Correction: A previous version of the story said that firm SMBW designed the Port RVA project. Joseph F Yates, Architect designed the project and is collaborating with SMBW.
Tack another 102 onto the tally of new apartments in Manchester.
But developers Sam McDonald and Mark Scordo of Property Results have something a little different in mind for their planned $10 million project on the site of a long-vacant Burger King at Fifth and Hull streets.
“At some point, the market is going to turn, and apartments are going to be more difficult to develop,” McDonald said. “When we looked at all our properties, we noticed that the units that had the least vacancy and were the easiest to lease up were all the smaller units.”
With that in mind, units at the new project – dubbed Port RVA – will be between 400 and 600 square feet, McDonald said.
“There shouldn’t be anything in there more than $1,000 per month,” he said. “I think the market may be missing a segment of the population who may want to live downtown but are being priced out.”
McDonald said the apartments would lease for between $700 to under $1,000 per month.
Scordo said the goal is to break ground this summer on the 75,000-square-foot project, which Joesph F Yates, Architect designed collaborating with SMBW Architects. MGT is the contractor. Xenith Bank is financing it.
The project includes an outdoor pool, a two-story fitness room and a balcony for every unit.
“If you are trying to find apartments this size with outdoor space, it would be hard,” Scordo said.
Property Results in August bought the one-acre lot for $550,000. The developers also own a vacant gas station next to the Port RVA site, but the lot will largely be used as surface parking for the project for now.
They plan to have the development finished by summer 2014, when it will join a competitive Manchester apartment market. More than 600 apartments have either recently opened, are under construction or are in the planning phase.