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New topping on Julian’s menu: Apartments

David Larter November 7, 2012 0
The old Julian's building at 2617 W. Broad St.

The old Julian’s building at 2617 W. Broad St. (Photo by David Larter)

Another property near the Broad and Boulevard intersection has been snatched up.

Thalhimer Realty Partners, a subsidiary of the Richmond-based commercial brokerage that has been gobbling up Richmond properties, nabbed the old Julian’s restaurant building at Mulberry and Broad streets, across from the Science Museum and the Interbake cookie factory.

“We like the neighborhood. There is a lot of development going on in the area,” said Drew Wiltshire, a vice president at the real estate development and holdings firm. “It was a great opportunity to get land in the Fan with parking.”

The price tag: $700,000, which includes a 15,000-square-foot parking lot along Grace and Mulberry streets.

The building, at 2617 W. Broad St., has been vacant since Julian’s closed in 2006. The most recent owner was Sam Moore, a former strip club owner who is in prison.

Wiltshire said the 5,000-square-foot commercial space would be developed as interest arises.

Thalhimer Realty bought the property from Village Bank, which had foreclosed on the building in February.

Matt Raggi, also with Thalhimer, said his group plans on converting the parking lot into a multifamily building but would not go into specifics.

“We’re still working things out with the city and the neighborhood association, so I’d rather not get into how big or how many units,” Raggi said.

He said the space above the shuttered restaurant is also slated for conversion to apartments.

Wiltshire said that Thalhimer plans to redevelop the restaurant space but that the first priority is the apartments.

Thalhimer Realty Partners is a subsidiary of brokerage Cushman & Wakefield | Thalhimer. The company has about $250 million in assets and 2,500 units.

The firm has purchased several apartment buildings over the past year, including the 300-unit Sundance Station Apartments in the West End, the 66-unit Biggs Building Apartments at 920 W. Marshall St. and the 66-unit Riverside Drive Apartments on the Southside.

The three transactions total a $30.8 million local investment.

The area around Broad and Boulevard is getting a lot of attention from developers. Rebkee and apartment developer Steve Leibovic are planning an almost 180-unit, $19.5 million apartment/retail project at the Interbake cookie factory. Several restaurants, including Chris Tsui’s Fat Dragon and Patrick Stamper’s En Su Boca, are set for fall openings in the area.

And last week, longtime Richmond developer Louis Salomonsky bought a building near the Diamond at 1650 Overbrook Road for $1.85 million, saying the city’s planned redevelopment of the Diamond and other development in the area would make the space a good location for an outlet shopping center.

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