The long-awaited Interbake cookie factory project will kick off this month.
The joint venture between the Rebkee Company and developer Steve Leibovic is slated to break ground March 27.
“Right now we’re securing the building and getting ready to kick off,” said Rob Hargett, a principal at Rebkee. “We think we are going to have a few units open right at the end of the summer – the model and a couple of others. Then a big chunk of 70 units open by the end of the year. All 178 units will be done by 2014.”
The project will transform the long-dormant 240,000-square-foot factory at West Broad Street and Boulevard into 178 apartments with planned ground-level retail. The build-out will cost about $23 million, Leibovic said. Wells Fargo is the lender for the project.
Rebkee filed Feb. 13 for a $12.5 million building permit for the property.
Roanoke-based Branch & Associates and Richmond-based Capstone Contracting will do the majority of the work, Leibovic said.
It’s been about 15 months since Rebkee bought the property from Washington developer Douglas Development for $1.1 million. Leibovic said it took time to get the general contractors lined up and to get the price they wanted for construction.
Leibovic said the project would stand out from others in the area because of its height and location, as well as variety in the size of its units.
“We’ve got some units comparable to the size of most urban projects, in the 550- to 850-square-foot range for a one bedroom, and 850 to 1250 square feet for two bedrooms,” he said. “We’ve got those sizes and others that are about 150 square feet larger, respectively. Those are going to appeal to people who want a little more space. They’ll pay a little more, but they’ll get more space.”
Leibovic’s previous projects include the 187-unit Southern Stove Lofts on Hermitage Street and the Eagle Mill student apartments in the Carver section of Richmond near VCU.