An Insider's Guide to the Condo Market

A N IN S ID E R’ S G UID E TO

THE CONDOMINIUM MARKET O N E S O U T H R E A LT Y G R O U P | 1

IN RICHMON D, VA

Considering a condo?

Maybe the benefit of having someone else worry about maintenance is appealing or maybe it’s the idea of living on the 15th floor of a downtown hi-rise with panoramic views of the city and the James River. Or maybe you just need a small ‘pied a terre’ to compliment your home along the Chesapeake Bay. Regardless of the reason, the condominium lifestyle has plenty of upsides that make it a great solution for many owners.

Purchasing a condominium is different than purchasing a single family home. In order to make your best decision, you need to understand not only what makes the process of purchasing a condo different, but also the differences between the options that comprise the Richmond market.

As Richmond’s recognized leader in condominium sales, we can help. Our extensive work on many of Richmond’s most successful and high profile projects, both with the developers as well as our individual buying and selling clients, we know the market in and out. From mortgage finance to rules and regs to HOA health, we can help you navigate the complex buying process.

DISCLAIMER - The photos you see are intended to be representative of each condominium and are not intended to suggest that these properties are for sale. A list of available condominiums can be found by visiting our website.

One South agrees to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.

Photo Credits: Kent Eanes, Bryan Chavez, Trevor Frost, Courtney Bowles, Nick Kessler All Rights Reserved.

Contents THE EVOLUTION OF RICHMOND’S CONDO MARKET

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CHURCH HILL & EAST END ROCKETTS LANDING NOLDE BAKERY THE RESERVE

7 8 9 10

DOWNTOWN THE SHOCKOE VALLEY LOFTS VISTAS ON THE JAMES GOTHAM RIVERSIDE ON THE JAMES 6 NORTH 6TH THE OVERLOOK

11 12 13 14 15 16 17

JACKSON WARD & CARVER THE 212 2C MARSHALL STREET BAKERY EMRICK FLATS

18 19 20 21 22

FAN & MUSEUM DISTRICTS THE PRESTWOULD THE WARSAW IRON HOUSE CARY MEWS THE SYDNEY TUSCAN VILLAS MULE BARN ALLEY RENOVATED TENEMENTS

23 24 25 26 27 28 29 30 31

WEST END THE TUCKAHOE MONUMENT SQUARE LOCK LANE

31 32 33 34

NORTHSIDE GINTER PLACE

35 36

MANCHESTER & SOUTHSIDE THE DECATUR OLD MANCHESTER LOFTS HATHAWAY TOWER

37 38 39 40

ABOUT ONE SOUTH POINTS OF INTEREST

42 44

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THE EVOLUTION OF RICHMOND’S CONDO MARKET As t ol d by, Ric k Ja rv is, Found er o f t h e On e So u t h Re a lt y Gr o u p and l e ader of the New Projec t Sa le s Te a m n 2000, Richmond’s condominium market looked nothing like it does today.

“I remember when we brought a small project to the market back in 2002 in the Museum District, there were only 7 condos for sale in the Richmond area. We actually struggled to figure out how to price them as there were almost no comparable sales. Fast forward to 2005 and there were well over 100 for sale in Richmond’s MLS. I don’t think anyone realized how much the market was growing in such a short period of time.

“For decades, Richmond was not a condo town. Other than a handful of projects (The Tuckahoe, The Prestwould, The Warsaw, and Tuscan Villas), Richmonders largely ignored condo living. With such a small market segment, few agents and even fewer lenders were familiar with the differences in the condo purchase process, which led to a lot of frustration and heartburn at what can be a very convoluted purchase process. Our affiliation with numerous projects forced us to earn what can only be described as a PhD in condo finance. I cannot tell you the number of times we had to intervene with lenders, underwriters, and appraisers to help them get deals across the goal line, especially in the early days.

“Remember, a condominium is not a ‘thing,’ per se. It is a legal form of ownership and the

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only form of allowable ownership in a vertical environment. In suburban Richmond, the word condo is generally used to refer to a lifestyle, but in urban Richmond it refers to the housing unit itself. I think that is an important point to note as the downtown condo unit serves to be a starter home for many urbanites, not just a retirement or secondary home for the ‘empty nester’.

“If I had to give a condo buyer any advice, it would be this: Spend some time making sure you understand the underwriting process and don’t just fall in love with the space. Condo underwriting is extremely complex and the availability of conventional finance can have a huge impact on pricing. Furthermore, values can vary wildly depending on a unit’s location within a building, so don’t assume that all comparable sales are created equal.

“At the end of the day, understanding condominiums takes a little time, but it is time well spent. Ask a lot of questions, study the rules and regulations, and most importantly, hire an agent who knows the market. The condo market is far more subtle and complex than most give it credit for and for that reason, finding an advocate with specific condo knowledge is key to a successful outcome.”

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MARSHALL ST RE E T BA K E RY

ROC TSR ELAAN O N E SK OE UT TH LT YDIN G R OG UP

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CHURCH HILL & EAST END While development momentum exists in almost all of Richmond’s neighborhoods, Richmond’s eastern communities have never enjoyed the momentum that they do now. Restaurants and pubs now populate seemingly every corner while the new army of urban contractors crank out stunning renovations at an incredible rate.

