Looking at purchasing a commercial warehouse property in Petersburg, VA for our own use.

Property is near the historic district, good size, near highways, and priced right so we still have room to invest in business & don't need to tie up all funds for a mortgage.

Drove down there last week & Petersburg has some beautiful historic homes sitting right next to bombed out houses. Many of the streets had people sitting outside in the middle of a workday just shooting the breeze. All bad signs I know

We spent half a day at city hall & everyone was talking about all the improvements the city is doing to change the city. 

The historic area did have some fancy shops & restaurants. The new library looked fabulous. There are many new warehouses converted to lofts (though many of the lofts are still vacant)

I checked population statistics & Petersburg is losing population.

Does anyone know more about the area? Do you think the city will improve & turn around or is this a bad bet?

Thanks for any help