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Thalhimer snags building in district zoned around new Pulse line

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Thalhimer Realty Partners purchased 3407 W. Broad St. July 3 for $1.2 million. The firm plans to redevelop the site. (J. Elias O’Neal)

RICHMOND, Va. — Fresh off a $5 million acquisition last month near The Diamond, a local development firm has made another property grab in the city – this time on the edge of Scott’s Addition.

Thalhimer Realty Partners, the investment and redevelopment arm of Cushman & Wakefield | Thalhimer, this month purchased an office building at 3407 W. Broad St. for $1.2 million. The 0.6-acre site most recently was assessed for $831,000.

TRP has plans to redevelop the property, which currently houses a 2,000-square-foot office building whose tenants include Bailey Insurance Agency.

Drew Wiltshire, managing principal of TRP, would not comment Thursday about any specific plans for the site.

Fronting West Broad Street along the newly operational Pulse bus rapid transit line, the property was rezoned TOD-1, or “transit-oriented nodal district,” about a year ago.

The new zoning designation allows for taller, mid-rise development along the Boulevard, Myers Street and West Broad Street corridors that border Scott’s Addition to the east and south.

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