First National Apartments

First National Apartments
823 East Main Street Richmond, Virginia 23219
Project Cost
Residential Units
4,500 SF
Construction Start
Fourth Quarter 2011
Construction Completion
Fourth Quarter 2012

Rushmark converted the 100 year old office building on the National Register of Historic Places into 154 luxury apartments while preserving this architectural treasure.  The project utilized state and federal historic tax credits as well as traditional bank debt to finance the project. The scope of construction work included restoring the original façade, slipping in a mezzanine level to create two level units, and dismantling one of the original bank vaults to create a gym. Additionally, Rushmark rehabilitated the 272 space commercial parking garage adjacent to the building and added elevator service.

The building is located near the Virginia State Capital, Virginia Commonwealth University, Medical College of Virginia, numerous downtown law firms, and government agencies and businesses. First National Apartments feature an expansive community room, gym, two-level penthouse units with sweeping views of Richmond, and select units have outdoor terraces. The project has won numerous awards including the “Best Multi-family Project Award” by The Greater Richmond Association for Real Estate in April, 2013, and the “Award of Excellence” in the Building Development and Improvements Category by the Virginia Downtown Development Association in the same month.  First National Bank achieved rents that were 10% higher than pro forma rents.

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