Church Hill, Union Hill, Fulton Hill, and the other smaller neighborhoods that comprise the East End represent some of Richmond’s oldest housing stock. The densely packed housing and walkable nature harken back to the era during which they were originally built and offer immediate access to the amenities inherent in any urban setting.

Church Hill and points east are home to several condominium projects, the most notable of which are Rocketts Landing, Nolde Bakery, and The Reserve. Several other smaller scale projects such as the Belfry and the Church Hill Gables are also a part of the neighborhood.

THE RESERVE

NOLDE BAKERY

ROCKETTS LANDING

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CHURCH HILL & EAST END

ROCKETTS LANDING 50 0 0 Ol d Os borne Turnpike

Rocketts Landing is located along the James River on the eastern edge of Downtown Richmond. When fully complete, it will be a multi-phase, mixed-use project of condos, town homes, commercial office, retail, and restaurant spaces, with community amenities interspersed throughout.

Rocketts was Richmond’s first stab at ‘New Urbanism,’ an attempt to recreate centuries of urban development with newly constructed, high-density, mixed-use properties.

Construction is far from complete and zoning allows for the developers to pivot relatively easily to meet the demand of the market, meaning the final chapters of Rocketts will be written well into the 2020’s.

The condominium component of Rocketts consists of 4 buildings: Sky Line and Fall Line (both designed similarly), 210 Rock (the most contemporary of the bunch), and Cedar Works (a renovated historic warehouse). Rocketts, as a whole, has probably done the best job of all the condo projects in Richmond at providing diversity not only in design, but also in size.

The units at Rocketts vary from smaller one bedroom units below 1,000 SF to over 3,000 SF, making it a popular choice for empty-nesters seeking more space O N E S O U T H R E A LT Y G R O U P | 8

than the typical 2 bedroom condo provides. In addition to the condos, Rocketts offers townhomes of various sizes, finishes, and styles, meaning a wide variety of living options for all who choose to call Rocketts home.

Other amenities at Rocketts include ample parking, river access, boat slips, an exercise facility, access to the Capital Trail, and walkability to several upscale restaurants. And since much of the residential development is technically located across the county line in Henrico, a lower real estate tax helps lower the cost of ownership.

NOLDE BAKERY 25 20 Ea s t B r oa d Street

Located on Broad Street between 25th and 26th Streets, Nolde Bakery is a tale of two markets.

Originally developed just prior to the market crash of 2008, Nolde sold only a handful of units before the developer elected to shutter sales efforts and rent the remaining units as apartments, negatively impacting the initial buyers.

Fast forward to the spring of 2013, with the crash of 2008 in the rear view mirror, the developer began a marketing program to sell the units as leases expired. With prices adjusted and the market seeking new inventory, the Nolde Condominiums sold out rapidly.

Nolde offers industrial-styled units of 1 and 2 bedrooms with loft spaces and large factory windows. Amenities include parking, an exercise room, green space, and a movie theater room for residents.

C O NDO TI P

DI D YOU KN OW?

Single-family homes are measured to the outside dimensions of the structure, while condos are typically measured to the mid-point of the wall.

The common areas of the Nolde Bakery are some of the most unique in Richmond.

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CHURCH HILL & EAST END

THE RESERVE

9 Nor t h 25 t h St reet & 2 501 E ast Franklin St r e e t The Reserve Condos, located along 25th and East Franklin Streets, were developed in the latter 2000’s.

When acquired, the site consisted of a historic warehouse and a vacant lot, which allowed for the construction of additional spaces on the site. The newly constructed building, recognizable by its curved, wooden roof lines above the penthouse units, was the brainchild of local architect David Johannas and his team.

2501 E Franklin was developed as 9 historic warehouse condos using much of the original building’s features.

Each unit on the ‘old’ side is unique with differing sizes and layouts. Several of the spaces along the eastern alleyway provide some quaint private outdoor space that may go unnoticed unless you are more familiar with the property.

The newly constructed property at 9 N. 25th Street is comprised of 16 newer spaces with a more modern look and feel. There are 3 basic plans: 2 bedroom + 2 bath, 1 bedroom + 1 bath, and 4 penthouse units. The penthouses have private roof decks and a large 2 story

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wall of glass. Every unit in the Reserve offers expansive kitchens and well-appointed baths, making the project extremely livable.

The property offers secured parking for its residents as well as gas cooking, a somewhat rare feature in the condo market of Richmond.

DOWNTOWN Richmond’s Downtown is experiencing a rapid rebirth. The movement towards mixed-use and the desire for walkability have created opportunity for the development community to add residential options to what had, for decades, been almost exclusively a professional district.

The addition of a residential base has yielded a sharp upturn in entertainment and other service and retail options, especially along Grace and Broad Streets, as well as in Monroe Ward. The burgeoning arts movement has also helped change the narrative that Downtown was a fine place to work, but not to live.

