The Town of Marion recently took a significant step forward on its revitalization journey by completing a financial feasibility study on a one-story building that currently houses a brewery. Once underutilized, the 1960s-era commercial building has found new life under the care of its current owners but has the ability to be further updated and transformed. With the help of the Marion Downtown Revitalization Association (MDRA), the property owners utilized the study to not only enhance their business but also contribute to the ongoing revitalization efforts in downtown Marion.
With the support of the Virginia Main Street (VMS) program’s Financial Feasibility Grant (FFG), the building’s owners were able to perform a detailed study on the viability of expanding their business and exploring a second-story addition, either for increased business space or new housing units. The $25,000 grant, allowed them to delve deep into the logistics and financial components of adding a second story to the building and what new use would have the highest and best impact.
The feasibility study examined multiple factors, including but not limited to a code and zoning assessment, community market study, proforma cost estimates, parking study and design renderings. Based on findings, consultants were able to provide a few recommendations on the most promising developments options:
Option 1 proposes the development of two residential apartments on the proposed second (and third) floor, while maintaining the existing brewery at the street level.
Option 2 focuses on transforming the proposed second floor into a co-working space, catering to professionals and entrepreneurs in need of flexible officer environments.
Option 3 envisions the second floor being developed into a full roof deck that would enhance the brewery’s offerings. This roof deck would feature a tap area, bar seating and additional seating areas. The adjacent lawn, taking advantage of the existing topography, could serve as a venue for outdoor movies or live music events, further activating the space.
With the completion of the feasibility study, the property owners now possess a roadmap for the property’s future development. The FFG played a crucial role in enabling them to fully assess the property’s potential and make informed decisions about the next steps.
Photo Credit: Marion Building Feasibility | 120 N. Chestnut Street
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