As construction gets underway on a new apartment building next door, a previously missing piece of the Rocketts Landing puzzle has been added to the development with a $1.85 million land buy.
The WVS Cos., the developer behind the mixed-use riverside community that straddles the Henrico-Richmond line along Route 5, purchased a 1.38-acre parcel at 5100 Old Osborne Turnpike through an entity called Rocketts Block 16 LLC. The deal closed Monday.
The parcel is surrounded by property planned for Rocketts Landing, but was not included in the project’s original zoning because it remained under separate ownership.
The seller is listed in property records as 5100 Old Osborne Turnpike LLC, an entity tied to Southside-based Virginia Rigging & Crating, which used the property for its commercial moving and storage business.
The company was represented by Commonwealth Commercial Partners’ Sam Worley and Ryan Fanelli, who presented the property for sale.
WVS secured rezoning approval and a provisional use permit from Henrico County in December to develop the lot as an expansion of Rocketts Landing. Jim Theobald with Hirschler Fleischer represented the developer.
Plans call for townhomes exceeding 60 feet in height and a surface parking lot. The property currently houses a 30,000-square-foot warehouse.
A dozen townhomes are planned for the site, according to Commonwealth Commercial. The parking lot could be developed as additional units in the future.
A message left for WVS Executive Vice President Richard Souter was not returned Tuesday.
Detailed plans have yet to be presented, but development would be consistent with architectural styles and guidelines included in Rocketts Landing’s original zoning. Sidewalks, street trees and furniture would be included, along with a visual buffer for the parking lot.
The parcel is adjacent to a section of Rocketts Landing where construction is underway on a 156-unit apartment building, along Osborne Turnpike just south of the sold parcel. KBS is the general contractor on the project.
Additional townhomes also are planned to the west, and townhomes and condos have been built to the north.
HHHunt Homes is the builder on the townhomes closer to the river. Those 47 units would range in size from 1,800 to 2,100 square feet. The three- and four-level units cost from the mid-$300,000s to low-$400,000s.
HHHunt Homes, which built Rocketts Landing’s first wave of townhomes, filed construction plans for those units last summer. The construction ended several months of apparent inactivity at Rocketts, due in large part to an agreement with the city on sewer utilities that Souter said took longer to secure than anticipated.
A master plan approved in 2012 for the next phase of development – an 8.6-acre area called Land Bay 5, bordered on the south by Old Hudson Street – called for up to 310 residential units and 120,000 square feet of commercial and office space.
Started in the mid-2000s, Rocketts Landing remains less than halfway built. When the first wave of townhomes was built two years ago, only 12 of its 50 total acres had been developed.
I’m glad to see that WVS was finally able to get the County and City utility departments to agree to a plan to service the east side of Rockets. Those apartments will lease in a heartbeat. They could probably double the number. And WVS bit the bullet and bought that ugly blue warehouse. They are long term players.