LYNCHBURG, Va. (AP) — Downtown residential living continues to expand with the opening of loft apartments nestled within former industrial properties and the upcoming addition of a new condominium development on the Bluffwalk.
A ribbon-cutting ceremony is expected to occur within the next two weeks for the Piedmont Flour Mill Lofts on Jefferson Street, which currently is accepting tenants. It is one of several residential projects with more than 130 units nearing or at completion downtown.
The property was purchased by partners Larry Cluff and Andrew and Mitch Namrow in 2009 under the name of Lynchburg Mill LLC. The partners also are involved in a project to convert the former Virginia School of the Arts building on Rivermont Avenue into apartments.
The building that houses Piedmont Flour Mill Lofts was constructed in the 1800s and operated as a flour mill up until about 40 years ago, Cluff said.
The old flour mill now contains 55 one- to two-bedroom units in addition to 2,700 square feet of commercial space located on the first floor of the property. Cluff said Piedmont Mill's commercial space also is actively seeking tenants.
Piedmont Flour Mill Lofts retains features of its historic past, such as exposed brick and timber beams.
Restoration of the mill has been challenging, "but this is what we do," Cluff said.
"It's a good project, and we're very proud of it."
Another project — Gish Flats, located on the corner of Court and Fifth streets — also aims to combine the old with the new.
The development consists of 66 one- and two-bedroom units located within two buildings separated by a courtyard. One of those buildings is a roughly 133-year-old structure that once served as the R.E. Gish Tobacco Factory, and later a hosiery mill, according to the apartments' website. Tenants seeking a more modern design can choose to live in a newly constructed apartment building adjacent to the historic structure.
Work began on Gish Flats last year, and a ribbon-cutting ceremony occurred in November.
"We think the two buildings complement each other," said Ross Fickenscher, a partner behind Court Street LLC, the owner of Gish Flats.
Another adaptive reuse of a historic structure, Factory 88, also now is complete. Located at 320 12th St., Factory 88 accepted its first tenants in October. The 23 one-bedroom units are located within a former tobacco factory, which was constructed around 1850, according to Factory 88's website. According to property and leasing manager Sharon Lester, Factory 88 is completely leased.
On a lot that fronts the Bluffwalk, near the riverfront, construction on the 51 11th Street Lofts is expected to begin this month. The property is owned by Humble LLC.
51 11th Street Lofts will be comprised of 18 one-bedroom units and three two-bedroom condominium units. Each unit is sold. The listing prices of the units ranged from the upper $130,000s to the mid-$200,000s.
According to Mark Borel, owner of Humble LLC, the condominiums were purchased by a wide variety of buyers. The condominiums are for people who desired downtown living but who did not wish to rent.
The building will consist of three stories with two terraced levels, Borel said.
No parking will be available on site, although there are two parking lots within walking distance of the property, Borel said.
Move-in is expected to occur in the summer of 2017.
A strong residential presence is a big part of a successful thriving downtown, said Ashley Kershner, executive director of Lynch's Landing.
Kershner said she's heard from developers within the last few months that there is a 90 to 94 occupancy rate for downtown residential properties. The demand for downtown residential living exceeds supply, and as soon as one tenant moves out and the unit is listed, another tenant moves in, she said.
The strong interest in downtown residential living also motivates developers to take financial risks in redeveloping downtown properties, Kershner said.
Between 2004 and 2014, there has been property value appreciation of $81 million downtown, according to information provided by the Lynchburg Office of Economic Development.
"I'm a downtown resident, and it's starting to feel like a neighborhood, which is really exciting," Kershner said.
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Information from: The News & Advance, https://newsadvance.com/