A multimillion-dollar land deal has further cleared the path for a multifamily development in the works near Brandermill.
HHHunt Communities closed March 6 on its purchase of nearly 72 acres at 4001 Lonas Parkway, where it is planning its $21 million Wescott development. The company paid $3.675 million for the acreage, which consists of three parcels southeast of the Hull Street Road-Route 288 interchange.
Plans calls for 480 townhomes on the site, 18 acres of which will include five buildings housing 120 condos to be built by Ryan Homes. The stacked condos will range from 1,200 to 1,800 square feet, and the condos and townhomes are planned to be priced starting in the low to mid-$200,000s. Sales are expected to start in the second quarter.
David Smith of Cushman & Wakefield | Thalhimer brokered the land deal on behalf of the seller, 360 Capital Partnership LLC, an entity tied to real estate investment firm The Clovelly Corp. The Henrico-based company is led by Thomas Allen, former president of East Coast Oil Corp.
Jonathan Ridout, vice president of land development for HHHunt Communities, said Smith brought the site to the attention of the company, which liked the location for its proximity to Hull Street Road’s commercial corridor.
He said the site was assembled years ago as part of a larger master-planned community, with retail facing Hull Street Road, the Addison at Swift Creek Apartments farther south and the land for residential or other uses in between.
“We looked at it, liked the location a lot, decided to go back in and do a rezoning on it to eliminate the cash proffer, because this area was in a redevelopment corridor for Chesterfield County,” Ridout said.
“A lot of development is going on farther out west in the Amelia area, so this location to us has some advantages because it doesn’t have the traffic, it’s right off of 288 and it’s got all the commercial components that are right there from an amenity perspective that potential buyers are going to want,” he said, listing grocery stores, gyms and restaurants as examples.
Ridout said the company is working to finalize plans with Chesterfield County and anticipates breaking ground in about a month. The development also would include a 2,000-square-foot clubhouse, an amphitheater and green space.
The project adds to other investments in the works or underway around the 288-Hull Street Road interchange.
On the other side of the interstate, developer Guy Blundon is planning a $30 million, 240-unit apartment project on 11 acres at 5411 Commonwealth Centre Parkway. Realty Ventures Group, which developed the 740-acre Tarrington on the James, is planning a 500-lot development called Swift Creek Station on 185 acres near the interchange.
Wescott also adds to HHHunt’s local workload, which includes the 250-acre River Mill community under development near Virginia Center Commons in Henrico. Last fall, the company paid $4.39 million for 48 acres in Mechanicsville’s Caldwell Park, where it plans to build 115 detached houses with CraftMaster Homes.