Unexpected, unsolicited offers and fallout from the pandemic has landed a Manchester multifamily project on the back burner.
Work is not expected to begin any time soon on RiverHaus, a $40 million project to include 23 condos and 130 apartments just south of the Lee Bridge at 700 Cowardin Ave.
Cleveland-based Brickhaus Partners began planning the project last summer and bought the 2.2 acre plot for $2 million last fall.
Prior to the pandemic, Brickhaus principal Andrew Brickman said they were actually prepared to sell the land to another developer earlier this year.
“It was under contract, and I believe because of the pandemic the buyer was unable to (close),” Brickman said. “When the world collapsed with the pandemic, that created a lot of issues relative to the capital markets.”
Brickman said the unnamed prospective buyer is not based in Richmond but has a presence here. The offer was unsolicited, and Brickman said they’ve received more unsolicited offers for the land since then.
“We are entertaining offers. We’re not actively marketing it right now,” he said. “We just wanted to focus on some larger projects.”
It marks the latest chapter in the back-and-forth history of the Cowardin site. Local developer Jeremy Connell previously was under contract to purchase the land from Northwood Ravin, the North Carolina firm that sold it to Brickhaus. While Connell was pursuing the land, he and Northwood Ravin had it rezoned to RF-2 Riverfront District, which allows for up to 13 stories. Connell’s contract ultimately transferred to Brickhaus.
Brickman said much of his firm’s attention has been on a $100 million project in Napa, California, and a $50 million project in Ohio.
“We’re looking at other opportunities in Richmond, but again, we’re pretty busy in Napa,” Brickman said. “We’re still designed for 23 townhomes and 130 apartments, and we still love the site.”
Meanwhile on the eastern side of the Lee Bridge, work continues on Riverview Apartments, a 270-unit townhome and apartment project by Alabama-based LIV Development.