A local developer has big plans for two properties owned by Dominion Energy downtown.
Genesis Properties is under contract to purchase the 20-story Eighth & Main office building from Dominion along with nearby parking at 620 E. Cary St., and convert the properties into 600 new apartments.
According to documents filed with the city last week, Genesis plans to convert the existing office building on East Main into 300 apartments, while building a high-rise apartment building atop the existing three-level parking lot. on East Cary which would house another 300 units. Each project also has the potential to have commercial space on the ground floor.
Genesis development director Ed Solarz and Dominion representatives have each confirmed that the land is under contract to be sold. Solarz declined to comment further.
Dominion spokesman Ryan Frazier said the company, along with other office tenants, will continue to have people working in the eighth and main office building for the next four months or so.
Both properties were recently appraised at a combined $37.6 million, made up primarily of the value of the Eighth & Main office building of $35.1 million.
The projects are said to be among the largest that Manchester-based Genesis has ever undertaken. His other recent work includes renovations to Holly Springs apartments in Manchester and Bellevue apartments in Northside. Founded by Ron Hunt in 1985, Genesis Properties often includes income-based units in its projects.
For Dominion, the ongoing sales are a further sign of the energy giant’s desire to get rid of its excess downtown real estate. Last summer he listed nearly 5 acres along Grayland Avenue in the fan for sale, then earlier this year he issued an RFP for an entire city block he owns at 701 E. Cary St. Frazier said Dominion has yet to select a winner from respondents to the RFP. The company brought the Eighth and Main tower to market last fall.
The sites that Genesis is about to acquire are in a part of downtown that has seen its fair share of construction and development in recent years.
The parking lot along East Cary Street is directly across from 600 Canal Place, Dominion’s glass-fronted office tower which he completed in 2019, while the eighth and main office building is adjacent to the future house of an approximately 13-story office building. which will replace the state’s 26-story Monroe Building.
Douglas Development is putting the finishing touches on converting the former Virginia Department of Environmental Quality building to 189 apartments nearby at 629 E. Main St., while just to the east is Landmark Property Services and The Wilton Cos. the Mutual Building at 909 E. Main St. into 170 apartments. A few blocks south across the freeway, CoStar Group is preparing to open a nearly half a billion dollar office complex at 600 Tredegar St.