Almost 200 more apartments are coming to Scott’s Addition.
In one of the largest apartment projects slated for the old industrial section of Richmond, Spy Rock Real Estate last week filed a special-use permit application for a four-story, 220,000-square-foot apartment building near West Broad Street and Roseneath Road.
If approved, the 193-apartment building would occupy the old Coca-Cola bottling plant at 1310 Roseneath Road and would include a new construction component.
Spy Rock, started in 2009 by University of Virginia graduates Taylor Williams and Andrew Basham, has developed about 550 apartments, mostly in Hampton Roads but including 75 units in Shockoe Bottom at 20th and East Broad streets. The Scott’s Addition project would be the developers’ largest in the city to date.
Plans call for preserving the old 78,000-square-foot building on the property in a historic tax credit rehab deal and turning it into 70 one- and two-bedroom apartments. The new construction building would be 143,000 square feet and feature 123 one- and two-bedroom apartments.
Basham told BizSense last year that he was worried the market was saturated and that he would hold off on apartment development in Richmond for the time being. But Basham says the Scott’s Addition project is different from others in the vicinity.
“I think the new construction sets our project apart,” he said. “All of the units in the new portion will have a balcony. They will all have plenty of light and plenty of air.”
Williams said that one of the apartments in the rehab section is slated to go without an exterior window.
“We tried very hard to avoid it,” Williams said. “It does open into an atrium, so there will be natural light getting in, and you’ll be able see outside.”
According to Basham, another reason the project should succeed is ample parking.
“We are certainly cautious about new construction, but I think one of the keys to sustainable development is providing parking. We’ve got 264 parking spots, and that’s nearly 1.4 spaces per unit. You’ll see a lot of people are building without parking, and I think that’s short-sighted.”
The project should cost $20 million to $25 million. The building is under contract, and the developers are lining up financing. They hope to start work on the building in the middle of next year.
Lot owner David Dagenhart of Dagenhart Sprinkler Co. bought the property from Coca-Cola in 2007 for $2.15 million, according to city records.
There are several other Scott’s Addition developments in the works. Longtime Richmond developer Louis Salomonsky bought two half-finished Justin French apartment developments off the auction block in July. And developer Tom Wilkinson is planning a 131-unit, $20 million development in the old Richmond Fixture building.