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John Marshall plan revitalized: Richmond hotel to have retail space, high-end apartments
(Richmond Times-Dispatch (VA) (KRT) Via Acquire Media NewsEdge) Sep. 4--A new push is under way to redevelop the Hotel John Marshall in downtown Richmond into high-end apartments and retail space.
Developers plan to transform the landmark building at Fifth and Franklin streets, which opened in 1929, into 232 luxury apartment units and 24,000 square feet of retail space, according to a promotional flier released by Commonwealth Commercial Partners Inc., which is leasing retail space in the building.
Michael Campbell, principal with Dominion Realty Partners Inc., which has joined the redevelopment efforts, confirmed the project is on track again. Dominion Realty is the developer of Vistas on the James, an 18-story condominium complex along the James River that opened last year.
He declined to provide specifics such as financing and the schedule for completion. "We'll be in a better position to give out some specific information in the next few months," he said.
If the latest plans work out, the development will be named "Residences at the John Marshall."
The hotel closed in 1988 but reopened in 1999 with only a portion of its rooms available. It closed again in 2004.
Efforts to revive the 79-year-old building as an upscale residential and retail spot have been simmering for years, but have yet to materialize.
In mid-2004, developer John C. Camper, owner of Hampton Roads-based Virginia Atlantic Development Inc., announced plans to convert the former hotel into 178 upscale apartments with one, two and three-bedroom units. Those plans haven't happened because of difficulty getting the necessary financing.
Now, Dominion Realty has joined Camper in revitalizing the building, Campbell said. Camper did not respond to two phone calls seeking comment.
The new push to revitalize the John Marshall is partly the result of several other multimillion-dollar redevelopment projects in the area around the hotel, Campbell said.
"Given the fact that there is a lot going in that area, with the [federal] courthouse and Center Stage and the [former] Miller and Rhoads building, it is unique opportunity," Campbell said.
The new federal courthouse opened this week. The former Miller & Rhoads department store is being converted into a Hilton Gardens hotel.
Those projects and others could bring the foot traffic and investment dollars that the John Marshall project needs, some local real estate professionals said.
"When you look at the millions of dollars that are being spent around [the John Marshall], that's a positive," said Steve Gentil, chairman of Grubb & Ellis/Harrison & Bates brokerage in Richmond. "Capital attracts capital."
"It has certainly been a long time coming and there have been a lot of starts and stops on this particular project with past developers," said C. Lee Warfield III, executive vice president of Thalhimer/Cushman & Wakefield in Richmond. "I think that Dominion Realty is a strong group and hopefully they can pull it off, and be the one to achieve success where others have not."
The developers have received some "initial commitments" for retail leases in the building, Campbell said.
James McVey, vice president and director of retail for Commonwealth Commercial Partners, said developers want to anchor the retail portion of the development with a restaurant and a bank.
Contact John Reid Blackwell at (804) 775-8123 or jblackwell@timesdispatch.com.
Hotel John Marshall's history
The 15-story Hotel John Marshall was designed by Marcellus Wright and constructed in 1928-1929 by Wise Granite and Construction Co. Here's the hotel's timeline:
1929: The hotel opens Oct. 30, in the midst of the stock-market crash.
1955: An addition is built onto the north wing of the hotel.
1963: An exposition center and a 150-room expansion open.
1988: The 418-room hotel and its two restaurants close.
September 1997: The hotel is sold in an auction for $3.016 million to Gilbert L. Granger, then mayor of Williamsburg. The final price is for less than the property's assessed value at the time, $4.95 million.
April 1999: The hotel has its first overnight guests, using 12 rooms on one wing of the second floor available for occupancy at $50 a night.
February 2003: G-Square Inc., the entity controlled by Granger, signs a long-term lease agreement with Virginia Atlantic Inc. to operate the hotel.
July 2004: John C. Camper, owner of Virginia Atlantic Inc., announces plans to purchase the hotel from Granger and convert the building into 178 one-, twoand three-bedroom luxury apartments
December 2005: Construction barricades and fences are removed around the hotel at the request of the city after construction failed to start on the apartments.
SOURCE: Richmond Times-Dispatch archives
To see more of the Richmond Times-Dispatch, or to subscribe to the newspaper, go to http://www.timesdispatch.com.
Copyright (c) 2008, Richmond Times-Dispatch, Va.
Distributed by McClatchy-Tribune Information Services.
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