The Midas of Richmond franchise in Richmond, Virginia will be opening a sixth location in the area, Richmond Biz Sense reports.
The new location is in the Shockoe Valley Old and Historic District at the corner of East Broad and North 21st streets, where Duke’s Auto Electric & General Repair formerly operated until a few years ago. It’s a nearly half-acre property that officially sold for $1.65 million as of Nov. 22.
Mark Smith, owner of the franchise, plans to put $1.5 million into improvements on the century-old building, which will include new landscaping and an updated roof, decking, and paint.
The new Midas is slated to open by July 1, 2024. In the meantime, Smith will operate a car loaner program from the location, offering loaner cars for discounted services on brakes and tires.
Monthly community events will also be held at the location up to its opening, with the business having already held a trunk-or-treat Halloween event and a Friendsgiving celebration for the holidays.
“I think it’s going to be a homerun market for us,” said Smith.