A cluster of new rowhouses planned just south of Scott’s Addition is about to start going vertical.
The Meridian, an eight-unit development at North Thompson Street and Cutshaw Avenue, is set to rise in March, said developer Carter Snipes, principal broker of Richmond-based Snipes Properties.
Plans call for each unit to total 1,800 square feet and include a rooftop deck, open floor plan and off-street parking. The units, priced between $450,000 and $500,000, are set to hit the market Tuesday.
Carter said the price point could attract potential homebuyers with access to amenities in nearby Scott’s Addition and the Museum District.
“There’s not a lot out there in the mid-$400,000 price point,” Snipes said. “Rents for a 1,800-square-foot apartment are about $1,800 to $1,900 a month … For about $2,200 a month you could own a single-family unit in The Meridian.”
Existing buildings fronting Cutshaw Avenue and a parking lot behind them will be demolished to make way for the development.
“We’re looking to start demoing the building next week,” Snipes said.
Snipes’ firm purchased the 0.34-acre parcel at 3412 Cutshaw Ave. two years ago for $390,000, according to city tax records. Plans for the development were approved by city council last year.
Snipes estimates the the project would cost $2.5 million. Financing is being provided by Village Bank. The units will be marketed and sold by Snipes Properties.
Richmond-based Johannas Design Group has been tapped as The Meridian’s architect, while Williamsburg-based Lars Group has been retained as site contractor. Local firm Kine Vue is the civil engineer, and Rob Stephens of River West Group is the construction administrator.
Richmond-based RenderSphere completed the project’s 3-D renderings. Patricia Holley is the interior designer.
The Meridian adds to a flurry of new residential development emerging in established city neighborhoods. To the south along Thompson Street, at its crossroads with Patterson and Kensington avenues, Oliver Properties is wrapping up its 50-unit Carytown Crossing apartments.
Farther east in the Fan, work finished last summer on Huntt’s Row, a cluster of eight rowhouses and two condos at Kensington and North Robinson Street. Those units range from 2,400 to 2,700 square feet and start in the mid-$600,000s.
Across the river, site work is underway on 7West, a 12-unit townhome development on a half-acre site at the foot of the Manchester Bridge. The three-story townhomes are priced in the $700,000 range.