Track storms using CBS 6 Interactive Radar

Burned-out Broad Street store to be new Richmond restaurant

11 W. Broad St. has been vacant since a fire broke out and displaced the thrift store that had long operated there.

RICHMOND, Va. — Developers Eric Phipps and Bryan Smith have gained more ground along a downtown stretch of Broad Street.

Their firm, SNP Properties, last week purchased the one-story retail building at 11 W. Broad St. for $780,000, according to city real estate records. Long home to a thrift store that caught fire last November, the property most recently was assessed by the city at about $294,000.

They’ve leased the 3,200-square-foot building to LX Group, which is planning a dining concept with a rooftop deck. That will add to LX Group’s efforts that are already underway next door at 13-15 W. Broad St., where it’ll open Nama, an Indian-inspired restaurant, and a pop-up bar called Switch.

SNP purchased the latter property a year ago, along with four other buildings on the block in a $15 million deal. With its latest asset secured, SNP now controls five of the six buildings on the Broad Street block bounded by North Foushee and North Adams streets.

The group does not own 1-3 W. Broad St., which houses Tarrant’s Cafe restaurant and a few apartment units above.

Click here to keep reading on RichmondBizSense.com.