Alabama-based developer drops $6M for land in Chesterfield

Conceptual design for the Cosby Village Apartments that are awaiting county approval. (LIV Development)

An out-of-town developer has secured its first site in the Richmond market, with plans to erect a $70 million apartment project.

Liv Development last week paid $6 million for 9.3 acres at 15500 Cosby Village Ave. near the Village Square Parkway and Otterdale Road intersection, according to county property records.

The transaction was recorded with the county’s real estate division Feb. 26.

The plot eventually will house Cosby Village Apartments, a 305-unit project the company first proposed last fall.

It would consist of three four-story buildings wrapped around a 477-space surface parking lot, and onsite garage parking for residents, a trash compactor, and a pool and community area.

The project would tie into the Publix-anchored Cosby Village Shopping Center, a retail development directly south of the apartment site, via sidewalks and a single driveway in and out of the development.

publix storefront

Publix is planning a 50,000-square-foot store in Chesterfield. (BizSense file photo)

The apartments would be Liv Development’s first in Chesterfield and in Virginia. The firm, based in Birmingham, has constructed apartment communities in several metros in the Carolinas, Tennessee, Georgia, Alabama and Texas.

The Chesterfield County Board of Supervisors is set to vote at its March 13 meeting on a measure to rezone a 0.2-acre sliver of the 9.3-acre property, near the Otterdale Road and Village Square Parkway intersection, from multifamily residential to C-3 commercial business.

The rezoning will allow the entire Cosby Village apartment development to have C-3 designation, which allows for multifamily development with limited commercial uses on the site.

Bruce Milam, a broker with Harrison & Bates who represented Liv Development in the sale, said the firm hopes to launch construction of Cosby Village Apartments next month.

Milam said the apartments would be market-rate units, but couldn’t provide an expected average rental rate.

The average rate for a one-bedroom apartment unit in the county’s Woodlake section is slightly higher than other areas of Chesterfield, typically fetching around $1,200 a month.

With its first development site secured, Liv’s next project is awaiting its start in Richmond’s Manchester neighborhood.

The company is under contract to purchase 15 contiguous parcels totaling about 7.3 acres near the Lee Bridge at 1400 Railroad Ave., said Milam, who also is overseeing the future transaction. It plans to build a seven-building, 289-unit community on the property.

Much of it – about 6.1 acres across 11 of the parcels – is owned by prolific Manchester developers Robin Miller and Dan Gecker, and their firm, Urban Development Associates. The remaining 1.2 acres is owned by a trust belonging to Lewis Ginter Botanical Garden.

This nearly 15-acre site is slated for a 305-unit apartment development called Cosby Village Apartments in Chesterfield. (Courtesy Google Maps)

Leave a Reply

2 Comments on "Alabama-based developer drops $6M for land in Chesterfield"

Notify of
avatar
Sort by:   newest | oldest | most voted
Bruce Milam
Guest
I think the acreage for the Semmes assemblage is UDA at 5.8 acres and that of GTP is around 0.6 ( though very strategic) but the important thing is that Liv Dev controls everything between the Lee Bridge and Suntrust . It’s a great design. That intersection of Cowardin and Semmes is exploding with development activity. The Cosby Village apartments will provide a completed link between Terra Forge’s Greenwich Walk and the new Publix as well as all the planned shops that will emerge along Hull Street. It’ll be a wonderful walking community of more than a thousand people at… Read more »
Matt Faris
Guest

Nice job Bruce. Being the engineer on the Greenwich Walk project, I anxiously await the full development of that corner.

wpDiscuz