A rendering of the Tiber condos planned for 510 Libbie Ave. (Courtesy of SMSArchitects)
Scott Boyers is taking a gamble that’s rare these days: He’s developing a high-end condo project.
He’ll soon break ground on the Tiber, a 15-condo development near Libbie and Grove avenues that will cost about $8 million to build.
Condos at the property, located at 510 Libbie Ave., will run between $600,000 and $1 million.
“This project bucks the current economic trends by appealing to an affluent buyer, less affected by winds of the economy, who sees the advantages of acting now to secure their place,” said Boyers, a developer and a broker with CBRE.
Construction on the project will begin early next spring. It’s a joint effort between Boyers and local builder John George, who will be the general contractor on the project.
As is required for condo projects, the Tiber last week registered with the state, meaning the units can begin to be sold. Berkeley Fergusson and Jennifer Fergusson of Long & Foster will be the real estate agents marketing the homes.
New condo projects have been scarce in the Richmond area since the economy tanked, but this year developers have started to dip their toes back in the water.
In April, BizSense reported that Gumenick Properties was restarting its stalled Monument Square project, betting that shortage of condo inventory had created a pent-up demand.
Rick Jarvis, a broker with One South Realty, said One South has sold about 10 condos in the 69-unit Ginter Place project in recent weeks. Jarvis said One South is negotiating closings on two more condos there, which will bring the development to more than half full.
In February, well-known local businessman Jim Ukrop sold almost $5 million of his stake in a local bank in order to pay off a construction loan at Ginter Place to help get things moving again.
Financing for buyers of condos has been hard to come by since the real estate bust because the values of the units have fallen so dramatically. That left banks hesitant to lend on such properties. Jarvis said condo values have fallen by about 30 percent since the downturn.
But Jarvis said Boyers’s latest project is likely to succeed because of the location and the prices.
“For that kind of a project, the buyers will likely have just sold a house and will have some equity,” Jarvis said. “In fact, some of them will just be buying them in cash, and that eliminates the financing headache all together.”
A rendering of the Tiber condos planned for 510 Libbie Ave. (Courtesy of SMSArchitects)
Scott Boyers is taking a gamble that’s rare these days: He’s developing a high-end condo project.
He’ll soon break ground on the Tiber, a 15-condo development near Libbie and Grove avenues that will cost about $8 million to build.
Condos at the property, located at 510 Libbie Ave., will run between $600,000 and $1 million.
“This project bucks the current economic trends by appealing to an affluent buyer, less affected by winds of the economy, who sees the advantages of acting now to secure their place,” said Boyers, a developer and a broker with CBRE.
Construction on the project will begin early next spring. It’s a joint effort between Boyers and local builder John George, who will be the general contractor on the project.
As is required for condo projects, the Tiber last week registered with the state, meaning the units can begin to be sold. Berkeley Fergusson and Jennifer Fergusson of Long & Foster will be the real estate agents marketing the homes.
New condo projects have been scarce in the Richmond area since the economy tanked, but this year developers have started to dip their toes back in the water.
In April, BizSense reported that Gumenick Properties was restarting its stalled Monument Square project, betting that shortage of condo inventory had created a pent-up demand.
Rick Jarvis, a broker with One South Realty, said One South has sold about 10 condos in the 69-unit Ginter Place project in recent weeks. Jarvis said One South is negotiating closings on two more condos there, which will bring the development to more than half full.
In February, well-known local businessman Jim Ukrop sold almost $5 million of his stake in a local bank in order to pay off a construction loan at Ginter Place to help get things moving again.
Financing for buyers of condos has been hard to come by since the real estate bust because the values of the units have fallen so dramatically. That left banks hesitant to lend on such properties. Jarvis said condo values have fallen by about 30 percent since the downturn.
But Jarvis said Boyers’s latest project is likely to succeed because of the location and the prices.
“For that kind of a project, the buyers will likely have just sold a house and will have some equity,” Jarvis said. “In fact, some of them will just be buying them in cash, and that eliminates the financing headache all together.”
The movement is toward small eco-friendly dwellings that have charm and character. This is not that. I am sad that my home city continues to miss the mark.
I would love to move back but not into anything like this. It is not a congruent design with the neighborhood and the price is crazy for the same old same old slab of concerete condos.
good luck John. i know you will deliver a quality project.
When did it become commonplace to design buildings that don’t, in any way, fit in with the fabric of the area for which they are being designed? VCU has been erecting pre fab junk for the last 10 years and most of the new apartment buildings built in the last 5 years are also pre fab squares (Canal Street and those in Shockoe Valley below Union Hill come to mind) and with tiny balconies that look like they belong in Romania. This building, as it appears, looks like something more akin to Washington DC downtown than one that is supposed… Read more »
Akin to the look of a dorm…or a nursing home. Nothing attractive about this condo project in the least!
I agree, the design doesn’t match the neighborhood, but the real issue is trying to find buyers of a $600k condo who want to look across the street at $250k houses. This is the same issue with Monument Square. Just pull up Zillow if want to get an idea of the neighborhood. Sure, there are some nice (almost) million dollar homes near St. Christopher’s, and this is a very high end shopping district, but high end condos are going to be a tough sell in this or any market at this address. Best of luck to the developers, but if… Read more »
The reason that Gumenick is building another building at Monument Square is because there is demand for higher end condominiums in this area. The City of Richmond has a multitude of architectural styles and you can find examples in almost every neighborhood throughout the City. The retail shops along Libbie and Grove were designed to look like New Orleans, for example. I think the best thing about this project is that these developers will or already do have buyers for this project who will gladly pay the price for the quality product they will deliver (or else, the banks simply… Read more »
What an eyesore. These condos will really detract from the charm of the area. Such a shame!
I believe that Tiber is not only an idea whose time has come for that area of the city but long overdue. It is the 1st, in fact, the only upscale condominium alternative to The Tuckahoe in that area and I think it’ll be a welcome addition to the neighborhood. I don’t see what all the fuss is about. Hopefully, it will bring some much needed attention to an area I believe looks a little “tired” and in need of a shot in the arm. We need MORE developments like this. I see nothing offensive about the design and if… Read more »
This is a fabulous project and much needed for the Libbie & Grove area. I was lucky enough to sit through a presentation where I looked at three dimensional drawings. Too bad the rest of you were not able to view the real drawings. The brick work is going to look amazing with a lot of detail and the cornice work is exceptional. The terraces are room sized and each unit is custom. It was modeled after some of the older buildings on Monument Avenue. Don’t be so quick to judge. It must be selling out for a reason!!
Mouse #1= NO Cheese
Mouse #2= Gets the Cheese
How exciting! I, too, was fortunate enough to hear and view the presentation by John George and Scott Boyers, and these condo’s will be fabulous! The Tiber will be a welcomed improvement to the Libbie/Grove corridor, for the area merchants, neighboring residents, and the lucky owners of these new luxury condos.
The Tiber project is an exciting one for the area. It will enhance the neighborhood and be a plus for the merchants! Can’t wait to follow its progress!
I live just a few houses down from the project on Libbie and I’m excited to see new high-end development in the area. I hope Libbie & Grove can continue to be infused with both commercial and residential growth. It’s such a neat area and deserves more recognition!
I think if you look at the rendering on the site (http://thetiber.com/), and on the developer’s sign on the property, these don’t look radically different that other luxury condo buildings you’d find elsewhere in the city. Surely these add more to the neighborhood than the empty corner that exists there today?