For its first foray into the Richmond market, an out-of-town development firm has snagged a site between the Museum District and Scott’s Addition.
Charlottesville-based Stony Point Design/Build earlier this month purchased 3013 Cutshaw Ave. for $1.9 million. The 10,000-square-foot building, which houses Movement Church, most recently was assessed for $790,000.
The buyer has a track record of mixed-use developments, with several projects underway across Charlottesville and in Harwich Port, Massachusetts.
“We like that the location straddled the Museum District and Scott’s Addition,” said Chris Henry, president of Stony Point Design/Build. “It’s a good urban area with plenty of amenities nearby … that for us made this a worthwhile investment.”
The company is still mulling plans for the site. Henry said it may raze the building to make way for a new multi-level structure with commercial and residential space.
He said if the building cannot be razed, the firm would preserve elements of it to incorporate into new construction, still with a goal of adding density to the neighborhood.
“We’re still looking at the best solution for the site,” Henry said, adding that Movement Church’s lease is up in April.
The firm is working with Timmons Group and Richmond-based Glavé & Holmes Architecture on the future development of the site, which Henry said could begin in 2019.
One South Commercial brokers Tom Rosman and Lory Markham represented the seller in the deal, Marquee LLC.
Stony Point is juggling several projects outside of Richmond, including Dairy Central – an $80 million mixed-use redevelopment of the Monticello Dairy complex in Charlottesville, where the first phase is set to include 50,000 square feet of new office space, a food hall and a craft brewery.
Its new Richmond property is in an area that was recently rezoned to entice transit-oriented, mixed-use development coinciding with the forthcoming bus rapid transit system – allowing for up to 10-story buildings along the West Broad Street corridor bounded by the Boulevard to the east and Interstate 195 to the west.
It’s also near the future Whole Foods-anchored Sauers Center development.
With its first Richmond location locked down, Henry said, the firm is scouting the metro area for similar deals.
“Urban renewal and infill is an important part of our business,” he said. “We’ve been following a lot of the development trends in Richmond. I have a few people that work with me that live in Richmond and have been wanting us to get into the market.”