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Manchester Parcel with Skyline Views Changes Hands for $3 Million

Richmond BizSense is reporting that Bay Diesel and Bass Crane Service located at 700 Semmes Ave are both scheduled to vacate their property and relocate as part of a property exchange that values the parcel at approximately $3 Million. If the move is completed as planned, the parcel would potentially be made available for apartment high rise development. Here is what Richmond BizSense had to say about the transaction:

“Two Manchester businesses are ditching their longtime digs as a team of D.C. investors already familiar with the area is swooping in to take over the property.

Bay Diesel & Generator and Bass Crane Service are preparing to vacate their shared 1.7-acre property at 700 Semmes Ave. after more than two decades there.

The move comes after the companies entered into a 1031 reverse exchange agreement earlier this year with Richmond Terraces LLC, the new owners of the neighboring Terraces at Manchester apartments, said Bay Diesel’s Lee Newton.

Newton would not disclose an exact purchase price for the Semmes Avenue property, which includes a 12,000-square-foot building and is expected to close in June. He said the property likely would close at about $3 million.”

Divaris Real Estate brokers Read Goode and Cheryle Toy are representing Bay Diesel and Bass Crane in the transaction. The property was most recently assessed for $842,000, according to city records.

No plans have been filed to develop the Semmes Avenue site. Newton said the investors specialize in multitenant development.”

It will be interesting to see what the new owners propose in the form of development for this parcel as plans are made available. Given the 7 West development to the northwest and the blank 401-421 W 7th St parcels currently listed for sale directly across the street, the skyline views from 700 Semmes Ave will be blocked unless they go vertical. My guess is that they will do exactly that-go vertical.

8 thoughts on “Manchester Parcel with Skyline Views Changes Hands for $3 Million

    1. Justin Fritch As a homeowner in the community, no we don’t. We need businesses, single family homes, townhomes and tax generating properties. These are simply bringing in more renters who are not invested in the long term care and wellbeing of the community while the landlords get taxbrakes and fill their pockets. It’s not good for my community.

    2. The rental market in Richmond is still tight, and as a result rents are rising / becoming more unaffordable. In theory, adding more rental stock should temper rent increases, just as adding more housing stock overall should help keep housing more affordable overall. So I’m generally pro-density, which in Richmond basically means apartments since we don’t have a robust condo/coop market.

      I do think Richmond needs to take a hard look at its tax abatements for rehabs and new construction (both single-family and multi-family). I welcome new development, but it comes with costs (additional demand for schools, police/fire/ambulance, etc) that it’s not fair to put entirely on the existing property tax base.

  1. Lisa… The only way to attract businesses is to have enough residents to make the businesses profitable, and real estate taxes are paid by the property owners (and the residents pay local sales taxes, meals taxes, and personal property taxes). A lot of folks today do not want to own, and any high rise will certainly not be low rent – and many simply want to be near the river and are great stewards of their environment.

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