Several of Richmond’s largest projects can be found downtown, including the Vistas on the James and Riverside on the James, overlooking the Canal Walk.

Additionally, Gotham, tucked away on the Main Street side of Shockoe Slip, was one of Richmond’s first true urban living options when developed in the early 2000’s.

6 N 6TH

GOTHAM THE OVERLOOK RIVERSIDE ON THE JAMES

SHOCKOE VALLEY LOFTS VISTAS ON THE JAMES

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DOWNTOWN

SHOCKOE VALLEY LOFTS 20 9 - 21 5 No r t h 1 9 t h St r e e t

The Shockoe Valley Lofts, located at the base of Church Hill, is one of several condo projects developed by Robin Miller, a noted local developer and one of the leaders of Richmond’s urban living movement.

The Shockoe area of Richmond’s Downtown had, for years, been almost exclusively a renowned entertainment district. With a loud and boisterous reputation, Shockoe Bottom was considered to be a great place to visit on a Friday night, but not a place to live. Projects such as this one helped change the public’s opinion of Shockoe and, along with the development of the Cold Storage project just across Broad Street, have brought a tremendous amount of stability and vibrancy back to the district.

The lofts were built using the Historic Tax Credit development program and thus, much of the original aesthetic is visible. Some of the upper floors also offer some commanding views of the Richmond skyline that are quite captivating. The project is a favorite of the VCU Medical School community due to its proximity to campus and other nearby amenities such as Main Street Station, the T-Pot Bridge, and the Capital Trail.

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VISTAS ON THE JAMES 30 1 V i r g i ni a St r eet

The Vistas on the James sets the standard for the Richmond hi-rise condo market. Constructed in the early 2000’s, this condominium project is just under 20 stories tall and offers spectacular views of downtown and the James River.

The Vistas’ appeal is multifold. Its views are superior, it offers secured garage parking and a security desk, and its downtown location is moments from Shockoe Slip. The units are well-appointed and offer solid finishes with granite tops, stainless appliances, and tile baths.

Comprised of 1 and 2 bedroom residences (except a handful of units that were combined to create larger spaces), the Vistas consistently trades at some of the highest valuations in the market.

The units on the west side of the building, especially those on the corners, command a premium price due to their views of the sunset over the James and the Downtown skyline. Conversely, the units on the north side of the building, especially those on the lower floors, can be a bit noisy, as the Downtown Expressway runs nearby.

Each unit provides outdoor space in the form of a balcony and access to an exercise facility and club room.

DID YOU KN OW ?

Steven Spielberg stayed in unit 1501 during the filming of the movie Lincoln.

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DOWNTOWN

GOTHAM

1 2 0 5 Ea s t Ma i n Street The curious case of Gotham.

Developed in the early 2000’s by a group of developers not from Richmond, most expected Gotham to fail due to its downtown location and contemporary design.

Not only were Gotham’s critics wrong, but it can be argued that the project’s undeniable success changed the way Richmond viewed its own downtown, spawning a new and increasingly diverse group of projects that accelerated the revitalization of Richmond’s long neglected core.

Gotham was designed to be different. Local architect David Johannas and his team created a posh and contemporary aesthetic while maintaining much of the

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original charm of the building, located on a historically protected block of East Main Street. With features including direct entry elevators, private roof decks, curved walls, and sliding interior doors to create multifunctional spaces, Johannas and his team pushed the limits of Richmond architecture to a place few others dared to go. The result was a successful project and a change in Richmond’s residential urban landscape.

CON DO TIP Many historic condo renovations offer tax abatements, so it’s important to understand how many years are left on any abatement.

DID YOU K NOW ?

Gotham was one of Richmond’s first true downtown living options.

RIVERSIDE ON THE JAMES 1 1 0 1 Ha xa l l Poi nt

Riverside on the James is a mixed-use project located at the west end of the Canal Walk, abutting the Reynolds North Plant development.

Riverside was originally designed as an apartment project, not a condominium project. During construction, the developer began to recognize the condominium momentum in other markets and elected to offer individual units for sale. The demand was so great that it spawned Riverside’s sister project, the Vistas on the James.

Riverside consists of two mid-rise towers, one commercial and one residential, with a shared parking deck and secured entry. The commercial portion of the project is occupied by a local law firm, restaurant, and several other professional offices.

Compared to the Vistas on the James, Riverside tends to trade at a discount due to its lower ceiling heights, smaller outdoor spaces, and slightly lower finish level.

That said, the walkable nature of the project and its strategic location along the Canal Walk make it a wonderful option for downtown living.

CON DO T IP

DID YOU K NOW ?

The amount of commercial space in the condo can impact mortgage finance availability.

This project and Vistas on the James were developed by the same group, Dominion Partners.

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DOWNTOWN

6 NORTH 6TH 6 No r t h 6 t h St r e e t

Located in the high growth corridor near Richmond’s burgeoning Grace Street arts and theater district, the 6 North 6th project is a historically renovated, mixed-use property developed inside the envelope of what was originally a book bindery.

The 6 North 6th condo project features well-appointed and spacious units decorated in a more traditional aesthetic than many other projects of the period. Situated among more substantial building structures, some units can be somewhat light challenged, especially on lower levels and towards the rear. Ample parking is available, but must be secured by the individual owner in one of the various decks surrounding the project.

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THE OVERLOOK 7 0 1 P i n e St r e e t

The Overlook, located at the south end of the Oregon Hill neighborhood, is a collection of townhomestyle condos overlooking the James River and the Manchester Bridge.

the Monroe Park campus of VCU makes the community a great option for parents who want to invest in a condo in lieu of dorm life for their college students’ stay in Richmond.

As the name would suggest, the site sits high above the rock falls section of the James and offers some of the most spectacular views in the Metro. The Overlook’s convenient location offers access to Tredegar Ironworks, Brown’s Island, and Hollywood Cemetery, in addition to the parks along the James. Oregon Hill’s proximity to

The individual units feature a finish level more consistent with newly constructed homes, making them popular with those seeking the feel of suburbia in an urban environment. They vary in size but generally offer 3 and 4 bedroom plans, some with basements and garages.

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JACKSON WARD & CARVER Much like the Fan District and the Museum District are typically discussed as one, Jackson Ward and Carver’s close proximity often causes them to be combined in conversations about Downtown neighborhoods. Located west of Downtown and north of Broad Street, both Jackson Ward and Carver share a similar story of a century of growth, decline, and rebirth that largely mirrors the entire urban Richmond core.

Jackson Ward and Carver not only share some powerful neighbors — both VCU campuses, the State Capital and City Hall complexes, the Richmond Convention Center, and BioTech Park — but they are also populated by a wide array of unique and historic properties that offer a great palate for redevelopment.

Jackson Ward, specifically, contains a tremendous selection of condo properties with an incredibly diverse set of design aesthetics. From industrial flats to contemporary lofts to more traditional ‘pied a terres,’ the condo availability is some of the best in the city. Furthermore, the rapid transformation of Broad Street with restaurants, galleries, and cafés has been a boon for all of the owners in the neighborhood.

MARSHALL STREET BAKERY EMRICK FLATS

2C THE 212

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THE 212

2 1 2 Ea s t Cl a y Street The former Southern Aid life insurance building in Eastern Jackson Ward was redeveloped into 12 spacious condos and 5 commercial spaces close to the revitalized to the revitalized ‘2 Street’ corridor and Richmond Convention Center.

Local developer, Ron Stallings, took the ornate and striking structure and developed a series of condominiums that were far more traditional in look and feel — a sharp departure from the contemporary and industrial chic designs so prevalent in the urban revitalization movement of the era.

Featuring not only a traditional decor palate, but also larger and far more formal layouts, the project was designed to appeal to a section of the market who preferred a more conservative living option. A parking lot behind the property and a smaller lot across Clay provide ample parking. Small storage units are located in the basement.

DID YOU KN OW? The 212 is strategically located near Richmond’s government, medical, and research hubs.

The 212 is also the closest condo project to VCU’s Medical Campus, making it a favorite of interns and residents.

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JACKSON WARD & CARVER

2C

11 2 East C lay St r e e t 2C was one of the first large scale condo projects developed in the eastern Jackson Ward neighborhood along the 2nd Street corridor.

2C’s design is decidedly modern and industrial with concrete floors, sliding wall systems, and other minimalist finishes. Built in the early 2000’s, it came to market with a look and feel not available in Richmond’s marketplace and helped solidify development momentum in the eastern half of Jackson Ward along with The 212, Studio 516, and the historic Hippodrome Theater.

Several of 2C’s upper-floor units offer roof access with views of the Downtown skyline. Parking is available in a connected surface lot.

CON DO TIP Make sure to understand the rental density of your condo, as most condos have rental restrictions.

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DID YOU KN OW ?

2C, The 212, Studio 516, and the Hippodrome were all developed by Ron Stallings of Walker Row Partnership.

MARSHALL STREET BAKERY 1 1 0 We s t Ma r s hall Street

The Marshall Street Bakery project was one of several historic mixeduse renovations in the middle 2000’s in Jackson Ward along with Emrick Flats, The Sanctuary, The 212, and 2C. Built behind the facade of what used to be the Mother Herbert’s Bakery building near the triangle at Broad and Adams, Marshall Street Bakery is located between VCU Monroe Park Campus and the Medical School, making it not only popular with the urban-inclined, but with the medical school crowd, as well.

The project comprises 23 residential units (1 and 2 bedroom units from about 700 to 1,300 SF), 23 garage parking spaces, and about 3,000 SF of street level commercial and creative office space. The project is unique in that it has one of the nicer amenity packages for a project of its scale. It has a secluded courtyard, exercise room, and roof deck, which is accessed by elevator — a rarity in Richmond’s condo market.

It features bamboo floors, private decks and patios, granite counters, maple cabinets, and other upgraded finishes in the kitchens and baths.

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JACKSON WARD & CARVER

EMRICK FLATS 1 0 1 We s t Ma r s hall Street

In early 2005, development groups Property Results and Clachan Properties teamed up to create one of Richmond’s first true ‘industrial chic’ condo buildings.

