NewsLocal News

Actions

Plan to turn bank into brewery goes bust

Default-Image_1280x720.jpg
Posted at 9:29 AM, Feb 16, 2018
and last updated 2018-02-16 09:29:53-05

RICHMOND, Va. — A Scott’s Addition brewery is off the table.

Jay Shah, local restaurateur and executive at Shamin Hotels, along with business partner Joel Gilbert, have scrapped their plan to open Statement Brewing in the old SunTrust bank branch at 3022 W. Broad St.

Shah said the 10,000-square-foot brewery and restaurant hit roadblocks in securing historic tax credits for the 70-year-old building.

“After two years of design, and going through the motions submitting for tax credits, we got outright rejected,” Shah said.

Their designs included a mezzanine level and outdoor beer garden, but those features would have had to be eliminated in order to get the tax credits.

“We really worked hard and went extra steps to preserve it,” Shah said. “It was surprising to me, our architects and our consultants. It seems like we just had bad luck.”

Shah said they initially didn’t want to depend on tax credits to build the brewery, but the cost escalated during the design phase mainly because of the historic nature of the building. He said Statement was going to be an $8.5 million project. They paid $1.7 million for the property in early 2016.

Click here to keep reading on RichmondBizSense.com.