Urban Development Associates, affiliated with Miller & Associates, sold 1.8 acres of land last month to SunTrust for $1.7 million.
SunTrust will use the land to build a parking deck next to their mammoth Manchester office building on Riverview Parkway.
“We started talking with SunTrust maybe two years ago about maybe building the parking lot and leasing it to them,” said Robin Miller, principal at Miller & Associates. “But in the end they figured it would better for them to buy the land and build it themselves.”
Kjellstrom and Lee Construction is leading the building on the project. According to permits filed with the city of Richmond, SunTrust’s parking deck will cost about $4 million. Dwight Snead Landscaping and Paving is also working the project, according to building permits.
Miller has been sitting on 5.5 acres of land in that area of Manchester since he bought it from the Virginia Museum of Fine Arts in 2005 for $4.8 million. He’s shopping around the rest of the land as a good place for new apartment developments.
Manchester has seen an influx of development in recent months with new apartments cropping up. BizSense reported recently that Fountainhead Development is converting the Miller Manufacturing buildings to more than 200 apartments units to the tune of about $20 million.
“I had the land under contract a few years ago with another company who had wanted it for luxury apartments, but then the economy went bust,” Miller said.
For the rest of the former VMFA land, Miller said he’s looking to get a little more than the roughly $1 million per acre he received from the SunTrust.