An apartment development years in the making is nearing completion beside Stony Point Fashion Park.
The 280-unit James River at Stony Point opened its first and largest building to residents in late September. With work wrapping up on three more apartment buildings and four smaller carriage-home buildings, the $40 million development on the north side of the mall is on track to finish construction early next year.
Developed by Atlanta-based Wood Partners, the community consists of one-, two- and three-bedroom apartments ranging from 760 to nearly 1,400 square feet. Monthly rents range from about $1,100 to $1,700 for the units, which include stainless steel appliances and granite countertops and have options for sunrooms, balconies or patios.
The three- and four-story buildings also include top-floor loft units with additional space, while the smaller, two-level buildings include carriage-home apartments above their own garages. Additional garages in those buildings can be rented by other residents.
A courtyard in the middle of the main manor building includes a swimming pool, grills and fireplace area. Other amenities include a fitness center, playground, dog park and additional grilling and gathering areas between some of the buildings.
Wood Residential, Wood Partners’ management arm, started moving in tenants in late September. Property director Tobi Colls said the manor building is 10 percent occupied, and she said the complex is 25 percent leased overall.
Construction on the complex started late last year, and Colls said work should finish and all units online in January. She said the company is aiming to have the units totally leased by September.
Formerly called Alta Stony Point, the project has been several years in the making, due in part to a court-ordered injunction that stalled development after the apartments were first proposed in 2013. Opposition from surrounding neighborhood associations prompted the injunction, which temporarily barred the sale of the 27-acre site.
James River at Stony Point marks the first Richmond-area project for Wood Partners, which served as the general contractor and builder. North Carolina-based Cline Design was the architect on the project, which included planning and engineering from Design Resource Group and Richmond-based Timmons Group.
In addition to new roofs, the development will add hundreds of people beside a mall that has been trying to increase traffic as of late.
Starwood Capital Group, which purchased Stony Point Fashion Park as part of a seven-mall deal in 2014, has been planning a $50 million upgrade to the mall’s outdoor areas and retail options. Construction is underway for a new H&M store, but other spaces in the mall are vacant, including the recently shuttered Anchor Bar spot.
Colls said she expects James River at Stony Point will have a positive effect on the mall, which she said would likewise benefit the apartments.
“I think it would help them out a lot, because it would drive traffic to the mall,” Colls said, noting as well the Creek’s Edge at Stony Point apartments and townhomes on the opposite side of the mall, developed by Richmond-based Commonwealth Properties.
“They now have two nice apartment communities here, so I think it would be profitable,” she said. “As long as the mall is going to do what they project to do, I think it will have a positive effect for this property. We have people at the mall who come over to look, so it is good for traffic. It’s good cross-marketing with us and them.”
Meanwhile, more construction is adding to the Stony Point campus, as Highwoods Properties is developing a $27 million, 87,000-square-foot office building that will house the headquarters for Virginia Urology. North Carolina-based Clancy & Theys is building that three-story structure, framework for which has taken shape across from the mall’s east entrance. The building is next door to a 60,000-square-foot medical office building that VCU Health completed last year.