Multifamily Development Opportunity
$5.00M
Classification: DC-Convertible Building
Existing building with industrial characteristics suitable for repurposing
Site Map & Areas
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Technical Specifications
- Acreage
- 5.03 acres
- Building Size
- 255,000 SF
- Zoning
- PUD
Description
This 255,000-square-foot historic warehouse in Petersburg, Virginia, offers significant adaptive reuse potential with residential PUD zoning already in place and state and federal historic tax credit eligibility. The property holds historic designations and sits within an Enterprise Zone, providing additional incentive structures for redevelopment. Located with direct access to I-95 and I-85 in the Richmond MSA, the site benefits from proximity to Fort Lee, a major economic driver with a $2+ billion regional impact supporting approximately 70,000 people, and from Petersburg's position in Virginia's gateway region for advanced pharmaceutical manufacturing. While currently positioned for multifamily conversion, the substantial square footage, strategic interstate access, and established zoning framework may present alternative development scenarios for infrastructure-intensive uses. The location offers both transportation connectivity and access to a sizable regional labor base anchored by the Fort Lee military installation.
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