The Mark on Broad
300 E. Broad St.
We helped the client through the entire process development, debt sourcing, tax credits and construction.
We renovated a three-story building at 300 and 304 E. Broad St. into two commercial spaces and nine residential units. We combined two adjoining buildings, providing four openings within a 12-inch masonry wall to provide circulation between the two buildings. A unique feature is the 2,500 square foot, rooftop two-tier deck that has great view of the Richmond Skyline.
Our Role: Development & Construction
Developer: Matthew Bauserman
Client: Matthew Bauserman
Architect: Walter Parks
THE PROJECT: A pioneering mixed-use development.
Before Broad Street experienced the renaissance it is witnessing today, investing there took a pioneering set of eyes.
Matt Bauserman had that vision, purchasing the dormant Mark Building at 300 E. Broad St. in 2013. The prominent corner building was once home to a department store and (we think) basement speakeasy during the Prohibition years, which today serves as an underground theater. Bauserman took residence on the top floor, renting out a few apartments below. But when the adjoining building next door at 304 E. Broad St. came up for sale, he jumped on the opportunity and tapped UrbanCore to connect the two buildings with openings, and advise throughout the process.
THE CHALLENGE: Construction, cognizant of tenants.
Joining two side-by-side structures required creating four openings within a 12-inch masonry wall to provide circulation between the structures. That’s a loud and dirty job, and had to be done remaining cognizant of an operational business tenant the first floor and the owner living above, particularly when it came to shutting off and re-routing water, power, and HVAC.
A savvy businessman, Bauserman had a limited knowledge of tax credits, a complex and sometimes lengthy process that UrbanCore could help navigate. In addition to handling the construction aspects, we worked with the owner through the entire pre-construction and development process, helping create a budget model, consulting and guiding him on financing options, and performing value engineering and constructability studies.
THE RESULT: Unique apartment living and commerce in the heart of Richmond.
The Mark on Broad was a turnkey UrbanCore project. The investor now has nine modern, updated residential apartments on a floor that previously included only a handful of leased units. Our work also included construction of a 2,500 square foot, two-tier rooftop deck that offers the owner an outstanding view of the (constantly changing) Richmond skyline.
True pioneers take risks in search of personal and social progress. By working with UrbanCore, a Richmond investor was able to better ensure his venture would witness a successful execution.
Images courtesy of Mick Anders