Originally built as a car dealership in the 1920’s, the Emrick Flats feature concrete floors, walls of windows, up to 14’ ceiling heights, and a roof deck that offers amazing views of Downtown. The building is comprised of 25 residential units and 1 commercial space which previously served as the Emrick Chevrolet showroom.

Emrick was significant in that it solidified the development momentum in the Jackson Ward neighborhood, brought back an important and recognizable building a few streets closer to City Hall, and paved the way for other projects along the BrookAdams-Broad corridor between VCU and the Medical School Campus.

Emrick represented true industrial chic design and, along with the Gotham condos, helped prove that departing from tradition was not as risky as native Richmonders would have you believe.

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Parking is generally available at Emrick, either in the garage or in the outdoor lot, and a common roof deck gives residents without their own private decks access to outdoor space.

FAN & MUSEUM DISTRICTS The Fan and Museum Districts have long been the most complete and balanced of Richmond’s urban neighborhoods, with upscale housing, restaurants, green spaces, shopping, and offices interspersed throughout their borders. The sense of balance and stability consistently allows these neighborhoods to command some of the highest residential values in the entire region.

However, as an established and mature neighborhood, the opportunities for redevelopment are fewer and thus, large scale infill is somewhat rare. The condo projects that can be found are generally older conversions from prior decades that reflect a past generation’s interpretation of the condominium lifestyle.

The newer condo developments in the district typically take on two forms — either a repurposing of a functionally obsolete structure into condominiums or a renovation of a tenement-style 3 story walk-up apartment property into a 6, 12, or 24 unit condo property.

Regardless of the style, a Fan or Museum District location usually means several local dining options within a short walk as well as close proximity to the museums on the Boulevard and the boutique retail in Carytown.

TUSCAN VILLAS

IRON HOUSE MULE BARN ALLEY CARY MEWS

THE SYDNEY THE WARSAW

THE PRESTWOULD

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FAN & MUSEUM DISTRICTS

THE PRESTWOULD 61 2 We st Fr an k lin St r e e t

Overlooking Monroe Park, the Prestwould Condominium project represents one of the earliest entrants to the Richmond condo market.

Built in 1927, the property still carries the classically grand feeling of the era.

As VCU’s footprint expands, the project’s location can be both a positive and negative. While such a strategic location offers great stability, owners not related to the university must make peace with the collegiate surroundings. That said, the height of the building offers truly wonderful views of the VCU campus and Richmond’s skyline.

Largely due to its age, The Prestwould is one of the few condos whose association dues include all utilities, making them far higher than other projects. This can serve as a shock to those who are considering living there, especially when compared to other competitive condo projects.

Unit pricing in the Prestwould can vary greatly based on the level of interior renovation, the location within the building, and the view.

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THE WARSAW 1 4 0 0 F l oyd Ave nue

The Warsaw Condos, located in the heart of the Fan District, take up the entire 1400 block between Floyd Avenue and Main Street.

The brick-walled complex offers security, privacy, and a wonderfully peaceful setting, despite its urban location.

The original property was built in the early 1800’s as a private residence, but was converted to condominiums in the 1980’s. Unlike many of the recently developed condo properties, there is a high degree of variance among the units at the Warsaw, making each unit unique unto itself. The property includes a pool, secured entry, parking, and some panoramic views from the upper floors.

Proximity to VCU and the Uptown District of the Fan make the Warsaw a favorite of those who wish to have a low maintenance living option in Richmond’s most walkable neighborhood.

CON DO TIP “Warrantable” is a term used to describe a condominium in compliance with lender guidelines.

DID YOU KN OW? The Warsaw is truly an oasis inside the otherwise bustling Fan District.

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FAN & MUSEUM DISTRICTS

IRON HOUSE 1333 We st B r o ad St r e e t

Iron House Place, located on Broad Street, is a 60+ unit, mid-rise, mixed-use condo project developed in the middle 2000’s.

The project borders VCU’s Monroe Park Campus and has become especially popular with parents of students who wish to own their collegiate housing and not rely on dormitories or apartments.

C O N DO TI P Condo dues often include utilities, so make sure to understand what is included before making a financial decision.

Developed by Genesis Properties and designed by Walter Parks Architects, Iron House features one, two, and three bedroom plans, many with private decks or balconies, and a professional level of finish. While many condos around RVA were designed with form over function, Iron House took the philosophy that the units themselves should function well with roommate arrangements. This design approach has proved effective as the spaces tend to trade well in the resale market.

Iron House features garage parking, elevator, and secured entry.

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CARY MEWS 1 7 0 8 We s t Ca r y Street

Located along Cary Street in Richmond’s Fan District, the Cary Mews is a fascinating blend of historic warehouse renovation and newly constructed modern ‘townes,’ centered on a green alleyway. The name ‘Mews’ is derived from the European practice of converting alleyway properties into living spaces.

