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Historic industrial buildings to be redeveloped as apts.

Thursday - 3/1/2012, 10:32am  ET

RICHMOND, Va. (AP) - Developers plan to convert five historic industrial buildings in Richmond into apartments and retail space.

Reynolds Consumer Products used the buildings to package aluminum foil until mid-2009. The buildings were constructed from the late 1800s to the early 1900s.

The Richmond Times-Dispatch reports that The WVS Companies and Fountainhead Properties finalized their acquisition of the 7-acre site on Wednesday.

Jason Vickers-Smith with WVS says the first phase of construction will begin next week. Plans call for 175 apartments and 8,000 square feet of retail space.

The developers also plan to demolish two buildings constructed in the 1970s and construct a high-rise building. These projects will depend on market demand.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)