After launching several projects in Midlothian, a local apartment developer is branching out into Chesterfield County’s Brandermill area for his latest deal.
Guy Blundon of CMB Development said he’s planning a $30 million, 240-unit apartment community on 11 acres at 5411 Commonwealth Centre Parkway near the Commonwealth Centre Parkway and Route 288 interchange.
“When you think of the number of rooftops being added nearby, along with the area’s strong commercial growth, it was ideal for apartment development,” Blundon said.
CMB is under contract to purchase the land from Richmond-based construction firm EDC, which has owned the property since 2001, according to county property records.
Accustomed to doing deals in the county’s Midlothian section, this is Blundon’s first development in the Brandermill section, which is undergoing a wave of new multifamily and single-family development.
“We’ve been very active in Midlothian for years,” Blundon said, touting his 120-unit The Atlantic at Charter Colony age-restricted apartment development completed in 2006; and the 320-unit The Park at Salisbury apartments that was completed in 2004.
Dubbed Commonwealth Apartments, plans call for the construction of four apartment buildings, which will vary in height due to the topographical grade of the property.
“There’s going to be a four-story and three-story building, and another set of two buildings that’s going to be four and five stories and include elevators,” Blundon said. “We want to be able to offer a diverse set of housing on the site.”
Other site amenities include a 5,000-square-foot clubhouse with a pool, volleyball and bocce ball courts, 30 garages for enclosed residential parking and a dog park. Blundon added the development will also include several trails, with plans to tie them into the area’s pedestrian network.
“The idea is to have residents walk or bike to the movies or to the bowling alley which is all nearby,” Blundon said.
Roughly 60 percent of the proposed 240 units will be one-bedroom, Blundon said. The remaining units are slated to be two bedrooms.
Construction on Commonwealth Apartments is slated to begin in spring 2019 after the closing of the land purchase. Bruce Milam, a broker with Colliers International, is handling the pending transaction.
Purcell Construction is the general contractor, while Poole & Poole Architecture is designing the apartment project. Towne Engineering is the civil engineer.
Once completed, Newport News-based Drucker & Falk will manage and lease the property.
The site falls within one of the county’s regional mixed-use designation areas, which, since 1987, has called for corporate office, commercial, light industrial/research and development and higher density residential uses.
Chesterfield Board of Supervisors approved amending the vicinity’s 152-acre regional mixed-use plan to accommodate the apartment development at its June 27 meeting.
The remaining properties within the mixed-use area, which includes the Target-anchored Commonwealth Center shopping plaza, Regal Cinemas and Uptown Alley, were not affected by EDC’s request.
Commonwealth Apartments adds to CMB’s growing multifamily count across the region and state.
Blundon is under contract to purchase 2801, 2823, 2825 E. Main St. near the foot of Libby Hill for a 144-unit apartment development that includes about 4,000 square feet of commercial space.
Work is also wrapping up on CMB’s final phase of the Campus View, a 736-bed, 15 building student housing development in Harrisonburg, where once completed, will be 100 percent occupied and cost $50 million.
“We’re completing the final three buildings of the 15, and will have them fully leased by the fall semester for students,” Blundon said. “It’s been a 4-year project.”
In Manchester, work is wrapping up on Blundon’s 10-story River’s Edge residential tower at City View Landing. He said that project – another collaboration with Purcell – is moving in its first tenants.
“We’re averaging 30 new tenants a month,” Blundon said of the 213-unit River’s Edge development. “Demand is very strong.”
Blundon and Purcell also teamed up on The Winterfield at Midlothian apartments, a 238-unit complex beside Blackwood Development’s Winterfield Crossing along Midlothian Turnpike.