With auction time approaching, at least three different developers have contacted Oregon Hill Neighborhood Association leadership about the Victory Rug building on Cherry Street. Some of them are known for previous projects in the neighborhood.
At the same time, neighbors are becoming increasingly concerned about what type of redevelopment will take place. There is hope that a low impact business, non-profit, or art gallery may find residence in the building. Many are concerned that if the building is retrofitted for a dozen or so VCU student apartments, it will be detrimental for the neighborhood. Some plan to attend the auction itself to make sure that developers understand their concerns.
Exacerbating these fears is the news that developers are already contacting property owners on Albemarle Street with an interest in purchasing property adjacent to Victory Rug. The assumption is that the developers are interested in demolishing these properties for parking for apartments in the Victory Rug building. A parking lot is not a permitted use of property in the R-7 zoning. This could really devastate the 800 block of Albemarle Street and the historic fabric of the neighborhood.