A $75 million apartment project in Manchester is a step closer to going vertical.
The 2.2-acre riverfront parcel at 301 W. Sixth St. that eventually will house the twin tower River’s Edge II development has sold for $8.7 million.
The buyer was the project’s development group, consisting of Purcell Construction CEO Mark Purcell, CMB Development’s Guy Blundon, and Charlottesville-based Keith Woodard and Ludwig Kuttner. The seller was City View Tower LLC, an entity tied to Thalhimer Realty Partners.
The deal closed May 13, city property records show. The land most recently was assessed by the city at $3.42 million.
River’s Edge II, which the development group began planning last year, calls for 344 apartments across two 11-story towers connected by a sky bridge. It will rise next door to Blundon and Purcell’s original River’s Edge, a 10-story apartment tower at 505 Porter St.
Blundon said they’re preparing to go before City Council in June as they seek a special-use permit for the Rivers Edge II site.
The project initially was slated to break ground in early 2020, with eyes on a summer 2021 opening. That schedule’s now been pushed back.
“If it breaks ground this year, we’d be pretty happy,” Blundon said.
The deal for the land for River’s Edge II was structured differently from that of River’s Edge I. While Blundon and his group purchased the land outright for River’s Edge II, they bought Thalhimer’s interest in the entity that owned the land for River’s Edge I.
“In the first one we bought (Thalhimer’s) interest in the entity … it was not the sale of land, it was a sale of the interest in the entity that owned the land,” Blundon said.
And the group has more land yet to purchase for River’s Edge II. Blundon said they’ve got an agreement with Norfolk Southern Railroad to buy a nearby roadway that would act as an entryway to the building.
“We are still preparing to buy that piece. We haven’t closed yet but have an agreement on it,” Blundon said.
In addition to the apartments, River’s Edge II will house a two-level parking garage at its base with 372 spaces. About 80 percent of the 344 apartments units will be one bedrooms, and other amenities include a pool, gym, interior dog walks and bike parking.