Carytown building sells for $1.6 million
The former Virginia Commission for the Blind building in Carytown has sold for $1.6 million, and the new owner plans to convert it into 32 luxury apartments.
Commonwealth Commercial Partners sold the building at 3003 Parkwood Ave. in Richmond to Richmond-based Crescent Preservation and Development. “The property is in a fabulous location offering future residents easy access to all of the amenities in Carytown,” Sam Worley of Commonwealth Commercial Partners, said in a statement. He represented the seller along with Chris Jenkins and Ryan Fanelli.
According to Commonwealth Commercial, the buyer plans to convert the property to apartments using historic tax credits. Crescent Preservation & Development Co. is a real estate investment management firm specializing in the acquisition and adaptive reuse and/or substantial rehabilitation of affordable housing and historic structures using federal, state and local incentives.
The 16,288-square foot, U-shaped building was originally constructed in 1941. It sits on the edge of Carytown at the corners of Parkwood and Sheppard Streets. Built during the Colonial Revival style era, it features Flemish-bond brick exterior walls and corner quoins.
Virginia's governor at the time, James Price, appointed Lucian Louis Watts and the Virginia Commission for the Blind to oversee construction of the building, which served as the executive offices of the commission until 1980, when the organization moved to Azalea Avenue. The property was most recently a senior/retirement home known as Parkwood Manor.
Walter Parks Architects of Richmond has been retained for the renovation design and Cite Design of Richmond has been hired for landscaping improvements. Monument Construction will serve as the general contractor.