2 large building projects get OK
By Staff Reports
Sep 23, 2013, 14:36
PETERSBURG Ś Two major developments are moving forward after they received City Councilĺs blessing this month.
A major city landmark will finally get new life after sitting vacant for years while a large mixed-use development is planned for a vacant lot.
City Council has approved selling the former BB&T Bank building located at 30 Franklin Street to Maramjen Investments LLC, of Richmond. Plans for the seven-story building include a restaurant with banquet space, visitor center, office space for Petersburg Economic Development, general retail, apartments, and a penthouse on the top floor. The art-deco building which dates to 1930, will be sold by the city for $600,000.
It is located across from the post office. The sale also includes a parking lot across Washington Street.
é─˙This will bring valued property back onto the City tax roll,é─¨ said Vandy Jones, director of economic development. Jones also says é─˙The revitalization of this gateway building is another major step in
the improvement of the Washington Street corridor from I-95.é─¨
The building is eligible for historic tax credits and is located in an enterprise zone. For over 70 years, the
high rise was a prominent space for banking, legal, medical and other service related businesses.
Plans for the building include a restaurant, tentatively called M Bistro South, on about 3,000 square feet. There will be food preparation areas in the basement with an exhibition space to be shared with a banquet facility on the second floor.
The cityĺs Department of Economic Development will lease about 2,755 square feet on the third floor.
Floors five through seven will become 12 apartments.
The property at 30 Franklin St. is assessed at $1.4 million but has sat vacant for years and was bought by the city for $350,000, according to online property records.
On Sept. 17, Petersburg City Council also unanimously approved a $10 million dollar mixed-use development that will be located at 308 Canal St. The project will include up to 92 apartments and 26,000 square feet of ground-floor commercial space. The plan calls for 30 one-bed room apartments and 62 two-bedroom apartments, according to planning records. There will be two buildings with a parking garage in the middle. There will be a total of 125 parking spaces for the development.
Hannibal Hasan, an agent for the Hanson Company LLC, has submitted an application to rezone the property in order to develop a mixed-use development with the first floor as commercial and the upper floors residential.
The property on the corner of Canal Street, North South Street and High Street is currently vacant. The lot is overgrown and some parts are used for parking by Virginia State University and other residents.
The city Planning Commission recommended that the project be approved.
This will be the final redeveloped lot at the corner.
The eastern corner was recently rezoned to accommodate a pizzeria and apartment on the second floor and the southern corner was recently rehabilitated.