RICHMOND, Va. — Two members of Richmond’s new generation of developers have closed on their latest deal, reports RichmondBizSense.com.
Jason Guillot and Justin Paley last month purchased the Phipps & Bird facility at 1519 Summit Ave. and 3015 Moore St. in Scott’s Addition, which they plan to redevelop into a mixed-use project called The Spur.
The duo closed on the 35,000-square-foot structure Dec. 28 for $2.7 million, Guillot confirmed. They put the property under contract in November. It most recently was assessed for about $1.13 million, according to city tax records.
Plans for The Spur call for spaces in the project to range from 1,100 square feet to 14,500 square feet for individual tenants, although Guillot said that could increase up to around 20,000 square feet. The site also will include a mix of onsite, garage and street parking.
The property’s 1970s-era atrium section, which connects the two buildings, will be demolished – opening the space to be transformed into a common area with greenery and seating that could double as restaurant patio seating.
Guillot said they are in discussions with several tenants.
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