A developer is getting the ball rolling on a large mixed-use development in the West End. Images courtesy of Gumenick Properties.
A local developer plans to have the bulldozers humming with the start of the New Year.
Gumenick Properties is set to begin 2015 with a wave of new construction at two of its West End projects and is taking further steps toward the first residential phase of its massive mixed use development.
At Monument Square, a 10-acre townhouse and condo neighborhood off Monument Avenue, crews are currently building the project’s sixth condominium building and four more town homes. Permits have been filed for the seventh condo building, as well.
That brings Gumenick near the halfway point toward its ultimate goal for the Monument Square development.
Plans call for 13 condominium buildings and 61 town homes. Once it is finished, Monument Square will have 220 homes.
Monument Square
Construction began at Monument Square about eight years ago. Gumenick spokesman Ed Crews said work was put on hiatus between 2010 and 2012 as the economy recovered, but is once again in full swing.
“Obviously the sales during the recession were not as robust, but since we began the project in 2007, we have been solidly committed to its completion,” Crews said.
Gumenick plans to start closings on units in the new Monument Square condo building in the next few weeks. Right now, 61 condos and 36 town homes are occupied.
Condos are between 1,500 and 3,400 square feet. They range in price between $395,000 and $1 million. Town homes come in both two- and four- bedroom plans at about 2,900 square feet. They start around $500,000.
Crews said the developer will start further construction as demand for the units increase.
“We don’t build speculative buildings that we don’t have commitments for,” he said. “At a certain point, it makes economic sense to build them.”
Gumenick’s work also continues on Grayson Hill, a townhouse neighborhood at North Gaskins Road and Patterson Avenue. The company will begin 2015 with construction on 16 new homes for the project that has been in the works since 2005.
Those homes range in size from 2,700 to 3,700 square feet. Prices start around $630,000.
A total of 178 town homes out of a planned 236 are currently completed.
Over at Libbie Mill, Gumenick’s massive 80-acre development on Staples Mill Road and Libbie Avenue, the company is in the pre-development phase for the project’s first section of apartments. The apartments will be part of a five-story mixed-use building that will hold 327 apartments and 37,000 square feet of retail and restaurant space.
Crews said the developer has approvals in place for the initial plans for the building.
That phase will join the development’s existing Southern Season retail anchor, which opened in July, and two other commercial buildings under construction that will house a new Henrico County library and a mixed-use office and retail building.
Construction on the entire development could take up to 10 years to complete. The finished project will contain 994 homes, including condominiums and town homes, as well as 1,096 apartments and around 160,000 square feet in retail and offices.
“Libbie Mill is the largest revitalization project in the history of the county,” Crews said. “It’s been something we’ve been working on for an awfully long time. It’s an extremely large project.”
Crews did not share how much Gumenick has invested in any of its ongoing projects.
Founded in the 1940s, Gumenick Properties is based in Henrico County. It owns and operates apartment complexes throughout Florida and North Carolina, as well as Virginia.
A developer is getting the ball rolling on a large mixed-use development in the West End. Images courtesy of Gumenick Properties.
A local developer plans to have the bulldozers humming with the start of the New Year.
Gumenick Properties is set to begin 2015 with a wave of new construction at two of its West End projects and is taking further steps toward the first residential phase of its massive mixed use development.
At Monument Square, a 10-acre townhouse and condo neighborhood off Monument Avenue, crews are currently building the project’s sixth condominium building and four more town homes. Permits have been filed for the seventh condo building, as well.
That brings Gumenick near the halfway point toward its ultimate goal for the Monument Square development.
Plans call for 13 condominium buildings and 61 town homes. Once it is finished, Monument Square will have 220 homes.
Monument Square
Construction began at Monument Square about eight years ago. Gumenick spokesman Ed Crews said work was put on hiatus between 2010 and 2012 as the economy recovered, but is once again in full swing.
“Obviously the sales during the recession were not as robust, but since we began the project in 2007, we have been solidly committed to its completion,” Crews said.
Gumenick plans to start closings on units in the new Monument Square condo building in the next few weeks. Right now, 61 condos and 36 town homes are occupied.
Condos are between 1,500 and 3,400 square feet. They range in price between $395,000 and $1 million. Town homes come in both two- and four- bedroom plans at about 2,900 square feet. They start around $500,000.
Crews said the developer will start further construction as demand for the units increase.
“We don’t build speculative buildings that we don’t have commitments for,” he said. “At a certain point, it makes economic sense to build them.”
Gumenick’s work also continues on Grayson Hill, a townhouse neighborhood at North Gaskins Road and Patterson Avenue. The company will begin 2015 with construction on 16 new homes for the project that has been in the works since 2005.
Those homes range in size from 2,700 to 3,700 square feet. Prices start around $630,000.
A total of 178 town homes out of a planned 236 are currently completed.
Over at Libbie Mill, Gumenick’s massive 80-acre development on Staples Mill Road and Libbie Avenue, the company is in the pre-development phase for the project’s first section of apartments. The apartments will be part of a five-story mixed-use building that will hold 327 apartments and 37,000 square feet of retail and restaurant space.
Crews said the developer has approvals in place for the initial plans for the building.
That phase will join the development’s existing Southern Season retail anchor, which opened in July, and two other commercial buildings under construction that will house a new Henrico County library and a mixed-use office and retail building.
Construction on the entire development could take up to 10 years to complete. The finished project will contain 994 homes, including condominiums and town homes, as well as 1,096 apartments and around 160,000 square feet in retail and offices.
“Libbie Mill is the largest revitalization project in the history of the county,” Crews said. “It’s been something we’ve been working on for an awfully long time. It’s an extremely large project.”
Crews did not share how much Gumenick has invested in any of its ongoing projects.
Founded in the 1940s, Gumenick Properties is based in Henrico County. It owns and operates apartment complexes throughout Florida and North Carolina, as well as Virginia.
The region has been fortunate to have a few well-heeled developers who have been able to continue their work through the economic downturn as well as show a true vision of how things can be when done properly. Gumenick is one of the few that can self-finance and yet do it right. They set their vision and see it through to the finish.