About 11.5 acres in the Chestnut Hill/ Highland Park Southern Tip neighborhoods recently hit the market.
A group of local property owners is looking to cash in on recent investor interest in the city’s Northside.
A swath of 13 parcels totaling about 11.5 acres in the Chestnut Hill/ Highland Park Southern Tip neighborhoods recently hit the market for potential development.
The oblong-shaped assemblage stretches roughly north from Magnolia Street to about Althea Street to the south and includes 1709 Magnolia St.; 1606 and 1621 Althea St.; 2015, 2017, 2301 and 2411 Fifth St.; and 2100, 2200, 2207, 2300, 2301 and 2400 Sixth St.
The heavily wooded site sits mostly on a bluff that overlooks Interstate 64 and offers views of downtown.
Bill Sweeney, a broker with Hallmark Realty Group who’s handling the listing for owner Sixth Avenue Associates Inc., said the potential to capitalize on those views could be what hooks a buyer.
“The entire site can be rezoned and at the moment does not have any height restrictions,” Sweeney said. “This allows the buyer to bring some height to an area that has one of the best views of the city’s skyline.”
The property is listed for $1.2 million, Sweeney said. All 13 parcels included in the sale were most recently assessed by the city at a combined $134,000.
With the exception of 1709 Magnolia St., which is zoned light industrial, the remaining parcels are zoned R-6, which allows for single-family attached development.
A 0.55-acre tract at 1605 Cypress St. that houses a billboard facing Interstate 64 on the property is not part of the sale.
While Sweeney would not disclose the identities of those behind Sixth Avenue Associates, he said the group has owned the property since the 1960s. He said the group is ready to sell the site given the level of development occurring in the nearby Brookland Park and Barton Heights neighborhoods.
“This is a gateway that’s seen by several people and CEOs upon their entry into the city,” Sweeney said. “It really is a prime piece of real estate where something quite special could materialize with the right vision.”
Several of the parcels do not have road access, although several east and west connectors – Myrtle, Spruce, Juniper, Willow, Cypress and Althea streets – dead end into the property.
Fifth Avenue runs roughly parallel to the property line, with the corridor fronting the 2015, 2017, 2301 and 2411 Fifth St. parcels.
The site also is less than 2 miles away from the proposed redevelopment of the Richmond Coliseum area via Third Street, which runs right into the heart of the proposed project.
About 11.5 acres in the Chestnut Hill/ Highland Park Southern Tip neighborhoods recently hit the market.
A group of local property owners is looking to cash in on recent investor interest in the city’s Northside.
A swath of 13 parcels totaling about 11.5 acres in the Chestnut Hill/ Highland Park Southern Tip neighborhoods recently hit the market for potential development.
The oblong-shaped assemblage stretches roughly north from Magnolia Street to about Althea Street to the south and includes 1709 Magnolia St.; 1606 and 1621 Althea St.; 2015, 2017, 2301 and 2411 Fifth St.; and 2100, 2200, 2207, 2300, 2301 and 2400 Sixth St.
The heavily wooded site sits mostly on a bluff that overlooks Interstate 64 and offers views of downtown.
Bill Sweeney, a broker with Hallmark Realty Group who’s handling the listing for owner Sixth Avenue Associates Inc., said the potential to capitalize on those views could be what hooks a buyer.
“The entire site can be rezoned and at the moment does not have any height restrictions,” Sweeney said. “This allows the buyer to bring some height to an area that has one of the best views of the city’s skyline.”
The property is listed for $1.2 million, Sweeney said. All 13 parcels included in the sale were most recently assessed by the city at a combined $134,000.
With the exception of 1709 Magnolia St., which is zoned light industrial, the remaining parcels are zoned R-6, which allows for single-family attached development.
A 0.55-acre tract at 1605 Cypress St. that houses a billboard facing Interstate 64 on the property is not part of the sale.
While Sweeney would not disclose the identities of those behind Sixth Avenue Associates, he said the group has owned the property since the 1960s. He said the group is ready to sell the site given the level of development occurring in the nearby Brookland Park and Barton Heights neighborhoods.
“This is a gateway that’s seen by several people and CEOs upon their entry into the city,” Sweeney said. “It really is a prime piece of real estate where something quite special could materialize with the right vision.”
Several of the parcels do not have road access, although several east and west connectors – Myrtle, Spruce, Juniper, Willow, Cypress and Althea streets – dead end into the property.
Fifth Avenue runs roughly parallel to the property line, with the corridor fronting the 2015, 2017, 2301 and 2411 Fifth St. parcels.
The site also is less than 2 miles away from the proposed redevelopment of the Richmond Coliseum area via Third Street, which runs right into the heart of the proposed project.
The realtor needs to read city zoning code or the writer does. All the lots except one are zoned R-6? R-6 Zoning has a 35 foot height restriction.
Sec. 30-412.8. Height.
No building or structure in the R-6 single-family attached residential district shall exceed 35 feet in height (see article VI, division 6, of this chapter and section 30-680.1).