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John Marshall renovations to start tomorrow

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#1 thatguy



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Posted 21 April 2010 - 07:20 PM

Feel free to delete, just felt a new topic would get more interest than an old beat up thread that all have given up hope on...lol

from the RTD John Marshall Renovations to begin

Developers said today that work is about to start on the long-awaited renovation of the historic Hotel John Marshall in downtown Richmond.

Executives with development firms Dominion Realty Partners and Virginia Atlantic Development said work will start Thursday on a $66 million restoration and renovation of the landmark, 16-story hotel on Fifth Street.

"It has been a long process; We have been working on this for three years," said Alex B. "Andy" Andrews IV, president and chief executive officer of Dominion Realty Partners.

Financing had been hard to come by for the project, but Andrews said developers closed today on a $40 million Department of Housing and Urban Development loan that will help finance the renovation.

The John Marshall opened in 1929, but the hotel has been closed since 2004. The developers plan to restore it to its original condition and transform it into a mixed-used residential and commercial building with 238 apartments and 20,000 square feet of street-level retail space.