HDAdviors created a plan of development and feasibility analysis for the town of Lawrenceville. Lawrenceville’s downtown area is in need of revitalization, and two vacant buildings stand out as examples of the potential for the town: the Sledge & Barkley building and the Peebles building.The report included mixed use mixed income development in the Sledge & Barkley Peebles buildings and potential to use Virginia Housing Development Authority’s MUMI Program. The architectural firm of Craddock and Cunningham conducted an inspection of the buildings and provided drawings to show how they might include commercial and residential uses. HDAdvisors then estimated the costs associated with rehabilitating and converting each building into a mixed use structure.
The plan for the Sledge & Barkley building calls for commercial space on the bottom floor and 16 rental units on the second and third floors. The commercial space would be for a full-service restaurant, grossing an annual rental income of $59,400 ($11 per square foot per year). The rental units will gross $139,200 per year, creating a total of $198,600 per year for the entire property. The estimated total development cost for the building is $4,044,192.
The Peebles building will also be combined commercial and residential space, with the commercial space of 5,530 square feet on the ground floor and seven residential units on the second floor. Potential commercial uses are office space, a hair/nail salon, a coffee shop, or a small store, generating $60,830 a year in rent. The residential units will gross $54,300 a year, making a total annual income of $115,130 for the building. The Peebles building is estimated to cost $2,199,832.
To View the Booklet on the plan, click here: