considering its conversion to a hotel.
The Class C office building only has a limited number of tenants and a conversion could be the best bet for the building’s future. Although no public price has been released in connection with the contract, the building’s assessed value is $7 million. If the office tower is converted to a hotel, it will continue the downturn trend of transforming old office space into living spaces.
There is no final date for the sale’s closure, but stay with the Virginia Real Estate Blog as we cover this and other developments.