The warehouse, originally a woodworking space built around the turn of the 20th century, was converted into 7 unique living spaces with open design elements and a refined industrial aesthetic. The 6 newly constructed units on the west side of the property are notable for their striking juxtaposition to the other properties in the district. The metal exterior, contemporary brick, and flat roofs of the west building create a look that differentiates the project from other typical Richmond infill properties.

The Mews offers garage and lot parking and excellent outdoor living spaces, especially on the west side. The height of the project also allows for some views not typically offered in the Fan District.

C O N DO FACT

DI D YOU KN OW?

A ‘Limited Common Element’ is typicaly owned and maintained by the condo association, but its use is restricted to a specific unit or units.

The central courtyard of Cary Mews helps blend its contemporary and historic aesthetics.

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FAN & MUSEUM DISTRICTS

THE SYDNEY 1701 H an o v e r Av e n u e

The Sydney Condominiums, located in the heart of Richmond’s Fan District, was one of the first large-scale projects by local developer and contractor, The Monument Companies.

The property, which was originally built as a church in the 1920’s, became a series of upscale condos, each designed in a unique manner. Due to the historic nature of the structure, the developers employed a more traditional design aesthetic - heavy trim packages and classic tiles, granites, and cabinetry - creating a project that respects the nature of both the original property and the surrounding neighborhood.

The Sydney’s location, by Fan District standards, is superb as it falls within walking distance to much of the Fan’s best architecture and finest dining establishments.

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TUSCAN VILLAS 5 0 3 N or t h B oul ev ard

The Tuscan Villas have a unique Mediterranean look that dates back to their 1920’s conception. Originally developed as an apartment complex, it was converted into condominiums in the early 1980’s, and was, for many years, one of only a handful of available condominium options in Richmond.

Located near the museums of the Boulevard, the exploding Scott’s Addition neighborhood, and the upper Fan and Museum Districts, the Tuscan Villas are a wonderful option for those who value walkability.

Note that over time, many units have undergone differing levels of renovation, making direct unit-to-unit comparison of values more challenging.

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FAN & MUSEUM DISTRICTS

MULE BARN ALLEY 2 51 1 M u le B ar n A lle y

Mule Barn Alley, as the name would suggest, was developed in what was an old barn in the alleyway between Cary and Main Streets, just east of Robinson Street, near the GRTC Bus Terminal renovation.

Developed by Robin Miller in the early 2000’s, the project is unique due to its interesting history, quirky name, and rear alley location.

The units at the Mule Barn highlight the brick and beam features of the original structure. Open design and lofts increase the volume of the space and a small parking lot completes the package. The property does not offer additional amenities and thus functions more as a townhome development, despite the condominium ownership structure.

The Mule Barn is one of the closer projects to the Robinson Street entertainment district and is extremely walkable to Carytown. The renovation of the old GRTC Bus Terminal into a mixed-use development will also help bring more amenities nearby, enhancing its Western Fan location.

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REN OVATE D T E NE M E NTS 117 N Crenshaw Avenue 101 N Stafford Street 1608 Grove Avenue 1618 Park Avenue 1630 Monument Avenue 1828 Park Avenue 2207 Park Avenue 2235 Monument Avenue 2709 Hanover Avenue 402 N Belmont Avenue 2810 Kensington Avenue 3327 Grove Avenue

RENOVATED TENEMENT APARTMENTS The decades following 1900 were good ones for Richmond.

Much of what we see today as the Fan District and the Museum District was constructed during the 20 years following the turn of the 20th Century, and while we tend to see Richmond through the architectural lens of Monument Avenue, Grace Street, and the Boulevard, not every home was built to such lofty standards. When you look a little more closely, you will find many 3 story multi-family dwellings (typically in multiples of 6 units) interspersed throughout the Fan and Museum Districts.

These tenement apartments played a critical role in Richmond’s housing market as they provided living options for Richmond’s working class for the next 100 years.

3020 Patterson Avenue 910 N Tilden Street 601 Roseneath Road 2235 Monument Avenue

option for those 2805 Monument Avenue who sought ownership in an urban district and cleaning up many of the apartment properties that had fallen into disrepair.

Typically, apartment layouts were opened to accommodate a more modern living style and luxury baths and kitchens were added. Some properties provide alleyway parking and many offer some sort of basement storage space. Generally, the kitchens contain wood cabinets with granite tops and stainless appliances. Floors are typically the original wood, while plumbing and mechanical systems are new.

These tenement renovations can be found throughout the Fan and Museum District along almost every major street, including Monument Avenue.

When the market became heated in the early 2000’s and real estate pricing skyrocketed, many developers purchased these old tenement apartment buildings, renovated them, and put them back to the market as individual condominium units. This practice served a dual purpose, providing a more affordable housing

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WEST END As any long time Richmonder would attest, Richmond tends to view neighborhoods west of Downtown and along the River as the most valuable. As you move towards the Henrico County border along Cary Street Road or Grove Avenue, you will find some of the most highly sought and stable neighborhoods in the entire Richmond Metro.

