The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-02-11
Bank Site and Carneal Prop
erty to be Utilized for Big
Building
DEAL FOR PURCHASE
PRACTICALLY CLOSED
Location Next to Postotflce
Regarded as Ideal for Pro-
posed Structure in Bus
mess Quarter

Plans are now being perfected for
the erection of a skyscraper on the
northwest corner of Main and Eley-
enth streets.
The building Will extend back to
Bank street. taking in the site of the
Capitol Law building, as well as the
old site or the National Bank of Viz
gtnia, which Is now CHARTERED at
Ninth and Main streets, diagonally
across the street from the Chamber
of Commerce.
Within the last two or three days
Il is understood that negotiations have
been practically concluded with j.
ID. Carneai for his property in the
rear OF the old National Bank of
Virginia, the price being $4,000. A
few conditions go along with the pro-
position. One of these Is that the
firm of ]. ID. Carneal Il Son shall
be given satisfactory quarters in the
new building. while another is that
the lessees of the Capitol Law buiia-
ing and the small frame structures
facing on Eleventh street and occu-
pied by several real estate firms, In
Guiding J. u. Carneal d Son, can he
induced to vacate at an early date
II may he stated. however, that no
serious obstacle is anticipated in this
connection, and there is every indi-
cation that the way will soon be clear
for erection OF q skyscraper on the
site.
To Sell for $4,000.
It Is also understood that the Ma
tional Rank of Virginia. which has
been holding out for 5000. 600 for its
property. facing on Main street, has
practically agreed TO sell for $780,
coo, provided building of large pro-
fn I'D 49, tx.s
the total cost of the property $780,
600. -.s.a.t.s
In the very heart Of Richmond's
business and commercial district and
Immediately adjoining the new post
office which Is now going up. the site
In regarded as easily one of the most
valuable in the city from every stand
point. Il has a frontage Of 81 feet
on Main street, running back ITO feet
TO Bank street, half of the latter
distance being on the line OF the Ma
tional Bank of Virginia property. and
the other half on the. line OF the
Carneai property. In view of the fact
that forty feet intervenes between the
postoffice building and the west line
of the corner property. in accordance
WIN TsdefaT TaUE. TIE proposed SKY
scraping building would not be en-
numbered on any side. Thus no spe-
ciai light or air shafts would be nee
essary. as Is usually the case with
such buildings. This is regarded as
an especially attractive feature. for
the obvions reason that IT is fire.
auentiy difficult to dispose of office
space In a building when sunlight and
air are secured by artificial means.
Overlook Capitol Square.
The north end of the building would
overlook the Capitol SQUARE, thus fur
nishing a view uneaualed by any in
the city ,4.se-., 5,... .t -'. :
j. u. Carneai gave. $40, 900 for the
rear section IF TINS property in june,
1903, and IL he cells at the figure Of
fered will come out of the deal with
profit of. $40 200. .....s. uss,.... ~.s.. "a
The identity of the promoters Is
a sealed book as yet the negotia tons
having been conducted through third
parties. 1t is expected, however. that
formal announcement pf details In
connection with the deal will be made
within the next day or two.
III some quarters, it IL suspected
that the First National bank syndi-
cate. which has been negotiating for
the purchase of the Chamber or Com
merce property. is behind the new
deal. From reliable source, how
ever, 1t lis learned that this. syndi
cate still has its eye ON the Cham
Der property and will doubtless close
negotiations for its acquisition at. an
early date.
Get Another Option.
The First National syndicate. which
includes the Chesapeake and Ohio
and Richmond. Fredericksburg and
Potomac railroads, has also secured
an option on the Evening" Journal
building. Immediately Ia the rear of
the Chamber building. for $4,000
ostensibfy for the purpose of prevent
ing the erection of higher building
on the site OF the latter structure, In
event 1t decides to erect a, skyscraper
on the Chamber site. 1t has been
nuYrested that the syndicate might
probably enlarge its plans to include
the site OF the Journal building, but
this is considered unlikely ia view OF
the fact that an alley intervenes be-
tween the two buildings and much
diffculty would doubtless be encoun-
tered In having the alley closed. II
In true that the alley might be bridged
TO connect with companion build
ing ON the other side. but this Is also
+ regarded as unlikely.
Il The journals lease on its present
home has several years longer to run
j and that Is still another obstacle in
the way The option on the property
was secured from Andrew Pizzini. Jr..
the owner.
Financing Hotel Project
Efforts are still being made TO A.
nance the proposition to put sIp a
hotel on the site OF the old Y. NJ. G.
A, building on the northwest corner
sof Main and Sixth streets and It is un-
derstood that liberal subscriptions to-
ward the enterprise have been Sc
cured. II II proposed to call the new
building the Progress Hotter and to
make Il 1t least twelve stories high
4 It would face IS feet on Main street.
4 with n depth OF 1913 feet along Sixth