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.
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.