A few months after pausing a $40 million riverfront residential project, a Cleveland-based developer is ready to sell off some prime Manchester land.
An unidentified buyer is under contract to purchase the roughly 2-acre site at 700 Cowardin Ave. from Brickhaus Partners, principal Andrew Brickman confirmed.
Brickhaus bought the parcel last fall for $2 million and began planning RiverHaus, consisting of more than 130 apartments and nearly two dozen townhomes across two buildings. The site sits just southwest of the soon-to-be-renamed Robert E. Lee Memorial Bridge.
However, in the spring Brickhaus put RiverHaus on hold to focus on bigger projects it has underway on the West Coast and after receiving unsolicited offers on the Manchester property.
Brickman would not say who the prospective buyer is or when the deal is scheduled to close.
The pending deal is at least the third time the property has been under contract in the last four years. Local developer Jeremey Connell previously had a deal in the works to buy the site from Charlotte-based Northwood Ravin, before passing it off Brickhaus.
While the site sits vacant, work is well underway nearby at 1401 Railroad Ave. on Alabama-based LIV Development’s nearly 300-unit apartment project.