BUSINESS PROPERTY

WORDS BY SHERI BELL-REHWOLDT

Richmond is experiencing a real-estate boom, as hungry buyers sweep up properties in once-defunct neighborhoods.

River Lofts at
Tobacco Row

Like many other cities across the country, Richmond has experienced its own mass exodus to the suburbs. Yet the city is slowly rebuilding its downtown population, as young professionals and suburban empty-nesters flock back, appreciating anew what makes Richmond such an exceptional second-tier city: its cultural offerings, relaxed charm and diverse, yet still affordable housing.

“There’s no neighborhood in Richmond that’s a bad investment,” says realtor Chris Small. “Houses are selling very quickly.”

Whether buyers are drawn to modern condos carved from abandoned tobacco warehouses or row houses dating from the Civil War, in Richmond they can find the perfect place to nest. But with inventory growing thinner, Small cautions deal-seekers to make their move soon. Sales are brisk in “hot” neighborhoods such as the Museum District and Shockoe Bottom, and growing in historic, yet neglected neighborhoods such as Jackson Ward, Fulton Hill and Union Hill. “These areas have beautiful architecture,” says realtor Kay Reed, “but they had gone downhill.”

Despite the allure of new construction booming in Richmond’s surrounding counties, many buyers are enticed by the city’s historical architecture, made delightful by pocket doors, exposed brick and intricate crown molding. “You’re not going to find historical and charming in the suburbs,” notes Reed. “If people want a historical house, they buy in the city.”

And it is this combination of buyers, city renaissance groups such as Neighborhoods in Bloom (NiB) and private developers that are fueling the regeneration. They are to be heralded for ensuring Richmond’s aggressive comeback, as they revitalize and maintain neighborhoods— house by house and block by block.

This progress is keenly appreciated by residents who have long called the city home. One die-hard fan is Bill Martin, director of the Richmond History Center and owner of the city’s oldest townhouse, situated in a beautifully renovated section of Church Hill. Martin gushes in his enthusiasm for the revitalization of Union Hill’s 19th-century cottages, as well as the expansion of Church Hill across Broad Street. Both, he says, will ensure that Richmond grows in its reputation as a vibrant and diverse place to live. “Union Hill is an important example of the power of preservation to transform a community,” says Martin. “It has that rich diversity of people and architecture that defines urban places.”

Yet sales are often dictated by the amount of elbow grease new buyers are willing to put in. Within each neighborhood, says Small, some houses need big overhauls, some just minor facelifts, and others come to market fully renovated. “There are certainly some bargains to be found there if buyers are willing to persevere and give it time,” admits Reed.

Jackson Ward, with its Greek and Georgian Revival town homes, well deserves a comeback. From the ’20s through the late ’40s, Jackson Ward functioned as the city’s center for black enterprise and entertainment. But it struggled with steady decline in the ’50s when construction of the interstate ripped the neighborhood apart. The expansion of the downtown convention center in 2000 has helped its resurgence, as has support from community organizations. Tax credits, abatements and a program that offers some buyers $10,000 toward down-payments and closing costs are all contributing to sales.

Homes in the Museum District have remained consistently popular, as the neighborhood didn’t experience a period of neglect. These solid homes, built between 1895 and the mid-’40s, are located near Monument Avenue (the only street in America designated as a National Historic Landmark), the Virginia Museum of Fine Arts and the shops of Carytown—downtown’s bustling shopping district. Twenty-two of its properties, enhanced by ample sidewalks and shade trees, are listed on the National Register of Historic Places.

“I like the big heavy doors and big windows with panes, and the wood floors are beautiful,” says Janene Charbeneau, of the 1926 home she shares with her writer/musician husband. She also enjoys the proximity to the city’s heartbeat and easy access to major roadways.

Shockoe Bottom, the city’s center of nightlife, is the fastest-growing census tract in the city, spurred in its emergence by visionary developers. With the addition of a flood wall in ’94 and the support of city organizations such as the River District and Richmond Renaissance, this area vibrates with restaurants, shops, apartments and condos. The number of recent condo sales, says Small, is going through the roof. “I’ve never seen anything like it.”

Loving the city the way he does, Small understands the appreciation of new buyers coming in. Richmond offers energy, diversity, and a strong sense of community. ”I think the best thing a Richmonder can do is move away for two years,” he says. ”When they come back, they really see what a great city this is.”