As one would expect, these areas value tradition and both the housing stock and the condominium projects in the area reflect more conservative design aesthetics. The communities of the West End take on more suburban characteristics than their eastern neighbors, and therefore, are not as walkable as the more densely packed Fan and Museum Districts. Despite this, proximity to the posh shops of Libbie and Grove and the retail of Willow Lawn and West Broad Street make the West End incredibly livable, albeit more by car than by foot.

MONUMENT SQUARE

THE TUCKAHOE

LOCK LANE

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THE TUCKAHOE 56 21 Ca r y St r e e t Road

The Tuckahoe is one of Richmond’s most iconic properties. The striking structure anchors the intersection of Three Chopt, Cary Street Road, and River Road directly across from the Country Club of Virginia and near the University of Richmond.

Built in the late 1920’s, the Tuckahoe’s aesthetic is far more representative of a formal design period. From layout to finishes to amenities, the Tuckahoe’s appeal lies in its timeless authenticity, especially in the ample common areas. As is expected in older condo projects, individual unit finish levels may differ depending on the date of the last renovation.

As one of the taller structures in the area, the views from the upper floors can be quite dramatic.

CONDO TI P Condo budgets usually contain financial reserves for future repairs. Your lender will require adequate reserves before making a loan.

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WEST END

MONUMENT SQUARE 1 2 0 0 B a l us t r a de Boulev ard

Monument Square Condominiums, located at the corner of Monument Avenue and Willow Lawn Drive, offer an upscale living option moments from the revived Willow Lawn retail center.

Originally developed in the late 2000’s by Gumenick Properties, a local development group known for large scale, high-density infill projects, Monument Square was built on the site of a largely obsolete, 1940’s era apartment complex.

In Richmond, most condo projects tend to be smaller in nature, but Monument Square offers spaces often larger than 3,000 SF, appealing to buyers who wish to sell their larger residences for something newer and simpler.

Though admittedly not as walkable as Downtown or the Fan District, the location is a quick drive to the Willow Lawn shopping complex as well as the Libbie Grove corridor and Carytown, making Monument Square still extremely well situated.

Stylistically, Monument Square offers a more traditional

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design to honor its near West End location with cabinetry, tiles, trim packages, and flooring more consistent with suburban decor. Additionally, the project offers a pool and central clubhouse along with both interior and exterior parking options.

LOCK LANE 22 We s t Loc k Lane

Lock Lane, developed in the bones of an older tenement-style apartment complex along Grove Avenue, was created to provide a small, low maintenance living option in Richmond’s Near West End. In a way, Lock Lane is two projects in one. The original buildings were renovated into individual condo units, generally of one level, with new kitchens, baths, and updated floor plans. Alongside those original buildings, several additional new properties were constructed to complete the site.

The entire complex is well balanced with ample parking, green spaces, and a pool for the residents, and the location is only a short walk to the upscale boutique shopping node of Libbie and Grove.

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NORTHSIDE The hidden gem that is Northside is one of the most architecturally rich and engaging areas in all of Richmond, though most of the area’s development is centered on single-family properties rather than condominiums.

The stately homes of Ginter Park and the fascinatingly diverse bungalows of Bellevue truly define the appeal of Northside. Additionally, its proximity to downtown and points west and north have helped speed the resurgence of the area.

Long popular with architectural enthusiasts, these early 20th Century neighborhoods represent what is considered Richmond’s first suburban experiment. Originally conceived of by wealthy industrialist Lewis Ginter, the neighborhoods of Northside were created to provide a living retreat for the businessmen and working population of downtown who sought more elbow room than what the connected row homes and tenement apartments provided.

Fast forward to today and you will find incredible development momentum along all of its borders — especially to the east — and a healthy, albeit undersupplied, housing market. Several small commercial retail nodes also dot the landscape, making the neighborhoods of Northside a popular option for those who seek a wonderful combination of space, proximity, and authenticity.

GINTER PLACE

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GINTER PLACE 1 3 5 0 We s t w ood Av enue

Ginter Place, developed in what was originally the Richmond Memorial Hospital in Richmond’s Northside, is a 69-unit condominium complex renovated just as the market began to change in the middle to late 2000’s.

The project houses larger spaces than most of Richmond’s condominiums tend to offer. All of the homes in Ginter have at least 2 baths with unit sizes ranging from 1,600 to 2,300 SF. Most of the units have private balconies and several on the first and second floors have expansive patio space.

Unit interiors feature some of the largest kitchens in the market, with professional series appliances, gas cooking, and ample counter space.

The spaces also offer tile baths, sizable closets, wood floors, a gas fireplace, and a high-end trim package.

The amenity package at Ginter is strong with two elevators, both garage and lot parking, large storage lockers, an exercise facility, and a guest suite. The Northside location offers quick access to both downtown and Richmond’s interstate system.

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MANCHESTER & SOUTHSIDE Located along the southern banks of the James River and Downtown, the formerly industrial district of Manchester has experienced some of the most rapid change in the entire metropolitan area.

Beginning in the early 2000’s, as much of the industrial base of the city began to migrate to more modern facilities, the development community moved in and began to transform these manufacturing facilities into the lofts and flats like those found in large east coast cities. The large-scale nature of these properties meant not a slow ‘house by house’ transformation, but a lightning fast ‘block by block’ one. Thus, the Manchester of only a few years ago is nothing like the one we see today.

