A Northern Virginia-based builder has secured the site of a planned residential infill development in western Henrico County, forking over three times what it paid for a slightly larger site less than a quarter-mile away.
Reston-based Stanley Martin Homes closed this month on the former Lawrence Dodge dealership property at 7411 W. Broad St., paying $6.85 million for the 13-acre site, where it plans to build up to 200 condos.
The deal with Lawrence Motor Co., which retained ownership of the site after closing the dealership, closed Jan. 4, according to county property records. A county assessment most recently valued the property at $5.24 million.
The land will be developed as an 18-building complex to be called West Broad Landing. Four acres fronting Broad Street are designated for commercial development.
Stanley Martin received zoning approval last year for the project, which is planned to consist of four-story buildings with “two over two”-style unit configurations, meaning two-level condos stacked on top of one another – similar to the company’s Saunders Station at Broad Hill Centre in Short Pump.
Jeremy Swink, Stanley Martin’s regional vice president of land, put the overall development cost for West Broad Landing at more than $50 million.
Wistar Glen project
Stanley Martin also is developing Wistar Glen, a 160-home development on 15 acres at 4613 Wistar Road, just off Broad Street northwest of the West Broad Landing site.
The company paid $2.1 million last year for that land, where it plans to build 136 condos, along with 24 townhomes to be constructed by another builder. A county assessment valued the unimproved land at $1.4 million.
Swink put that project’s total development cost at upwards of $30 million. He said a contract has yet to be signed for a builder for the townhomes portion of Wistar Glen.
Swink said a developer has been selected for the commercial portion of West Broad Landing. He said he could not disclose the developer and didn’t know if it had lined up potential users for the site.
Preliminary site work started two weeks ago on the Wistar Glen site, while development on West Broad Landing is scheduled to start in February, Swink said. He said permit approvals took longer than anticipated for Wistar Glen, which was previously projected to get underway last year.
Chesterfield-based CD Hall Construction is doing the Wistar Glen site work. Swink said a contractor for West Broad Landing has not been selected.
Stanley Martin is aiming to start building in both developments by the end of the second quarter, with the first units to be delivered by year-end, Swink said.
Units at West Broad Landing will start at 1,350 square feet, with prices starting in the low $200,000s. The condos at Wistar Glen are planned to total 1,500 square feet for lower-level units and 2,500 square feet for upper-level units, with prices starting in the $220,000s and at $260,000, respectively.
All of the Wistar Glen units will include three bedrooms and a dedicated one-car garage and driveway. Swink has said the condos at both properties are priced around the county’s median household income, which has increased from about $63,700 last year to $66,447 this year, according to the U.S. Census.
The stretch of Broad Street west of Glenside Drive has drawn investment interest of late. Across the street from the West Broad Landing site, the Nanking Restaurant property at 7408 W. Broad St. is under contract and set to be redeveloped as a car wash.