HFFI is thrilled to be one of the Renwick’s biggest fans and hope you’ll join us in advocating for the high-quality preservation work it deserves!
The Renwick Compound Marketing and Architectural Feasibility Study was produced by Frazier Associates, a preservation architecture and planning firm in conjunction with Community Land Use + Economics Group (CLUE) in February 2019 for Fredericksburg Main Street. This study was funded by a Virginia Main Street Feasibility Grant with a match from the City of Fredericksburg.
The methodology of this study began with an economic analysis to identify a commercial use that could fill more than 20,000 square feet of floor space in all three buildings at the same time. Revenues generated by the proposed new use of the complex were also examined to assess the project’s ability to support the projected cost of rehabilitation. As stated in the Executive Summary of the report:
“A large part of this study includes a market analysis prepared by Kennedy Smith of the CLUE Group. Based on the potential uses that could be supported by the market, design options with cost estimates were prepared and fed back to Ms. Smith in order to run an operational analysis of the uses. The options and the financial analysis was delivered to Fredericksburg Main Street in order to vet the options with the City. Based on review, it was decided that the boutique hotel option would be explored in more detail.”
A copy of the report and citation information is provided below.
Frazier, Kathleen, Tom Clayton, and Kennedy Smith. 2019. Renwick Compound Marketing and Architectural Feasibility Study. Frazier Associates, CLUE Group, Fredericksburg Main Street Organization and City of Fredericksburg.