Tally another 90 units to the downtown apartment boom.
Monument Construction in a joint venture with Marc Galt of Sensei Development is under contract to buy a site at the eastern corner of First and Canal streets for a planned five-story apartment building.
The team filed a rezoning application in August for the 93-unit development, according to city records.
“I really like that sort of midtown area that’s in between the lower Fan and the central business district,” Monument principal Chris Johnson said. “I think it’s very underutilized now. It’s very convenient to I-95, it’s very convenient to the central business district, the Slip, and it’s an easy walk over to the Fan.”
The project, referred to in the zoning application as “First & Canal Residences,” sits between 111 and 119 S. First St. Lezione Capital owns the land, according to city records.
A timeline for breaking ground on the project was not available, and Johnson would not comment on its estimated cost. Plans filed with the city call for 96 covered parking spaces, a pool and a gymnasium.
Monument and Galt previously collaborated on Shockoe Valley Heights, a $29 million apartment and retail development in the block bounded by Main, Franklin, 20th and 21st streets. Johnson and Monument are also converting the Exchange Place office building on Main Street into at 63-unit mixed-use apartment complex.
Monument has another terrific design (Walter Parks no doubt is the architect) to fill an otherwise empty lot in the City. Its encouraging to see the growth of the City move uptown.
I can’t take credit for this one.