Granby Theater headed for auction...

As of yesterday afternoon, the property known as the Granby Theater on Granby St., will be auctioned this morning.

Attorney Jonathan Hauser with the law firm of Troutman Sanders confirmed the auction of parcels noted as 421, 423 and 425 Granby Street this morning at 10am at Norfolk Circuit Court.

Unless Bobby Wright, who owns the Granby Theater through a limited liability company, reached an agreement with Southern Bank, the mortgage holder, between then and this morning, the property will be sold.

The auction is the latest in a string of disasters for property owners in Norfolk who were loaned money by the defunct Bank of the Commonwealth.

Wright owns several signature properties in Norfolk, including a dilapidated building known as the water tower on Front Street.

Wright was one of the first entrepreneurs to buy property in downtown Norfolk, though his attempt to re-invigorate Granby Street has been cyclical and marked by empty buildings and storefronts.

His last success was convincing the hip retailer, Urban Outfitters, to open a store on Granby Street last summer.

Despite incidences at the Granby Theater over the past decade, including a fatal shooting, Wright has maintained a precarious balance between appeasing city officials and providing entertainment.

The Granby Theater was constructed circa 1915. Early photos of the theater are reminiscent of the vaudeville and movie houses, hugely popular during this era in many American cities.

Sales
Owner	Transfer Date	Sale Price	Type	Deed Reference
Four-Twenty-One Granby Llc	6/14/2002	$600,000	Single	020018776
Levin, Richard G & Judy W	7/8/1994	$130,000		2625 / 412
Bress, Roger A	6/3/1992	$0		2409 / 846

Assessments
Effective Date	Land Value	Improvement Value	Total Value
07/01/2013	$464,000	$1,533,300	$1,997,300
07/01/2012	$464,000	$1,597,200	$2,061,200
07/01/2011	$464,000	$1,639,800	$2,103,800
07/01/2010	$464,000	$1,639,800	$2,103,800
07/01/2009	$464,000	$1,639,800	$2,103,80

 Real Estate - Commercial/Industrial

Property Detail

Account Number	27911200
GPIN	1427975221
Parent Account
Owner Name	Four-Twenty-One Granby Llc
Property Address	421 Granby St
Neighborhood	150790
Property Use	Commercial
Plate	0741
Mailing Address	273 Granby St Ste 300 Norfolk VA 23510
Legal Description	54.8 Ft
Parcel Approximate Area (Sq Ft)	8679
Parcel Approximate Acreage	0.1993
House Plate Number	7
Source: City of Norfolk