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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
Interest strong in One Hanover
Mike Adams, whose JON Properties general contracting firm will build the 64,000-square-foot building at the intersection of Hanover and Sophia streets, hopes to break ground on the project this spring and have it finished a year later.
Fredericksburg City Council approved the project, which Adams is developing with Tommy Mitchell, at its last meeting in August. One Hanover will come before the city’s Architectural Review Board next month for a discussion of the details of the building’s exterior.
The buildings that are now on the property will be demolished to make way for One Hanover. The American Canoe Association, which is there currently, will relocate to a building Mitchell owns next to Brock’s Riverside Grill on Sophia Street downtown.
One Hanover will include five levels. The first floor will be reserved for a parking garage—each condominium will be assigned at least two spots, with three for each of the penthouse units—and a 2,780-square-foot retail space along Hanover.
An elevator will take residents directly from the secured garage off Sophia and an alleyway right to their individual entrance.
Adams said both of the 4,600-square-foot penthouse units, which will be sold for more than $2 million each, have been reserved. Adams himself has reserved one of them.
There will be four units on the fourth floor. The two end condos on that level will go for about $1.5 million to $1.7 million and include about 3,700 square feet. The two interior units on that level will be 3,200 square feet and sell for between $1.25 million and $1.45 million.
Adams said the two end units on the fourth floor have been reserved, and the two interior units are still available.
The floor plans on the second and third floors will be the same, with two end units and four interior condos on each of the levels. The end units will be about 2,750 square feet, and the interior units 2,300 square feet.
The two end units on the third floor, both of which are reserved, will go for about $1 million. The interior units on that level will cost about $850,000. Only one interior unit on that level has not been reserved, Adams said.
On the second floor, the end units will go for about $950,000. Both of those are reserved. Three of the four interior units, which will range from $750,000 to $800,000, are still available on that level.
Adams attributed the strong demand to the location across from the river and planned Riverfront Park, the quality of the units and the single-level, maintenance-free lifestyle. He hopes to have all the units reserved by the time construction starts.
As part of the approval process, Adams and Mitchell agreed to give $148,000 toward the city’s costs of developing Riverfront Park.
Adams said the park will be a welcome amenity, and it also ensures that One Hanover’s river views will remain unobstructed.