Proposed shopping center, medical office projects progress in Hanover

Capital Up Investment wants to build a shopping center with retail, office and restaurant space in Montpelier. (Courtesy Capital Up Investments)

Two proposed developments that would add a total of about 77,000 square feet in new retail, restaurant and office space in Hanover County are working their way through the planning approval process.

Capital Up Investments LLC wants to rezone about 10 acres split between two parcels at 16644 and 16660 Mountain Road in Montpelier to make way for a shopping center with three retail strip buildings and two office buildings.

In a separate request, George and Kay Fearnow would like to see their 4 acres at 8118 Shady Grove Road in Mechanicsville be rezoned to allow two medical offices.

The county’s planning commission unanimously recommended both rezoning applications last Thursday. The requests now head to the Board of Supervisors for final approval on May 27.

Montpelier shopping center

The shopping center, dubbed Montpelier Villa, would consist of about 48,400 square feet of commercial and office space. There’s a 4,400-square-foot office at the site, which would be joined by about 29,000 square feet of retail space, 7,800 square feet of restaurant space and about 7,000 square feet of more office space mapped out in conceptual plans for the site.

The application requests the land in question be rezoned from agricultural district (A-1) and neighborhood business district with conditions, B-1(c), to community business district with conditions, B-2(c).

Giuseppe Giambanco of Capital Up Investments said though the demographics are just starting to shift favorably for such a project, the firm is betting the area will see strong growth and corresponding demand moving forward.

“Short Pump can only grow so much. A lot of people in Henrico are going over to Hanover,” Giambanco said.

Montpelier Villa has been a few years in the making. A previous, larger version of the concept was introduced with 86,000 square feet of development, a sizable chunk of it storage facilities that aren’t included in the concept plan approved by the Planning Commission.

Capital Up bought the 4.7 acres at 16660 Mount Road for $250,000 in April 2018. The land most recently was valued at $258,900. The company purchased the 5 acres at 16644 for $375,000 in November 2017. The land most recently was valued at $401,300, county property records state.

Giambanco, who is also a Hometown Realty | HTR commercial agent, as well as owner of Romas Italian restaurant and RVA Laundromat, is joined by a group of family members and close friends who own businesses and restaurants in the region.

The group already has put out feelers for tenants, kicking off conversations with Advance Auto Parts and eyeing some fast-food franchises to help fill out the shopping center, Giambanco said.

Capital Up hopes to start construction by summer 2021. Work would occur in phases and would cost at least $1.2 million to $1.5 million to build the initial commercial strip, plus the expense of other buildings in the plans that will be built based on how things go. The group hasn’t lined up a contractor or architect yet, and expects to do so once the rezoning is approved.

Youngblood, Tyler and Associates is handling engineering on the plans thus far.

There are two other shopping centers in the immediate area, Village Green and Montpelier Shoppes, which is anchored by a Food Lion.

Mechanicsville medical offices

In Mechanicsville, George and Kay Fearnow submitted the rezoning application to make way for two one-story medical official buildings near the Memorial Regional Medical Center.

The requests would rezone land to neighborhood business district with conditions, B-1(c). Currently the land is zoned single-family residential district (R-1). The development’s conceptual plan calls for a 20,000-square-foot office as well as a 13,000-square-foot office.

The Fearnows bought the larger parcel (3.8 acres) that’s on Pleasant Grove Road for $50,000 in June 1989. The land most recently was valued at $75,300. Kay Fearnow bought the 0.4-acre parcel involved for about $4,700 in January 1993. The parcel most recently was valued at $2,300, according to county property records.

In addition to the hospital, the land is near other medical offices. The landowners declined to comment through their legal representative Jeffrey Geiger of the law firm Hirschler Fleischer.

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