A local real estate firm is preparing to finish off one of its earliest office park developments – and it’s doing it on spec.
The Wilton Cos. soon will begin construction on Wilton Park III, a 16,000-square-foot office building on a 1-acre parcel at 5003 and 5101 Dickens Road.
It’s the third and final phase of the company’s Wilton Park office complex near the intersection of Staples Mill and Dickens roads.
“This is something that has taken us years to plan,” CEO Richard Johnson said. “We’re starting to see some movement in the office market that is encouraging.”
Plans call for a two-story building with 8,000 square feet of speculative space on each floor.
“It squares up nicely,” vice president Hunt Gunter said. “The smaller building will allow for future tenants to be more custom in their buildout.”
Two homes on the property will be razed, Johnson said. Wilton paid $230,000 for the residence and land at 5003 Dickens Road in 2006, and $250,000 for the 5101 Dickens Road property in 2014, according to county records.
The Henrico County Board of Supervisors in November 2015 approved Wilton to rezone the parcel from residential to commercial. The county’s planning staff approved its plan for development on May 25, allowing the firm to move forward with construction.
Richmond-based Hourigan Construction has been tapped as the project’s general contractor, while Freeman Morgan Architects designed the building. Ashland-based Wilmark Engineering is the engineer.
Crews hope to deliver the office building by year-end, Johnson said, weather permitting.
Wilton first bought into what would become Wilton Park in 2004, after Capital One vacated the original 35,000-square-foot building at 4901 Dickens Road, which was constructed in the 1970s.
“It was originally built for First & Merchants National Bank as a credit card processing facility,” Johnson said. “Eventually, the company would merge with a number of banks that would later become Bank of America.”
In 2006, he said, Wilton launched phase two of the office park, where it constructed a two-story, 35,000-square-foot office building at 4905 Dickens Road.