Two riverfront condo projects moving ahead

Lynchburg’s recent improvements along Jefferson Street and other developments in the area have convinced developers that the time is right for two condominium projects on downtown’s riverfront.

“With all that revitalization right there, it’s coming back to be a profitable corner,” said Tony West, who is renovating an old tobacco warehouse at Washington and Jefferson Streets as condominiums. The building’s sale closed last week.

West said he likes the area because of its proximity to the Percival’s Island entrance to the Blackwater Creek Trail and because of other renovation projects going on in the area.

Last year West renovated the building that now houses the Robin Alexander restaurant on Main Street. Real estate agent Ed Koepenick called his attention to a brick building on Washington Street, down the hill from the restaurant.

Koepenick said former owners and potential buyers had thought of opening a nightclub or fitness center there. West plans to use historic tax credit financing to create 15 condominiums in the warehouse.

Just a few blocks down, a group of investors is preparing to move forward with building new condos in downtown Lynchburg that will start at $289,000.The average price of condominiums that sold in Lynchburg last year was about $110,000.

Consensus Real Estate broker Don Pendleton said he believes people will pay that price for James River Place.

The development will consist of upscale residences with on-site parking and secured access. They also will let people own a residence downtown.

“The opportunity to buy a residence in the central business district is pretty rare,” said Pendleton, who represents the partnership Invest Lynchburg LLC.

Most downtown developers use historic tax credits to help turn an old building into apartments. In those cases “there’s a prohibition against the sale of the property for five years,” Pendleton said. “(With) new construction, that prohibition won’t be in place, so the residential units can be sold, and will be sold.”

Consensus Real Estate presented plans for James River Place to City Council in late 2007. Invest Lynchburg was preparing to buy three parcels on Jefferson Street, across from Riverfront Festival Park.

Since then, the investors have worked to plan the phases of the property “in the context of the update of the city’s master plan,” Pendleton said.

Also, the investors are ready to proceed because of the city’s work on infrastructure in that area, including new sidewalks and restoration of Jefferson Street’s stone block surface and renovations at Riverfront Festival Park, Pendleton said.

James River Place’s first phase would include a total of 14 condos in a five-story building. Eventually the project could have as many as 80 units flanking the lower bluffwalk from 12th Street.

The lower bluffwalk is a planned pedestrian thoroughfare between Jefferson and Commerce streets that the city’s master plan envisions being lined with shops.

Consensus is taking $10,000 deposits from people who would like to reserve a spot in James River Place. Once Invest Lynchburg decides enough buyers have committed to the project, it will take about 18 months to finish planning and build the project, Pendleton said.

“We’re looking to gauge interest from the buying public,” he said.

www.jamesriverplace.com