News Summary
Richmond, Virginia, is set to undergo a major transformation as a historic office building at 801 East Main Street is converted into a residential complex called Altitude on Main. Backed by $68 million in financing from Kalyan Hospitality and RPC Capital, the project will include 301 apartments and 8,500 square feet of retail space. With modern amenities and a commitment to preserving the building’s historical charm, this redevelopment aims to enhance urban living in Richmond. The anticipated opening is scheduled for summer or fall of 2026.
Exciting Transformation on the Horizon for Richmond!
Richmond, Virginia, is buzzing with excitement as a new urban development project is gearing up to breathe new life into a historic office building. In a fantastic collaboration, Kalyan Hospitality and RPC Capital have successfully secured $68 million in financing to tackle the ambitious conversion of the office space located at 801 East Main Street. Get ready, because this project is set to transform the building into a stunning residential complex named Altitude on Main.
A Slice of History in Downtown Richmond
The building itself comes with a rich history, having been originally constructed back in 1965. Housed within a historic district just two blocks from Virginia’s state capital building, it has plenty of character to offer. The best part? This project’s historic designation qualifies it for valuable historic rehabilitation tax credits. These credits are a fantastic incentive for developers seeking to repurpose older buildings while maintaining their historic charm, making the project both an economical and community-focused endeavor.
What’s in Store for Residents and Businesses
Once complete, the conversion will result in the creation of 301 apartments — a perfect blend of modern living in a historic setting. The plan includes a variety of apartment types, predominantly featuring one-bedroom and studio units; there will also be around 35 two-bedroom apartments for those needing a little extra space. This redevelopment promises to cater to diverse living needs in the heart of the city.
But that’s not all! The ground-floor level will feature 8,500 square feet of prime retail space, opening the door for new shops and services to contribute to the vibrant community. Formerly, this space housed a Wells Fargo branch, and the new owners plan to market it for fresh retail opportunities.
Plenty of Amenities for the Modern Lifestyle
As if the residential aspect wasn’t enticing enough, Altitude on Main will also offer a plethora of modern amenities for its future residents. Imagine starting your day with a workout in a state-of-the-art fitness center, unwinding in a stylish clubroom at the end of the day, or socializing with friends on an impressive rooftop patio. For those seeking some friendly competition, the building will even include indoor pickleball courts and a golf simulator. With 366 parking spaces included, convenience is the name of the game!
Progress is Underway!
After the previous owner, Fredericksburg-based Vakos Cos., initiated planning in 2022, the project transitioned to its new owners, Steven Walker from RPC Realty Capital and Nick Patel from Kalyan Hospitality, in 2023. Excitingly, demolition work has already begun to pave the way for this transformative project, which has been vacant for about a year since losing its anchor tenant, the Virginia Department of Social Services.
With federal and state historic tax credits in hand, supported by PNC Bank and Commonwealth Advisors Capital, the launch of this project couldn’t come at a better time. Richmond’s economic landscape appears optimistic, with urban development gaining traction, despite challenges faced in the past.
Mark Your Calendars!
So, when can Richmond residents expect to see these new apartments available for lease? The anticipated opening is set for the summer or fall of 2026. With a project of this magnitude underway, Richmond’s skyline could soon feature an extraordinary blend of historic preservation with contemporary living.
As the community gears up for this exciting phase in the city’s development, the hopes and dreams of many residents are shaping the future of Richmond. This project signals a positive movement toward urban rejuvenation, and it’s clear that the best is yet to come! Stay tuned for what promises to be an exciting transformation to our beloved downtown!
Deeper Dive: News & Info About This Topic
- Commercial Observer
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- New York Times
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