James River condo plans scrapped when no buyers offer bids

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A rendering of the view from Canal and Pear streets. Courtesy of One South Realty.

RICHMOND, Va. — After nine months and no presales, a high-end condo tower envisioned for the end of Tobacco Row has been scrapped.

Developers David Johannas, Jerry Peters and Howard Kellman have pulled the plug on One Shiplock, an 11-story, 15-unit building planned at 2723 E. Cary St.

The project, which was valued at $10 million, did not secure one buyer since floorplans hit the market last June. The highest-priced units were listed at $1.55 million.

Johannas, a local architect, had touted the project as introducing a home ownership option in rental-heavy Shockoe Bottom, but he said minimal interest and feedback from prospective buyers told him the location is not ready for the higher-end, modern product they were pitching.

“I don’t think this location has quite come into its being yet,” Johannas said. “It’s not quite connected over to Stone (Brewing), it’s not quite connected over to Rocketts Landing, so it feels like it’s floating over on the edge.

“I feel like more development needs to come into that area to attract a higher-end buyer in that location,” he said. “Maybe a lower-end buyer would still be interested, but there’s a little more connectivity that has to happen over there.”

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