Just under a year after buying into Scott’s Addition, a Northern Virginia-based firm is looking to add to its footprint in the neighborhood in a big way.
Bonaventure Realty Group last week submitted plans for Scott’s Edge II, a mixed-use project at 1700 Belleville St. that would add 203 apartments across two buildings in the northwest corner of Scott’s Addition.
The project would be a new-construction extension of the original Scott’s Edge, the 94-unit apartment complex Bonaventure bought last year for $18 million. Scott’s Edge was among the neighborhood’s first adaptive reuse projects from 2013.
Scott’s Edge II would be constructed on several lots totaling 1.5 acres spread across 1604, 1700 and 1702 Belleville St., all of which Bonaventure purchased via piecemeal transactions over the course of a year for a combined $2.45 million.
The last of those three deals closed last week, when it paid $1.4 million for the 0.3-acre plot at 1702 Belleville St. The property is currently home to a vacant warehouse. Divaris Real Estate’s Read Goode and Cheryle Toy had that listing.
Bonaventure CEO Dwight Dunton III said over the summer that the company didn’t have any immediate plans to redevelop the land. However, last week he said things have moved faster than the firm had initially forecasted.
“Our long-term strategy of being patient owners in a fast-growing neighborhood has gotten microwaved,” Dunton said. “I think the speed of Belleville is just a reflection of the desirability of the neighborhood and the effect of activity begetting more activity.”
Dunton said the plans for Scott’s Edge II are still a work in progress, but initial filings show it would add 203 apartments units across two 5-story buildings. Underneath the buildings would be parking decks with 256 spaces.
The ground floors would have an unspecified amount of commercial space and the rooftops would be used as amenity space for residents.
“It’s going to be a class-A multifamily community. We think there’s still lots of demand to live in Scott’s Addition,” Dunton said.
Missouri-based J. Price Architecture is the project’s designer, Timmons Group is the engineer and buildout would be led by Bonaventure Construction, the firm’s in-house general contractor.
Bonaventure is hoping to break ground in the fourth quarter of 2021 and forecasts a 12- to 18-month buildout. The project cost was not disclosed.
Another out-of-town developer is making an even bigger bet than Bonaventure on Scott’s Addition. South Carolina-based Greystar filed plans last fall for 350 apartments at the former Relay Foods warehouse at 1601 Roseneath Road. Work has not yet begun on that project, though last month demolition permits were filed for the site.