The former Quality Inn & Suites building at 3200 W. Broad St.
RICHMOND, Va. -- A sizable chunk of Scott’s Addition real estate once stuck in legal limbo is now in the hands of new owners who are planning a $70 million mixed-use project for the site.
Developers Louis Salomonsky and David White closed Friday on their purchase of the former Quality Inn & Suites property at 3200 W. Broad St. Salomonsky said the purchase price, which had yet to be recorded, was approximately $8 million.
The 3.5-acre property, which fills a city block, includes the now-shuttered six-story hotel building along Broad Street. The property most recently was assessed for about $11 million, according to city records.
Salomonsky and White, who run Shockoe Bottom-based Historic Housing, are planning to overhaul the site with a $70 million redevelopment that includes 322 primarily market-rate apartments, commercial space and a parking deck.
Plans call for the existing building to be redeveloped to include 30,000 square feet of ground-level commercial space that Salomonsky said would extend to the sidewalk along Broad Street.
The remaining five stories would be converted into 117 apartments, mostly one-bedroom units.
The parking deck along West Marshall Street behind the building would be replaced with a 12-story residential tower with 205 one- and two-bedroom apartments, Salomonsky said. A 550-space, four-story parking deck is planned for the corner at West Marshall Street and Highpoint Avenue.
“About 100 of those spaces we’re looking at making public to help address the need for more parking in the area, and to help the businesses nearby,” Salomonsky said.
Salomonsky said 15 percent of the apartments will have rents targeted to low-income tenants. He said rental rates for the project have yet to be set.
