The site of a planned six-story, 210-room hotel at Cary and 14th streets. (Photo by David Larter)
With permits in hand and fences up, construction will soon begin on Richmond’s newest downtown hotel.
The joint venture between Apple REIT and the nonprofit First Freedom Center will build a six-story, 210-room hotel at Cary and 14th streets. The project will cost $30 million to develop, according to a recent Apple REIT filing with the Securities and Exchange Commission.
Apple REIT and First Freedom have hired general contractor White Lodging for the project, which has been in development for the better part of three years.
Building permits have been issued on the project, and the stretch of Virginia Street between Exchange Alley and East Cary Street has been fenced off in preparation for work to begin.
First Freedom Center head Rudolph Bell said construction should take about 18 months.
“It has taken a long time,” Bell said. “I don’t think the Knights or we would have ever imagined it would take this long. But we’re very excited.” The Apple REIT Companies, which consist of five REIT funds that each own dozens of hotels, were founded in Richmond by Glade Knight.
The project was approved by the city in July after a two-year slog through the special-use permit process.
Apple REIT Nine is funding the development. The company had spent approximately $1.4 million on the project as of March, according to a recent SEC filing.
The development is set to be U-shaped and split between two Marriott brand hotels. Seventy-five rooms will be extended-stay Residence Inn rooms, and 135 will be Courtyard by Marriott rooms.
The First Freedom Center, a nonprofit that promotes religious freedom, will have an exhibit space and offices in the development.
“We’re developing the exhibits with a firm up in Washington,” Bell said. “We work with minority religious communities all over the world, so the focus will be worldwide.”
As for the hotels, the two Marriott products will be managed by the Indiana-based White Lodging, the same company that is doing the general contracting.
Dave Sibley, head of White Lodging’s management wing, said his company manages almost 40 hotels for Apple REIT.
“We started working with them eight years ago with one hotel, and now we’re at 38,” he said. “We already manage the Richmond Marriott, so we’re excited to expand our presence in the Richmond market.”
Sibley is optimistic about demand for rooms at the new hotels.
“I think with the location that we have right there in the business and entertainment area, we should find the occupancy we need quickly,” he said.
The site of a planned six-story, 210-room hotel at Cary and 14th streets. (Photo by David Larter)
With permits in hand and fences up, construction will soon begin on Richmond’s newest downtown hotel.
The joint venture between Apple REIT and the nonprofit First Freedom Center will build a six-story, 210-room hotel at Cary and 14th streets. The project will cost $30 million to develop, according to a recent Apple REIT filing with the Securities and Exchange Commission.
Apple REIT and First Freedom have hired general contractor White Lodging for the project, which has been in development for the better part of three years.
Building permits have been issued on the project, and the stretch of Virginia Street between Exchange Alley and East Cary Street has been fenced off in preparation for work to begin.
First Freedom Center head Rudolph Bell said construction should take about 18 months.
“It has taken a long time,” Bell said. “I don’t think the Knights or we would have ever imagined it would take this long. But we’re very excited.” The Apple REIT Companies, which consist of five REIT funds that each own dozens of hotels, were founded in Richmond by Glade Knight.
The project was approved by the city in July after a two-year slog through the special-use permit process.
Apple REIT Nine is funding the development. The company had spent approximately $1.4 million on the project as of March, according to a recent SEC filing.
The development is set to be U-shaped and split between two Marriott brand hotels. Seventy-five rooms will be extended-stay Residence Inn rooms, and 135 will be Courtyard by Marriott rooms.
The First Freedom Center, a nonprofit that promotes religious freedom, will have an exhibit space and offices in the development.
“We’re developing the exhibits with a firm up in Washington,” Bell said. “We work with minority religious communities all over the world, so the focus will be worldwide.”
As for the hotels, the two Marriott products will be managed by the Indiana-based White Lodging, the same company that is doing the general contracting.
Dave Sibley, head of White Lodging’s management wing, said his company manages almost 40 hotels for Apple REIT.
“We started working with them eight years ago with one hotel, and now we’re at 38,” he said. “We already manage the Richmond Marriott, so we’re excited to expand our presence in the Richmond market.”
Sibley is optimistic about demand for rooms at the new hotels.
“I think with the location that we have right there in the business and entertainment area, we should find the occupancy we need quickly,” he said.
Its nice to see this get started. This is one of the very ugliest surface parking lots downtown. This should complete one of the nicest pedestrian blocks downtown.