A sizable redevelopment project that will raze an aging shopping center in central Henrico has cleared all the necessary hurdles with the county.
Henrico’s Board of Supervisors voted Tuesday night to approve Laurel Park, a mixed-use project to replace the shopping center of the same name at 2314 Hungary Road.
The project comes from New York-based Aurelie Capital and would add 350 apartments and 12,000 square feet of retail space across a dozen buildings.
The Laurel Park Shopping Center has sat on the site’s 16 acres since it was built in 1964 and has grown increasingly vacant in recent years. Aurelie purchased the property in March for $1.6 million.
Supervisors voted unanimously to rezone the site and grant a provisional use permit for the project.
Now with the county’s blessing in hand, Aurelie founder Pavan Malhotra said they’re looking to kick off work in mid-2021. Once work begins, Malhotra said it’ll take about 18 to 20 months to complete the project.
He said they have not selected a general contractor yet. Attorney Andy Condlin of Roth Jackson represented Aurelie in the rezoning process. Poole & Poole Architecture is the project’s architect.
“We’re really excited about the project,” Malhotra said. “We’re all moving full steam ahead.”
I’m not so sure a developer “selects” a general contractor these days, as much as finds one whose schedules mesh. That’s the market for good labor these days, but there are several excellent ones to interview. This development will be a game changer in that community, and Aurelie is committed to quality. It was my privilege to play a role in their success.
It was my pleasure representing the Seller of the Laurel Park Shopping Center. I believe that the surrounding neighborhood will benefit as a result of the redevelopment that has been approved, in the capable hands of Aurelie Capital.