The impact of the redevelopment in Manchester is felt throughout the Southside, extending from its borders with downtown, all the way up Semmes and Forest Hill Avenues to the border with Chesterfield County. The blend of grand and affordable housing, re-emerging retail, green spaces, and access to the amazing James River Park System solidifies the appeal of the corridor.

HATHAWAY TOWER

OLD MANCHESTER LOFTS

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THE DECATUR

THE DECATUR 3 9 E as t 3 r d St r eet

When MeadWestvaco left the Manchester area and sold its manufacturing facilities to the new wave of warehouse and adaptive re-use developers, they unwittingly enabled what became a rapid and powerful change for Downtown Richmond and specifically, Manchester.

One of the larger warehouses, dubbed ‘Plant Zero,’ was purchased

by Fountainhead Development, a key player in Richmond’s historic neighborhood redevelopment movement.

Fountainhead’s lead developer, Bill Chapman, saw the potential of the Plant Zero space and convinced three others to join him in the development of three high-end luxury lofts and one commercial space across 20,000 SF of the warehouse, resulting in the award winning Decatur Condominiums.

Each unit in the Decatur is wholly unique in size, shape, and decor, making it different than most condo projects, which tend to offer largely homogenous spaces. Originally purchased in raw form, each unit was customized and finished according to the owners’ individual preferences.

Amenities at the Decatur include secured garage parking, private roof decks, and private entry elevator access for two of the units.

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MACHESTER & SOUTHSIDE

OLD MANCHESTER LOFTS 8 1 5 Pe r r y St r e e t

Having vision is one thing. Executing it is another.

In the early 2000’s, local developer Robin Miller purchased one of Manchester’s largest warehouses, with the goal of bringing true urban loft living to Richmond. As the first urban residential renovation of its scale, this project began a movement of creative restoration to many of Richmond’s most spectacular, albeit blighted, properties in the urban core.

Featuring industrial-style loft condos overlooking a central open atrium, the project was introduced to the marketplace with great fanfare and interest. Many still remember the launch party, which featured multiple units professionally decorated by Richmond’s most talented interior designers, each one offering a unique and polished look.

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HATHAWAY TOWER 29 5 6 H a t ha wa y Road

The Hathaway Tower, located just off Forest Hill Avenue near Willow Oaks Country Club, rises well above its neighbors and provides a recognizable landmark for the area.

The property was developed in the early 1970’s and is one of the few structures south of the River that provides scenic vistas from its upper floors. The redevelopment of the Forest Hill Avenue and Chippenham intersection in the early 2000’s brought much needed retail to the area and has helped drive up the corridor’s popularity.

Due to the structure’s age, the spaces vary widely in terms of renovation level. Some have been renovated far more recently and thus, trade at a premium compared to their counterparts.

As would be expected from a project built in the 1970’s, the floorplans are less open than contemporary designs and the ceiling heights are lower, but the balconies provide incredible views of Downtown and other Richmond landmarks.

Hathaway Tower is one of a very small number of condos in Richmond that provides front desk security for its residents.

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About One South Realty ne South Realty was founded in 2008 by a group of like-minded Realtors who sought a better model for real estate brokerage.

Seeking more progressive marketing techniques, data driven decision-making, a collaborative work environment, and some of the most professional support staff in the industry, the original ‘Gang of 5’ has grown to over 70 agents and staff in multiple markets, working out of our award-winning office space in Richmond’s Fan District.

By focusing on the techniques that drive results, One South has out-performed the Central Virginia Regional Multiple Listing Service in every meaningful performance metric relating to growth, percentage of original asking price, and marketing times.

Additionally, we have been fortunate enough to work with some of the most talented developers and builders in our marketplace and bring the same marketing acumen to our individual sellers as we would a multi-unit development project.

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OSRG CONDOMINIUMS

AROUND RICHMOND

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Tyler Potterfield Memorial Bridge Capital Trail The Canal Walk Brown’s Island Belle Isle Monroe Park Fountain Lake The Carillon at Dogwood Dell Byrd Park Main Street Station The National Manchester Floodwall Buttermilk Trail Hollywood Cemetery Maymont Carytown VMFA The Low Line Libbie and Grove Shopping Altria Theater Richmond Center Stage Shockoe Slip The Diamond Science Museum of Virginia James River Park System Forest Hill Park American Civil War Museum Scuffletown Park VCU Stuart C Siegel Center VCU Institute for Contemporary Art The Richmond Coliseum City Hall Virginia State Capitol Rocketts Landing Nolde Bakery The Reserve Shockoe Valley Lofts Vistas on the James Gotham Riverside on the James 6 North 6th The Overlook The 212 2C Marshall Street Bakery Emrick Flats The Prestwould The Warsaw Iron House Cary Mews The Sydney Tuscan Villas Mule Barn Alley The Tuckahoe Monument Square Lock Lane Ginter Place The Decatur Old Manchester Lofts Hathaway Towers

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