Virginia Business Magazine: “Renovation begins on Bank of America Center in Richmond”

A multimillion-dollar exterior renovation has begun on the Bank of America Center building in downtown Richmond.

The project is being conducted by a joint venture involving Washington, D.C.- based District Bay Realty Advisors and developer Joe Ersek.

District Bay and Ersek purchased the building in February and intend the renovation to be the first of many cosmetic improvements.

The current project represents the first major exterior renovation since the building’s construction in 1973.

The exterior façade is being recoated with a masonry product that is designed to give the building a smooth, granite-like finish that will brighten its appearance.

“This is an important project for both us and Joe,” Michael Wheeler, a managing partner with District Bay, said in a statement. “We plan to continue this momentum with a new courtyard and other improvements that we are excited to announce in the near future.”

The Bank of America Center is District Bay’s second project in Richmond after the purchase of Stony Point Shopping Center under a separate partnership.

“This is a market we continue to find very attractive and I think our improvements will be very well received,” Wheeler said.

District Bay Realty Advisors is an investment, development and management firm with offices in Washington and the San Francisco Bay Area. The firm was launched in 2016 by Verris Capital principals Michael Wheeler & Kelly Cooper.

Source: http://www.virginiabusiness.com/news/article/renovation-begins-on-bank-of-america-center-in-richmond