We are absolutely thrilled to announce that we were approved for two individual Special Use Permits from the City of Staunton this past week. This means that each of our Coalter Street restorations will have a legal and rentable two-bedroom luxury apartment on the ground level.
Currently the City Zoning requirements state that if a home is vacant for more than 2 years, it must meet certain lot-size requirements in order to retain it’s multi-family status. Both homes were multi-family over the years at various times, and this design choice is natural and fitting for the architecture and layout.
Each apartment will be a luxury two bedroom, full bath with dedicated separate entrance. Each will also contain laundry facilities, and designer upgrades throughout. Appliances will be furnished, including dishwashers, and the location is awesome for walking to the shops and restaurants Downtown, as well as Mary Baldwin College.
The income that these will bring is anticipated to be between $900 to $1250 per month. Nice chunk to help with that monthly mortgage payment!
We thank the City of Staunton for approving this special use, and for supporting the revitalization of Staunton’s Historic Downtown.
Look for both 29 S. Coalter and 31 S. Coalter to be market ready in February/March. We cannot wait to show you what’s been going on behind closed doors!