A Pittsburgh-based bank with $51 billion in assets is about to put its name on downtown Richmond’s skyline – and the building it’s attaching itself to says a lot about where downtown housing is headed. First National Bank (FNB) has signed a lease for ground-floor branch space at Altitude on Main, the 17-story apartment conversion rising at 801 E. Main St., according to Richmond BizSense’s Michael Schwartz, with the deal including prominent signage atop the tower.
What’s Actually Happening at 801 E. Main
Altitude on Main is a conversion of the 1960s-era former Wytestone Plaza office building – previously home to the Ross Building, described by architecture writers as a mid-century modernist “time capsule.” Developers Steven Walker (RPC Realty Capital) and Nick Patel (Kalyan Hospitality) bought the 280,000-square-foot tower for $26 million last year and are turning it into 302 apartments, mostly one-bedrooms, with rents ranging from about $1,600 to $4,100. The project used state and federal historic tax credits and is one of the first larger-scale mid-century office conversions in Virginia. Those credits are not small: Virginia’s Department of Historic Resources offers a 25 percent state credit on eligible rehabilitation costs, which can stack with a 20 percent federal credit for a combined 45 percent – a program that has driven $6.8 billion in private rehab investment statewide since 1997. Initial floors are expected to finish in early October, with the full building wrapping up later in the month.
Why the Bank Signage Matters
FNB’s branch is small – reported at around 4,900 square feet – but the skyline signage is the real story. It marks the second new name to appear atop a downtown tower in the past year, following Baltimore law firm Whiteford’s signage deal at Two James Center in 2025. FNB already has Willow Lawn and Short Pump branches and one planned for Chesterfield’s Westchester Commons; this would be its first downtown location and third in the region. It’s opening in a space last occupied by a Wells Fargo branch that closed in 2017.
What It Means for Downtown Housing
Adding 302 apartments to the downtown core in one project is a meaningful supply increase for the CBD, and it’s not happening alone. BizSense’s earlier reporting on the $26 million sale notes Altitude is one of three major projects planned for the same two downtown blocks: Douglas Development is separately converting a former Dominion Energy office building nearby into apartments and hotel rooms, and a state-owned lot next door is eyed for a mixed-use tower that could reach over 30 stories. That’s the same pattern we’ve tracked with other adaptive-reuse projects around the city, from the T-Force site clearing in Manchester to Sauer Center’s next phase on West Broad: older, underused buildings and land are getting a second life as housing, one project at a time. Altitude sits between the Monroe Ward and Shockoe Slip historic districts, both walkable to the rest of downtown, and a lease from a growing regional bank is a vote of confidence in that stretch of Main Street specifically. Browse what’s currently for sale nearby on our active listings page.
Curious about downtown living, or what a new supply of apartments means for nearby condo and rental pricing? Let’s talk through it.
Frequently Asked Questions
Where is Altitude on Main located?
At 801 E. Main St. in downtown Richmond, between the Monroe Ward and Shockoe Slip historic districts.
What was this building before?
A 1960s-era office tower originally known as the Ross Building, most recently called Wytestone Plaza, purchased for $26 million in 2025 for conversion.
How many apartments will Altitude on Main have?
302 units, mostly one-bedrooms with some two-bedrooms, with rents reported between roughly $1,600 and $4,100 a month.
When does it open?
Initial floors and amenity spaces were expected to finish in early October 2026, with full completion later that month.
What is First National Bank leasing there?
A ground-floor branch of roughly 4,900 square feet, plus prominent signage rights atop the 17-story tower. It’s expected to open in 2027.
Does new downtown apartment supply affect nearby home prices?
We haven’t seen data isolating that effect for this specific project. Adding 302 units to the downtown core does add rental competition and generally signals continued investor confidence in that corridor.
