American Model Tobacco Building May Become Apartments

Source from:  inrich.com Tuesday, Jan 22, 2008 01/23/2008

The renovation of the classic American Model Tobacco building in South Richmond came before a City Council committee today for support, but council took no action. Hunt Investment LLC is proposing an $84 million renovation of the building, an Art Deco landmark on Jefferson Davis Highway near Hopkins Road. The developer expects to create almost 600 apartments in the project's two phases, with rents ranging from $600 to $1,500 a month. The first phase would include about 220 units at rents designed to serve low-income residents, based on tax credits that Hunt is seeking from the Virginia Housing Development Authority. The developer also plans about 150 apartments at market-based rents in the first phase, which is scheduled for completion in October 2009. The project is counting on $17 million in revenue bonds issued by the Richmond Redevelopment & Housing Authority. "I think its going to bring the whole Jefferson Davis (Highway) corridor back to life," said 8th District Councilwoman Reva Trammell. American Model Tobacco opened in 1939, during the heyday of the tobacco industry in Richmond, and closed in 1985. The 15-acre property includes an old power plant that is planned for a fitness center, pool, and more than 25 apartments, as well as three one-story warehouses that will be converted to about 230 apartments in the project's second phase. The main building encompasses about 350,000 in seven stories, with some sweeping view of the city skyline. Enditem