(RICHMOND, VIRGINIA, February 15, 2001) – Richmond-based John B. Levy & Company announced today the firm has been exclusively retained to arrange $13.5 million in long term financing for a new building now under construction across from the city’s historic Turning Basin waterfront area. The new development, which features 110,000 square feet, will be called the Turning Basin Building and is a part of a multi-phased restoration project in the popular riverfront area.
Located within Historic Shockoe Slip, The Turning Basin, a Class A office building will house the headquarters of First Market Bank, PricewaterhouseCoopers and the popular restaurant Morton’s of Chicago. The funding secured by John B. Levy & Company will also help rehabilitate the historic Norfolk & Southern Railway Building.
“As a hometown company, we are very excited to be a part of the effort to revitalize downtown Richmond. The Turning Basin development, the building of the largest convention center between Charlotte, NC and Washington, DC and more than $2 billion in new downtown investments are catapulting Richmond into the 21st century,” said John B. Levy, president of John B. Levy & Company.
The Turning Basin is part of a canal system developed by George Washington before the American Revolution. The canal system, which once moved goods along the James River and into Richmond, now serves visitors and locals visiting area shops and restaurants. Part of the downtown revitalization also includes a new railway station, scheduled to open in winter 2002. The station is expected to be the hub of a multi-modal transportation center for downtown Richmond.
John B. Levy & Company, Inc (JBL) is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, VA. The Company raises equity and debt for developers and owners of commercial and multi-family projects. Over the past five years, the firm has arranged and structured more than $750 million in such investments.