The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-03-11
SPARKS PURCHASES
LUbIN FOR $4,000.
Theater Property on East
Broad Street Brings
$1,000 Per Foot
INVESTORS BEGIN TO
REALIZE OPPORTUNITY
Activity in Richmond Bush
ness Section Shows That
Enhanced Values are
Being Appreciated


Being Appreciated
Richmond business property APP
pears to ba holding prominent place
ON the stage OF realty activities these
days. with Broad and Main street,
the object OF special attention.
A few days ago, r. l. Sparks
bought from Moses Hofhcimer, the
Lubin theatre property. on the north
side Of Broad street. between Eighth
and Ninth streets. for $4,000. The
property faces 81 feet on Broad. with
depth Of $50 feet, and was pur-
chasd purely as an investment. The
price was more than $4,000 front
foot
shortly prior TO this sale, ]. b. Eiam
bought a piece OF store property, two
blocks TO the westward on Broad for
$4,000
And there are runners that several
other deals are on foot involving
property on the same street that will
total nearly a quarter OF million of
dollars II put through One of these
concerns property in the vicinity OF
Masonic Temple, about which IL Is
not expedient to discuss In detail at
this time. IL purchased, the property
will furnish sites for three or four
business houses
Investors to the Front.
Time was not so long ago when
investors hesitated to bay Broad
street property. declaring prices were
400 high. Since then. values have
continued 20 rise and now property
In being bought al enhanced prices
and no one doubts that every pur-
chase is ffrst-class investment
The fact that Mayor Richardson
recently approved the ordinance au-
shorixing purchase Of the old Ford's
Hotel block bounded by Broad.
Twelfth, Capitol and Eleventh streets.
adjacent TO the city hall. practically
elinches the proposition for improve
msnt OF this property for additional
municipal ofY'ee purposes While II
is assured that the city VIII acquire
the property by purchase or condern-
nation. II is hardly likely. however.
that any active building operations
viii be undertaken within the next
year.
May Build skyssraper.
The Life Insurance Company Of
Virginia is also considering enlarge
meut Of it's Office quarters on the
corner OF Broad and Tenth
streets. Just To the west OF the city
hall. and ii has been reported for some
time that a skyscraper might so up
on the sita. The company acquired
the Capitol hotel property on the cor
ner several months ago and the idea
LIS to include this building In the
general scheme for expansion OF Its
quarters.
Permits for several business struc-
lures on Eighth between Broad and
Main streets were issued during the
week and II In a practical certainty
that tho day viii soon be at hand
when this particular thoroughfare In
one solid row Of stores and business
houses On both sides from Broad 10
Main.
Plans Being Perfected.
At Ninth and Bank streets. plans
are being perfected by William
Eueger for nine-story hotel struc-
ture on the site OF his present hotel
drawn In New York and II is antici-
pated that all will be ready for build
ing operations Within the next manth
3r, two Another building in this
vicinity will also be enlarged and Ina
proved at an early date, according TO
persistent ruruor.
On the southwest corner OF Ninth
and Main streets. the First National
bank syndicate II making every prep
aration to put up fifteen-story sky
scraper where the chamber OF COM
merce building now stands. Praa-
ticaIiy all arrangements TO vacate
have been made with tenants hold
ing leases beyond April /. the date
when the syndicate desires TO take
charge. Plans are being drawn and
other negotiations in connection with
the project are under way.
Held For 500, 900.
L.ess than two blocks down Main
street from this corner. q certain
piece of business property occupied
AZ store II being held for $780,
600. or for $4,000 front foot approx
mately. II u said that $4,000 was
recently offered the owners OF the
property but tho otter was declined.
II would not b 1T all surprising
IL another skyscraper Tor Main Street
were projected this spring. When
1t was announced that the Richmond
Building Corporation would erect Z
high ONCE structure on the North
side OF Main Street between Eleventh
and Twelfth strestI It was freely
said that Richmond could not stand
another building Of this type It IL
n fact, however. that 23t ofices in
IulS DuituIuk HRtO &AE 00uy p6ou ke0H-
ed, leaving only eleven unrented Of
fees. And these with doubtless be
leased before the structure In ready
for occupancy on Juno LIST or there
abouts. 4s3
All OF which goes to show" said 1
real estate operator and promoter
Saturday. "that business makes bus
mess. A first class modern oflioe
building will bring tenants to. Rich
mond, even II they are no In sight
when the project il launched"
Leased for Ten Years.
A. = result OF the erection Of the
Richmond Building Corporations
the small frame build
ing, immediately adjoining Il on the
east and known ~ 1110 East Main
n 10 30 improved and rcmodstsd FOR
the Richmond Lunch Counter. which
has taken 4 lease for ten yearA be-
ginning Tune I. The several real -
tate nrms occupying tbs structure
FOR ONCE purposes will vacats about
the Same date and q least one Of
SdsSsiassd On Third PAzsl