The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-12-10

There Is More Than Usual
Activity Doing in Rich
mond Realty
BIG DEALS ARE PUT
THROUGH ON BROAD ST.
Reported That Syndicate Gets
Option on Capitol Law
Building Pro-
perry

III the face of anfavorable weather
conditions, real estate operations in
Richmond during the week were
marked mere thaa usual activity.
The snow anu rain Kept many pros
r.ctiSe buyers at home. but csen with
this hanatesp the dealers managed 10
heid up their end OF NJ line remark
ably Weli Suburban property con-
Times to- bring good satisfactory
prices and sGIne OF the dealers say
that the price has not yet reached the
top not h. They believe, In fact, that
lev cities In the country nave So
great a future IS Richmond. and they
arr looking for property in the sub
uras to keep pace with the material
growth of the city.
Normal activity was the special
feature ~ city property in general.
Loans continued good. and there was
the usual amount of trading.
Came to the Front
The Iife Insurance Company OF
Virginia came to the front with the
/ sest deal of the week when 1t
purchased the Wolverton Hotel prop
erty at Tenth aud Broad, across Tenth
street from the City Hall. The price
involved in this transaction has not
been made public but Il was Well into
the thousands. Exactly what building
plans the company expects to adopt
as a result Of the purchase Is not
known at this time. but IL L. more
than probable that "A big office build
ing Will go up ON the site. including
the newly purchased property ana
that adjoining. which f~ now occupied
Iy tn. insurance people. II has been
reported that the company also has
its eye on the Park Hotel property,
al Ninth and Broad. hut this could
not he verified Should this purchase
be contaminated il IL said that an ar
eade building might he put up cover
ing the entire block bounded by
Broad Tenth. Capitol and Ninth
streets.
Proved Success.
Such u building has proved sue
cess in other cities Of the country.
and II is believed by some that il
would prove equally 30 in Richmond.
The plan of an arcade building calls
for an areaway through the central
section Of the ground floor. which Is
occupied by stores fronting on this
passagcway. tha upper section Of the
structure being devoted to office
space, just as in other buildings. 4
building of this character is one of the
features of the business section OF
Norfolk. and 1t Is said proved IA sue
cess from the jump in that city.
The Park Hotel IL owned by Henry
s. waHerstein. better known az the
Napoleon OF the local real estate
world. He bought the property az
an investment some time back for
snug sum. At one time reports had
II that theatre might go up on the
site Little. however. has been heard
Of such talk within the last several
months, although IL IL generally adj
mitted that the location Is ideal for
bat c,f An q,
Another Option Reported.
So far. the option of the Cham
Der of Commerce property at Ninth
and Main has not been closed by the
First National Bank syndicate. which
secured ii some ten days ago. In this
connection a report gained currency
that the same syndicate had taken an
option on the site of the Capitol Law
building at the northwes corner of
Bank and Eleventh streets for s125.-
600 This property. which has a
frontage of sixty feet on Bank and
ninety-five feet on Eleventh. was pur-
chased from the Valentine estate
about year ago for $4,000, and II
n understood that since then $1,000
has been offered for it. Fifteen years
ago or whereabouts the Valentines got
possession of IL for something less
than half what they sold II for.
syndicate was understood to have Sc
cured several options in addition to
the Chamber site lent some sub
stance to the belief that probably the
same syndicate might eventually put
up sky-scraping hank and Office
sbuilding at Bank and Eleventh in
stead OF elsewhere.
earnest Denies Report.
J. d. Csrneal. agent for the own
ers OF the Capitol Law building prop
erty punctured this option report. de.
claring that II had no foundation.
Another report was to the effect
that the same syndicate had designs
an the site at the northeast corner OF
Main and Eleventh adjoining the
Isirxt National Bank.
Two deals OF some interest and
Importance we're put through during
.Cansinusd o. Gsosa1 PasA1