Lofts, condos fully occupied in downtown Danville

Cheatham, a developer with Remington Professional Buildings LLC, researched several cities and decided on a project in Danville because of the historic buildings and the city’s efforts to transform itself. Additionally, the developers foresaw a need for more upscale residential options in Danville.

Cheatham, who’s been developing real estate for the past 40 years, believes the River District planning will also enhance downtown development.

The firm also leases out office space in the mixed-use building, with just one office of 720 square feet available. U.S. Rep. Robert Hurt and U.S. Sen. Jim Webb keep offices there. The local United Way bought two of its commercial condos.

The developers are also working on bringing an upscale office building to 401 Bridge St. and construction could begin in six months, Cheatham said. The Newton’s Landing parking lot made the project possible.

“We have a nice city and great buildings, wonderful buildings,” Cheatham said. “There’s a lot of opportunity in and coming to Danville.”

The 28 condos at the Burton Condominium are full, with 21 sold and seven leased, said Susan Stilwell, a broker specializing in historic properties. New tenants are mostly new interns and residents at Danville Regional, she said.

Stilwell feels like there has always been a rental demand in Danville, but there just hasn’t been much available until the past few years.

“Danville has suffered for decades missing the boat by not having high quality rental properties available for newcomers who are moving here for professional jobs,” Stilwell said.

Now, Stilwell is starting to lease the Ferrell Historic Lifts on Main Street, as Rehab Builders of Winston-Salem, N.C., transforms the former Ferrell Furniture Co. building into 13 rental units: eight flats and five two-story townhouses. The units can be occupied in January.

“This building is going to be one of the most green buildings you can possibly build,” said project manager Josh Lipsky with Rehab Builders.

Rehab is adding insulation, a roofing system that will reflect the sun’s rays, compact fluorescent lighting and variable speed air handlers (efficient heating and air conditioning system), he said.

Units will also have built-in sound systems and iPod docking stations, Lipsky added.

“I kind of feel like if you build a really nice product, that there will be a demand,” he said.

David Corp and Ann Sylves bought a condo in the Burton three years ago and finally moved to Danville July 1. The couple retired from a school district in Buffalo, N.Y. They thought about buying a house, and looked on Millionaires’ Row. While the houses were affordable, they weren’t ready to spend their retirement on house projects.