The times. [volume] (Richmond, Va.) 1890-1903, 1890-07-08
NEW APARTMENT PROJECT
. a,up,No FOR THE CHAMBER
OF COMMERCE.

III. Prospectus, showing Care'"' "'
.,. ofthe Gross Receipts and Expe""'
,urcs-Isow stock Can he '"S'"
ton Of Members.
called meeting Of the Board OF pi'eo
tors Of the Richmond CHAMBER VI 80
more. was held a, the rooms OF 'ne o""'"'
~. :, 1870 T.. Nj, yesterday, for the pu'.
- % receiving the report Of the spec'"'
a~,nmi,,ee appointed TO consider ana MAKE
...,on.,ations In regard 10 securing a
nor Of Commerce building. 'ne'e
..ro rresent Col. John b. Purcell (pres'-
Sonn :. II. Halves (irst yice-presideh.,'
sad Nessrs. John u. Cary, Arthur Do
r,a,la John r.. Cooke, James u. Exam. To-
NJ Griffin. Henry +. IIolms, a. ID. Lan anu.
lin II. wallcrstein, Tszewell TN
George A. smith, T.. ID. Taylor, anu Coz the
Tabb. Valid excuses MeIS ,V'TT oliaferro.
ahscnce of Mcssrs. Quaries,
roe,ers Crump and Chesterman. .is
a., n Archibald Cary, on behah y, ne
s',n,,,,ee presented a prospectus "n'sn w
co',,nanimouslv endorsed and adopteo ps
Mas ,nard and ordered TO be mailed 10 ever!
Wy NJ the chamber, with suDscrip,,'on
h ,ne which they are requested 10 III UP
,,;,h The number OF shares tney uvsn ..,,t =,
tote in the enterprise. III was ."o tSat
from the estimates IN this prvspeI."e ,, en-
,V os,oct would be readily taken Dy hiei'-
hers of the CHAMBER
nrILDING PROSPECTUS
Following is the prospectus IN.
rne imperative need OF pn .r ,i,e sccom.
s,ahle and accessible rooms lOi W., ~. 90 S,ofn
notation OF the kc Ini,onS and the business
mcixe' Generality. induced the Doaru oi o, ~
pu, ~ The Chamber sometliin,y, ~" ~ soon.
eo ,'',.r consideration the leasIuinS ,ha erec.
unuei ciSoihie site and promoting silc IN ~
ringan hsndsome structure, with al the
ZION ~ ,1nnrovements ana convene,
mouSsii,aa In such buildings at DINER pIaoess' .,
prov ,,,rsuance of this idea tney p'o.,ul 81, a -
In pu' ,snssion OF the Legislature, the pls-
the ~ ~, aci authorizing them for TINS pur
So -, receive subscriptions W .,,,,aI a
pose !" 30 and have since then, lhlVuf s =, !,
bonds, CIV, ,ittee consisting Oft ArchlDald
Iohn H. Elicit ana j.. ~ nn,,.si 90
.i;4,,od no proceed in the matter ,s ssroet On
ions on the two lots neatss ~, en-, and Ntnth
.,o,s sonthwest corner OF NAM ahu ,I,t,,i
Inc so"a JUL vVhat IL equivalent, they tnlhh'
,, onfion on the third lot from s'',s ~,
~ Total cost OF these premises, ilnoiiii
7slL feet and running pac IN, ~ ~ am alley ID
unes towards Cary llO lec' :" w ''
feet wide. will be S6o,Ooo. ,,, tho market
Sorc ~ these lois were upon Tue !us si,,i
"a The owners Of the two nearest N,ntn
street have heretofore ue ,oi,nd on 10 give OPP
oneIs, me Chamber Of Commerce. iness >,
s,,ros are considered reasOuaoIe, III ,s,tf =,
tue following lacls' to a6 ON Main street be
my ap Ytnth and Twelfth Streets Lhnu VI
tb,s- The principal business slIse,, - SasGr
,innaiely lower than on broai vi nv tia,i,,
'la streets for residences, or IMAM siInlla !,
s1o le huilding sites in other clues smarter
,Ian Richmond. This site Is az tue yun ',,,
MAN and the most important cIOss s 49,
~ he city. and the Junction OF tiie nsin,
treet the brOad-street ana tiie MIL ~ ~
Stree, raiI,Tays. and within my yards OF the
s,rs SITE, Passenger street Railway, besides De
on'o, i,hIn two hundred yards OF less oiheaflH
ali the banks. railroad oihces' PostO"i0'' ~
FINANCIAL RESULTS.
To ascertain the approximate nnancil re-
srits of an Investment OF ms chaiacteI' tle
s 'la.S committee referred 10 above mas cor
sppsoonded with a number OF the tfaue organ .
nations i'm cities about the SIZE Oh hlcllinOI'u'
occupying buildings OF a chhrhcleI iini ,, ~
- nc proposed. In many instances tnese
.so,t1ations were so well quarleIeu III
Sn1Idinps erected as an investment that lneie
,ras no occasion TO nave one eiecteu SsPV-
ciallv for their accommodation III 1t
rn,i,ar OF other cases. they were
cndannlating the erection OF bulluihgs
s,,nilar 10 the one proposed mere
md i'm eight cities, with an average popuIh-
f,on of about 49, IL, WIN oui uihHos
Inc a cost ofSI7S. 0i2, IL was iound thai lne
aysrage net revenue on the cost OF the Iots
and hniIdings, after paying all tXed and cur
sant eYnenses was about 67-lOO per cent.
'rha nonulation OF richmond is probably not
more on 600 but with the suburban inh'bl-
tants who should be In the corporate nhllts,
and Manchester, which for business purposes
is the same city, this may be con ldefed Il
Community of l25, 600. and Will no DOUBT very
shorfIy reach the average population OF me
eioht cities referred To above. III should also
he remembered that our need ior sucn u
bnilcing is far greater tnan that OF most cltles
OF equal size. for the reason lhat we nave 40
soluiely no building in the city thOrOuehN
adapted TO such purposes, or with All the
modern conyeniences, such as elevators
tborouph ventilation. steam heat, eleclflc
iights &c and II is believed. with the con
.eniences' attractions. and comforts, which
could be offered in the one proposed, the
rooms would be readily taken at remunera-
live figures -.,. ..,.,, Il, 60
Upon this hypothesis the present pan Is 10
Greet a building six or seven stories hlgh,
with n endorsement, at the location men
fioneJ. and besides the improvements stated
10 Laye II as nearly ire-proOf as possible,
and The following estimate OF COST. gross re-
caInfs liked expenses. current expenses. and
net revenue. is believed 10 be conservative,
and as correct as practicable at THIS stage oil
the movement;
Cost of lot ~ by 40 feet-...... 6O,OO0 %
cost of building S125, 900 to-. 14O,OOo oO